Electric vehicles (EVs) generate demand changes to businesses, housing, and travel destinations. DC fast charging stations are rapidly popping up all over the place. Car dealerships, fleet operators, commercial and industrial business owners, hotels and retail malls, commercial settings, multi-family communities, and even national parks/forests have started installing DC fast chargers. DC fast chargers are convenient, provide satisfactory customer service to employees and guests, and help reduce environmental impact.
Rising demand for electric vehicle fast-charging infrastructure, an increase in the prevalence of range anxiety, and an increase in the deployment of EVs by shared mobility operators are driving the EV charging stations market. Government initiatives to promote the adoption of electric vehicles and associated infrastructure account for most of this growth. Significant development prospects for market participants are provided by rising R&D in V2G technology, growing acceptance of electric mobility in emerging nations, and expanding deployment of charging stations by retail MNCs.
Increased Adaption of EV Technology
Due to their effectiveness and environmental friendliness, electric vehicles are becoming more popular, increasing the demand for fast-charging infrastructure. In 2019, there was 2.1 million electric vehicle charging stations worldwide. According to the MRFR analysis, the electric vehicle charging station market is projected to be worth USD 27,90,488 units by 2030, registering a CAGR of 38.53% during the forecast period of 2022 – 2030.
By 2030, China, the European Union, and the United States will have a combined total of 120 million electric vehicles on the road. Around 280 billion kilowatt-hours of total energy will be needed to charge electric vehicles by 2030. Electric cars are anticipated to be used for both long-distance and city commuting. Most EVs on the market have a range of not more than 100 miles, necessitating fast-charging options to guarantee uninterrupted, hassle-free driving.
Evolution in EV Charging Stations
The development of quick-charging technologies is constantly being funded by those involved in electric mobility. Public fast-charging stations can be the best option for promoting the widespread adoption of battery electric vehicles in Europe and China, where there aren't many dedicated private garages with home charging capabilities. Leading network operators for charging systems have revealed plans to add rapid charging stations. More battery electric vehicles can be set at fast charging stations than level 2 public stations. To meet the needs of EV drivers who do not have designated chargers and depend on public charging stations, for instance, major cities in China are constructing fast-charging stations, such as Level 2 chargers.
DC: The Fastest EV Charging Segment
The Level 2 segment accounted for the highest proportion of the electric car charging stations market in 2020, according to charging type. However, it is anticipated that the DC fast-charging segment will grow at the fastest CAGR during the forecast period. It is increasing government initiatives to install fast-charging stations and rebates on purchasing DC fast-charging stations. Rising investments from automakers in the development of DC fast-charging station infrastructure support the long-range battery of electric vehicles. Moreover, the ability of DC fast chargers to provide more rapid charging compared to Level 1 & Level 2 charging stations is the leading cause of the high growth of this segment.
Players Topping the EV Charging Market
The leading companies profiled in the electric vehicle charging stations market are Webasto Group (Germany), EVBox Group (Netherlands), and Electrify America LLC. (U.S.), BP plc (U.K.), Royal Dutch Shell PLC (Netherlands), Evgo Services LLC. (U.S.), Connected Kerb Limited (U.K.), Wanbang Xingxing Charging Technology Co., Ltd. (China), Électricité (U.S.).
With the shift of technology and approach to transport, especially from diesel/petrol-based to electric vehicles, a considerable evolution is taking place that is highly supporting a pollution-free environment and support from governments of almost every country. The EV charging stations market will mark a remarkable increase in revenues in the future.