Electric Vehicle Charging Station Market Estimated to Surpass US$ 3 Bn

Transparency Market Research has released a new market report titled “Electric Vehicle Charging Station Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” According to the report, the global electric vehicle charging station market is anticipated to expand at a CAGR of about 10% during the forecast period.

An electric vehicle charging station, also called Electric Vehicle Supply Equipment (EVSE), is a device that connects the electric vehicle to a source of electricity in order to recharge the electric vehicle’s battery. Charging stations include wired and wireless charging, depending on the vehicle type. The EVSE can be installed at home, at municipality-operated charging stations, at private charging stations, at malls, and beside roads. Continuous research and development have resulted in the development of chargers that can charge vehicles at a rapid pace.

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Based on charging speed, chargers have been classified into various levels. Level 1 chargers are basic chargers, which have very slower speed of charging. DC chargers or level 3 chargers are widely being utilized owing to their rapid charging ability; however, these chargers are not compatible with all types of electric vehicles. Few electric vehicle manufacturers, such as Tesla, have developed superfast chargers that are capable of expressively rapid charging. Increase in the number of electric vehicles is fueling the demand for publicly available fast chargers, which in turn is expected to offer lucrative opportunities for manufacturers of fast chargers.

The global electric vehicle charging station market is driven by the rapid increase in adoption of electric vehicles. Governments of several nations provide subsidies for electric vehicles in order to promote them. Companies such as Tesla have developed batteries that can last for a long time and longer distance and hence, electric vehicles are proving to be reliable for longer journeys. Demand for electric vehicles is increasing rapidly owing to various advantages offered by them including zero emission, excellent torque, reduced expenditure, and enhanced connectivity. Increasing number of electric vehicles is driving the demand for charging points, which in turn fuels the demand for electric vehicle charging stations. Government support, increasing awareness about environmental pollution, and continuous research and development in the field of electric vehicles are likely to boost the global electric vehicles charging station market during the forecast period.

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In terms of charging station type, the DC charging segment held around 60% share of the market in 2017. The DC charging station provides constant DC power to the vehicle. Fast DC charging is highly attractive and growing charging station, which in turn is projected to boost the DC charging segment of the market during the forecast period. Most fast chargers of electric vehicles employ DC charging. The DC charging station converts the power before entering the vehicle, which is then transferred directly into the battery of the vehicle, bypassing the vehicle’s converter.

Based on power output, the >50 KW segment accounted for a prominent share of the electric vehicle charging station market. This is primarily due to the higher demand for fast charging stations and rapid modernization in the electric vehicle charging industry. >50 KW power output charging stations are expensive owing to their higher power capacity. >50 KW power output stations are widely preferred for long-distance journeys, as they recharge the vehicle rapidly.

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