Electric Vehicle Charger Market is Growing Exponentially in Order to Gain More Demand by 2025
Scarcity of conventional fossil fuels is leading to increasing demand for developing alternative solutions. Car manufacturers, therefore, are focusing on developing alternatives to fuel cars such as electric vehicles, which are environmental friendly as well. Electric vehicles offer great potential to drastically reduce air pollution, greenhouse gas, and other hazardous gas emissions. With cost of electric vehicles falling consistently, the transition is being perceived to be more likely in the near future. Furthermore, increasing availability of electricity and growing availability of low-carbon, renewable energy sources is expected to aid in increasing adoption of electrical vehicles. However, insufficient electric vehicle charging infrastructure and associated policy are factors expected to adversely affect the market growth. Growing trend of electrical vehicles is expected to aid in growth of electric vehicle chargers market during the forecast period of 2018-2025.
Low Costs of Deployment of Electric Vehicle Charging Infrastructure
Utilization of electric vehicles depends on adequate facilities for vehicles to be charged, especially at public places. The infrastructure required for this is poised for growth in the near future and the cost for this is expected to reduce significantly. This aids in increasing adoption of electric vehicles. Electric vehicle chargers are expected to increase in proportion with rising deployment of the infrastructure for charging in public facilities. Ensuring that the electric vehicle charging network operates efficiently and meets driver expectations is a crucial factor in maintaining future investment and support. In order to maximizes return on investment, electric chargers can be placed at charging stations in optimal locations at a local level in order to maximize usage, avoid traffic and parking issues, and minimize stress on the power grid.
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Electric vehicle charging infrastructure has seen substantial cost declines over the past several years due to innovative technological advancements and larger production scale. For instance, since 2009, the city of Amsterdam has seen the costs of their curb side charging stations fall from around US$ 14,600 to US$ 2,500 per station. Nonetheless, charging infrastructure also typically requires substantial installation costs and can also incur additional costs for land procurement, administration, and maintenance.
Electric vehicle chargers can be installed at home or public places as per the individual’s requirements. Surge in demand for luxury and high-end electric vehicles has led to increasing demand for EV chargers in the market. Furthermore, stringent government regulations especially emission norms for CO2 and greenhouse gases by EPA to curb carbon emission are expected to boost growth of the electric vehicles market, in turn aiding in market growth.
Global Electric Vehicle Charger Market: Regional Insights
Charging infrastructure in Europe have been constructed by private charge point providers, power companies, automakers, and government organizations, primarily at the national and city levels. Countries within the European Union have launched funding schemes or public-private partnerships to increase charging infrastructure. Some countries, such as Norway and the Netherlands, have provided incentives for charging infrastructure for several years; whereas in countries such as Germany, have recently launched major new charging infrastructure programs, aiding in growth of the market in the region.
In North America, the U.S. electric vehicle charger market is expected to exhibit high growth owing to federal and state consumer incentives and investment, zero-emission vehicle regulatory policy, and multiple state and local city promotion activities. As per U.S. Department of Energy (DOE), California zero-emission vehicle policy, adopted by states representing nearly one-third of the U.S. vehicle market, is expected to increase electric vehicles in the region from over 600,000 in early 2017 to several million by 2025. Initial investment in charging infrastructure in the U.S. was provided by the American Recovery and Reinvestment Act of 2009, which provided federal funding through the EV Project and the U.S. Department of Transportation Investment Generating Economic Recovery program, among many infrastructure projects in the U.S. from 2010 to 2013. By the end of 2014, there were about 18,000 public Level 2 and DC fast electric charge points in the U.S. (U.S. DOE, 2017a)
Global Electric Vehicle Charger (EVC) Market: Competitive Background
Major players operating in the EVC market are ABB Ltd., Robert Bosch GmbH, Siemens AG, Delphi Automotive, Chroma ATE, Aerovironment Inc., Silicon Laboratories, Chargemaster PLC, Schaffner Holdings AG, and POD Point.
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