Deployment of public EV charging infrastructure to rise in the coming years
Increasing electric car production to drive the demand for EV charging infrastructure across the U.S.
EV charging infrastructure is set to witness increased deployment driven by a considerable increment in consumer disposable income across developing and developed countries. That apart, rapid urbanization and spending on modern technologies are some prime factors that have fostered the demand for electric vehicles in recent times.
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As per the International Energy Agency statistics, the global sales of electric cars were around 2.1 million in 2019. The growing adoption of electric vehicles, owing to lower carbon emission and higher efficiency as compared to gasoline and petroleum vehicles is predicted to escalate the deployment of EV charging stations globally.
According to the latest industry report, global EV charging infrastructure market size is predicted to exceed US$61.9 billion by 2027.
Carbon emission from gas-operated vehicles contributes a significant part to the global emission levels. Electric vehicles, on the other hand, emit a very negligible level of CO2 through their lifecycle as compared to conventional (internal-combustion engine) vehicles.
There have been growing efforts by governments across the globe to promote the adoption of electric vehicles, with an objective to curb the surging emission levels. For instance, the Electric Vehicles Initiative (EVI) is a joint policy forum of 15 major economies, which aims to accelerate the introduction and adoption of EVs across these regions.
The AC charging infrastructure is slated to witness significant rise, owing to the widespread availability of AC power chargers across homes, hotels, offices, and others. Even though AC power charging is quite common these days, EVs still require an AC to DC converter to recharge the batteries. Transport services providers are increasingly adopting electric vehicles in transportation to reduce fuel costs and increase profits.
Public EV charging infrastructure is expanding considerably. This is because people opting for long drives and road trips highly depend on public EV charging points to get their vehicle’s battery recharged. Moreover, inadequate access to electricity, lack of home charging infrastructure, and high cost associated with its deployment are some prominent factors springing up the demand for public electric car charging stations.
From the regional point of view, North America is expected to register a considerable share of global EV charging infrastructure industry in the forthcoming years. This is owing to the presence of leading electric vehicle manufacturers across the region including Tesla, General Motors, Rivian Vehicles, and others. The region is witnessing extensive production of electric cars, on account of growing demand among consumers and rising initiatives by the government.
According to the Edison Electric Institute, the production of EVs in the U.S. is poised to cross over 18 million by 2030, representing the demand for the deployment of EV charging infrastructure across North America.
Mercedes, Siemens, Renault, Schneider Electric, Hyundai, Shell, Exxon Mobil, Eaton, Delta Electronics, Tesla, BMW, and Volkswagen are some notable firms functioning in global EV charging infrastructure industry. These leading companies are focusing on leveraging technology to enhance their offerings and consolidate their presence in the global market.
All in all, the rising concerns about the environmental impact due to global warming and GHG emission is urging governments across the globe to promote the adoption of energy-efficient and low emission vehicles. Moreover, the soaring petroleum prices and various government offers are also encouraging people to adopt EVs.
