Rise of electric car adoption has propelled the growth of electric vehicle chargers market by leaps and bounds.
Adroit Market Research has published a new report claiming the market for electric car chargers was estimated to be worth USD 7.5 Billion, and by 2030, it is anticipated to grow to USD 85.5 Billion, with a CAGR of 29.1%.
A device that delivers electrical power to replenish the battery of an electric vehicle is known as an electric car charger, also known as an electric vehicle (EV) charger or charging station.
It is a crucial part of the EV charging infrastructure, allowing for the refuelling of energy required to increase an EV’s driving range. Varied kinds and power levels of electric car chargers are available to meet varied charging requirements.
Level 1, Level 2, and DC fast chargers are the different types. These chargers may significantly increase an EV’s range in a short amount of time and are generally used for rapid charging while on the road. Electric car chargers are essential for the broad adoption of electric vehicles and the move towards more environmentally friendly and sustainable transportation.
The idea of Level 1 charging originated in the late 20th century when interest in electric vehicles began to grow. Using a typical 120-volt AC outlet to charge the car is known as level 1 charging. Although this approach had somewhat sluggish charging speeds, it was ideal for charging at home or in any place with a regular electrical outlet.
Level 2 charging stations were established in response to the development of electric car technology and the necessity for quicker charging. Level 2 chargers needed specialized electrical circuits and operated at higher voltages (usually 240 volts AC). They were the industry standard for residential charging installations, workplace charging stations, and public charging stations since they provided quicker charging times than Level 1 chargers.
The global market for electric cars charger has been expanding significantly as a result of increasing electric vehicle sales. The need for electric vehicle chargers has increased as more people choose electric vehicles as an environmentally beneficial and sustainable mode of transportation. Many countries are enacting laws and providing incentives throughout the globe to promote the usage of electric vehicles and the development of charging infrastructure. These programmes include grants, financial incentives, tax advantages, and subsidies for the establishment of electric vehicle charging stations. Such government assistance has been crucial in promoting market expansion.
There is a significant opportunity to increase the charging infrastructure in order to meet the growing demand for electric cars. This entails adding additional public charging stations to roads, public parking lots, and metropolitan areas. Residential charging options, including home charging stations and community charging hubs, are also required. To accommodate the rising demand, public charging networks as well as household and business charging options are being built. The growth of the charging infrastructure is being fuelled by investments from private firms and utility suppliers, improving accessibility and convenience for EV owners.
The market for electric car chargers is seeing developments in charger technology, such as faster charging times, more efficiency, and improved user experiences. By resolving concerns about range anxiety, faster charging options, including DC fast charging, have decreased charging times and enhanced the desirability of electric vehicles. The market for electric car chargers is expanding due to cooperation between automakers, charger manufacturers, utility providers, and other stakeholders. Partnerships are designed to create interoperability standards, expand the reach of the charging infrastructure, and give electric car owners smooth charging experiences.
Both established businesses and start-ups have made large investments in the market for electric car chargers. To accommodate the rising demand, energy companies, equipment manufacturers, and suppliers of charging infrastructure are making investments in infrastructure deployment, infrastructure rollout, and charging technology developments.
A significant business potential is presented by the development of charging methods that are quicker and more effective. Fast charging technology advancements, like ultra-fast DC charging, can greatly shorten charging periods and improve the ease of owning an electric car. It is possible to encourage eco-friendly and sustainable mobility by combining renewable energy sources with electric car charging infrastructure.
Due to the rapid adoption of electric vehicles in the United States and Canada, North America has become a significant market for electric car chargers.
Both the public and commercial sectors have made considerable investments in the region’s infrastructure for charging. Public charging networks, such as those run by organizations like ChargePoint and EVgo as well as Tesla’s Supercharger network, are growing throughout the area. Fast charging methods and smart grid integration are becoming more popular, and many states and provinces provide incentives for charger installation.
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