Overview:
Due to the rising carbon emissions and other harmful gasses resulting from transportation, electric vehicles are increasingly important. There is a growing demand for electric vehicles (EVs) and infrastructure to charge them in commercial and residential settings. Market growth will be driven by the development of partnerships between car manufacturers. Subscription charging facilities are also available.
Insight:
The Electric Vehicle Charging Infrastructure Market size is expected to reach USD 219.06 billion by 2032, growing at a CAGR of 31.7% from 2022 to 2032.
The technology advancements in electric vehicle charging software, hardware and software will transform the way EV owners make money from electric car charging apps. The charging network and API for smart cars accurately determine the charge time before the driver plugs the vehicle into a station.
Read More: Electric Vehicle Charging: Market Skyrocketing!
Both residential and public charging stations for electric vehicles will need to be powered by green energy. Electric vehicle owners are concerned about carbon emissions. To address these concerns, companies are quickly improving the charging technology for electric vehicle charging networks.
Commercial areas have significantly greater market penetration for EV chargers than residential areas. It is likely that more commercial charging stations will be available as a result of the growing adoption of electric cars. Efforts made to improve charging infrastructure in commercial areas are crucial for encouraging EV adoption. For long-distance trips, overnight charging at homes or in complexes of residences is not enough.
A general charging infrastructure could be used to facilitate rapid charging for long-distance trips. Because they are less expensive and more convenient than commercial charging stations, residential EV chargers could offer substantial growth potential.
EVCI factories work with car rental companies in order to integrate chargers into their existing infrastructure. Green Motion, a car-rental company, announced that Eaton would work with them to integrate charging points into buildings with energy storage. This growth is driven by the Car2X technology that charges infrastructure.
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To encourage electric car adoption, many campaigns have been launched in countries like India, Canada, the Netherlands, and India. The global automotive industry has been affected by the COVID-19 crisis. Many countries have already banned electric vehicle production. This will hurt the electric vehicle charging infrastructure market.
Drivers
Support from Government
Governments of various countries will invest in developing charging infrastructure. This will create opportunities for Original Equipment Manufacturers (OEMs), and companies involved with charging infrastructure. This will lead to higher revenue and increased business expansion. EVs are encouraged by strict regulations that reduce pollution and greenhouse gas emissions (GHGs). There is therefore a worldwide demand for charging infrastructure for electric cars.
Restraining Factors
Lack of standardization
Given the size of the market and the differences in charging loads, there are likely to be concerns about charging standards. Although electric vehicle charging equipment is possible, standardization would be detrimental to the investment.
Market revenue growth could be limited by factors such as high initial costs to build fast-charging infrastructure and the need for higher batteries. The charging time of electric vehicles may take longer than that for fossil fuel vehicles, particularly at levels 1 or 2. There are no universal charging compatibilities between EVs, fossil fuel-powered cars and EVs. There are two other factors that could impact the growth of the global electric vehicle market and the global electric vehicle charging infrastructure market.
Industry Trends
Electric vehicle charging station are being developed
Smart EV charging can be enabled by intelligent back-end technology. It gives charging station owners real-time data about charging stations and events. You can manage them based on several signals, including local electricity consumption, erratic power output and charging events. Smart EV charging is crucial to creating a sustainable energy system that utilizes renewable energy sources.
Smart charging requires the identification of the driver of an electric car at the charging station. This creates a connection between the EV driver, the charging station, and the charging event. The correct customer will be charged the appropriate fee. The correct charging station owner will also receive funds. Because everything happens automatically, it’s intelligent.
Wireless Charging For Electric Vehicles
Wireless Power Transfer (WPT) allows electrical energy to wirelessly be transferred from one transmitter to another. WPT technology is widely used in industrial applications due to its many benefits. WPT technology is more popular than wired power transfers and is therefore much more widely accepted. WPT technology reduces wire irritation and improves power transfer. WPT has also recently focused a lot of its efforts on charging onboard electric vehicles (EV) batteries. Many well-known automotive companies have tried to adopt WPT technology in order to increase their capabilities. WPT can be achieved using an inexpensive inductive coupling of 2 coils (known by the transmitter or receiver coil). The transmitter coils for EV charging are under the road, while the receiver coils are inside the vehicle. Because of its superior energy efficiency, it is used often in medium-high power transfer applications such as EV charging.
Industry updates:
October 2020 – SAE International announced the publication of the first international standard that combines the requirements for ground systems and electric vehicle-supply equipment (EVSE) in one document, for wireless charging of electric vehicles (EV).
