WESTFORD, Nov. 23, 2022 (GLOBE NEWSWIRE) — Charging station infrastructure has grown rapidly around the world Market for charging stations for electric vehicles in recent years. As of November 2022, there are just over 2.3 million charging stations worldwide. By the end of 2028, the number is expected to surpass 16.83 million. This rapid expansion is mainly due to two factors: the increasing popularity of electric vehicles and the increasing adoption of DC fast charging technology. DC fast charging is one of the most efficient ways to charge an electric vehicle. In 2021, over 6.9 million electric vehicles were sold worldwide, representing a growth of around 100% compared to 2020. We estimate that by 2028 this number is expected to account for around 34% of the global vehicle fleet, which is expected to comprise over 54% by 2035.
According to a SkyQuest analysis of the global EV charging market, over 80% of public charging stations are located close to where people live and work, allowing people to access them conveniently. While the rapid expansion of EV charging infrastructure is an important step in the fight against climate change, there are still some challenges to be overcome. For example, there are too few stations available in rural areas and in some areas there are no public charging stations at all. In addition, public charging stations are usually only concentrated in urban areas.
The growth of the EV charging station market is being driven by several factors: increasing consumer demand for environmentally friendly modes of transport; improvements in consumer convenience in electrified cars; Expansion of electric vehicle applications such as taxis and ride-sharing services; and aggressive marketing efforts by major automakers. Accordingly, large car manufacturers are leading the way in the development of electric vehicles and EVCS. These companies invest in research and development to improve the usability and functionality of their electric vehicles. Toyota has developed an app that allows users to remotely control various aspects of their electric vehicle. Nissan, Tesla and Tata Motors have developed a mobile app that maps nearby charging stations so drivers can easily find them.
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SkyQuest analysis of the global EV charging station market suggests the road is not as smooth as we thought
The report on the global EV charging market finds that plug-in electric vehicles are rapidly gaining market share in the global vehicle fleet, with 43% of all new cars sold in Europe and Asia-Pacific equipped with charging options as of January 2022 ). As a result, the demand for charging stations for private and commercial electric vehicles is expected to increase significantly over the next few years. The 2021 CES show in Las Vegas was reportedly marked by strong interest from automakers to showcase IoT-based solutions that could help them further reduce battery capacity utilization and improve EV fleet management.
One of the key drivers of this growth is the expectation that more plug-in hybrid vehicles (PHV) will become available in the future. By 2035, half of all sales of new light PHVs will be electrified. By 2040, SkyQuest expects that 71% of all new light PHV sales will be electrified.
The global EV charging station market is dominated by three main providers: Tier 1 charging providers (Tesla Inc., Volkswagen AG, Daimler AG), Tier 2 charging providers (Mastercard Incorporated, American Express Company) and Tier 3 charging providers ( ChargePoint Group). Leading players are expected to maintain their lead through 2028 as they invest in faster chargers and develop their own EV infrastructure.
However, we expect that demand for public EVCS networks like ChargePoint’s Juice Net network will decline through 2030 as private fleets continue to install their own EV chargers instead. End users will increasingly purchase personal power storage devices for fleet use as public stations typically charge at lower rates than home plug-in stations.
A challenge in the EV charging market is that there is not yet a common standard for installation and use. This means that there are multiple charging systems available for different brands and models of electric vehicles. Manufacturers are beginning to address this issue by developing proprietary charging solutions for their own models.
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Fast growing network of fast charging stations in the global EV charging station market
As the electric car market continues to grow, so does the demand for DC charging stations. SkyQuest forecasts that the global DC charger market will exceed $195 billion by 2028, up from $68 billion in 2021. This rapid growth will be driven in part by government contracts and incentives, as well as consumer demand for green vehicles.
One of the main drivers of this growth is the increasing number of electric cars on the market. In 2018, there were over 1 million electric cars on the world’s roads, and this number will increase to 17.1 million units by the end of 2021. This growth is supported by fast-charging technology, which can quickly charge an electric car’s battery to 100%. Capacity within 30 minutes.
In addition to fast charging stations, there is also a growing demand for DC chargers with higher power capacity in the global EV charging station market. The current generation of DC chargers can deliver power from 15 kW to 350 kW, but future models are expected to have larger capacities. This increased power allows drivers to charge their batteries more quickly, which is important given how long it takes to charge an electric car battery from a standard outlet (typically around eight hours).
DC chargers are becoming increasingly popular due to their many advantages over traditional AC chargers. For example, DC chargers are independent of wind and weather conditions and are also much faster than AC chargers. In addition, they are perfect for rural areas where there are few or no outlets available.
The global DC fast charger market is dominated by three companies in the global EV charging station market: Tesla (with over half of the market), BMW Group (with around a third of the market) and Nissan (with around a tenth of the market) . the market). However, there is significant competition from other players such as BYD, Delphi, Continental AG, Panasonic Corporation and ABB Ltd.
The key areas where DC fast chargers are used are in major metropolitan areas such as London, Los Angeles and New York City. In 2021, more than 600,000 DC fast chargers were available in the global EV charging station market. Of these, almost 91,000 DC fast chargers were installed in the USA alone.
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Top Players in Global Market for charging stations for electric vehicles
- ABB (Switzerland)
- BP Chargemaster (UK)
- BYD (China)
- ChargePoint Inc. (USA)
- Eaton (Ireland)
- EVBox (Netherlands)
- Schneider Electric. (France)
- Seimens Ltd. (Germany)
- Shell International BV (Netherlands)
- Tesla Inc. (USA)
- Webasto Group (Germany)
- Tata Power (India)
- Delta Electronics (India)
- Amara Raja (India)
- Magenta group (India)
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SkyQuest Technology is a leading growth consulting firm providing market intelligence, commercialization and technology services. It has more than 450 satisfied customers worldwide.
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