Governments across the world are focusing on increasing the adoption of electric vehicles (EVs) and improving the EV charging infrastructure. Theyare setting targets and mandating policies to build a conducive ecosystem for such vehicles. For instance, India has a target of installing 2,700 charging stations in cities with a population of over four million by 2023. This initiative also includes the setting up of fast and ultra-fast charging stations along key highways. Similarly, the government of South Korea aims to set up 10,000 EV fast chargers by 2022.
Moreover, the rising penetration of direct current (DC) fast chargers will fuel the electric vehicle supply equipment market at a CAGR of 10.7% during 2020–2025. The market was valued at $1.5 billion in 2019, and it is expected to reach $2.7 billion by 2025. Both private and public players are focusing on installing DC chargers at commercial and public places, as these electricity sources charge EVs at a rapid pace. Moreover, EV manufacturers are installingDC fast chargers at their point-of-sale places. For example, MG Motor India installed four 50-kW DC public fast-charging stations in Gurugram, India, in November 2019.
In recent years, EV manufacturers haveincreasingly deployedthe vehicle-to-grid (V2G) technology in EVs, as it enables such vehicles to send the stored electricity back to the electric grid, to support the energy supply during high demand. Electricity from the EVs can be used to neutralize the demand surcharge on a building. Moreover, the integration of the V2V technology can equalize the vehicle ownership cost, by selling the power stored in the battery back to the electricity grid. This technology is most viable for fleet operators, as automobilescan be plugged into V2G bi-directional chargers during their idle time.
Some of the major companies working toward the development of such advanced technologiesand strengthening the EV charging infrastructure include Qingdao TGOOD Electric Co. Ltd., Shanghai Anrui, ChargePoint Inc., China Putian Information Industry Group Co. Ltd. (Potevio), State Grid Corporation of China, Wanbang NE, Leviton Manufacturing Co. Inc., Tesla Inc., Star Charge, Eaton Corporation plc, ABB Ltd., Chargemaster Ltd., BYD Co. Ltd., Blink Charging Co., and Webasto Charging Systems Inc. (Webasto).
In 2019, the Asia-Pacific (APAC) region observed the highest adoption of EVs and installation of charging stations, especially in China. According to the Chinese Electric Vehicle Charging Infrastructure Promotion Agency (EVCIPA) report of January 2019, China had nearly 330,000 public stations for charging EVs. Moreover, the growing support from the government, in terms of subsidies for EVs and charging stations, declining total cost of ownership (TCO), and surging environmental concerns will embolden the EV charging infrastructure in the region.
According to P&S Intelligence, the North American EVSE market will exhibit the fastest growth in the foreseeable future. This will be due to the increasing installation of charging stations to support the high adoption of plug-in electric vehicles (PEVs) in the region. For example, 236,700 PEVs were sold in the U.S. in the first quarter of 2019. Moreover, the rising support from governments, in the form of subsidies, incentives, and tax credits, will facilitate the installation of EV charging stations in the region.
Thus, with the growing adoption of DC chargers and rising government support, the EV charging ecosystem will improve in the coming years.
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