Market Overview
The global electric vehicle charging stations market is expected to cross US$ 100 billion by 2026, with a CAGR growth of more than 25% from 2021-2026.
In the current stage of climate change and high energy usage, environmental pollution, and rising fossil fuel prices, the current dependence on Internal Combustion Engine (ICE) technology must be reduced. Also, alternative fuels can solve environmental pollution, while global warming and energy sustainability concerns must be explored.
In the current stage of climate change and high energy usage, environmental pollution, and rising fossil fuel prices, the current dependence on Internal Combustion Engine (ICE) technology must be reduced. Also, alternative fuels can solve environmental pollution, while global warming and energy sustainability concerns must be explored.
It is suggested that electricity is the most becoming energy carrier for transportation in the next 30 years when considering risk, emissions, availability, maintainability, efficiency and reliability. It can be charged EV from an ordinary 120-V outlet, and the charge time can be shortened with a 240-V charging station or a fast-charge station.
Electric Vehicles (EVs) are very engaging due to low road emissions. EVs can potentially strengthen the power system by providing ancillary services, lower operating costs than fossil fuels, and more energy-efficient.EV charging stations, while described in terms of voltage rating, power rating and place of application, can be divided into three different types of charging stations, namely: Domestic chargers in residential areas, Off-street and robust chargers in retail, industrial and office areas, and Rapid charger at a strategic location.
Emerging Trends in EV Charging Station Market
Some interesting facts about EVs provided by International Energy Agency (IEA) are:
- There were 10 million electric cars on the world's roads at the end of 2020, following a decade of rapid growth.
- Electric car registrations increased by 41% in 2020, despite the pandemic-related worldwide downturn in car sales in which global car sales dropped 16%.
- Around 3 million electric cars were sold globally (a 4.6% share), and Europe overtook China as the world's largest EV market for the first time.
- Electric bus and truck registrations also expanded in major markets, reaching global stocks of 600,000 and 31,000, respectively.
EV markets could be significantly larger if governments accelerate efforts to reach climate goals. The global EV fleet will reach 230 million vehicles in 2030 (excluding two/three-wheelers), a stock share of 12% in the sustainable development scenario.
In addition to passenger vehicles, the private sector also demands EVs as their fleet. Some recent examples in the private sector are Amazon, DHL Group, UPS, and Walmart.
Due to such a huge demand for EVs around the globe, there will be parallel demand for EV charging infrastructure everywhere. Though many developed countries, including China, the US and European countries, are leading the installation of charging infrastructure at home or work, the development of publicly accessible charging infrastructure, such as at malls, on highways, or at metro stations, is not up to the mark with the increasing demand of EVs.
EV charging becomes overall energy demand patterns and influences the best choices for urban network development. The drop in CO2 emissions is driven by growing shares of renewable energy in solar and wind innovative charging cases.
EV charging should be developed while considering each power system's specificities. The EV charging strategy may differ depending on the VRE source that dominates the power system and its generation profile. The current EV market penetration has been driven mainly by support for electric cars and the greater availability of charging infrastructure. Both monetary and non-monetary incentives contributed to the rise in EV sales observed in the last five years. These incentives have been implemented at the national, regional and city levels worldwide.
