Growing adoption of electric vehicles around the world is primarily driving the need for electronic vehicle charging stations. Furthermore, several governments around the world are providing funding, subsidies, and incentives for the development of infrastructure required for charging station. According to the U.S. department of energy, government of Columbia provides a tax credit of up to 50% on the equipment purchases required for charging station infrastructure, the minimum credit is USD 10,000 per public charging station. Furthermore, in Canada several provincial and local programs have been initiated for deployment and the expansion of electric vehicle charging infrastructure, in this program federal government is also playing important role. The government of Canada is employing a detailed zero-emission vehicle plan to set new electrification targets for charging infrastructure. In addition, the Ministry of Economic Affairs (MOEA) of Taiwan in 2018, declared that they are planning to install 3,310 battery charging stations across Taiwan during next five years to increase the sale of electric vehicles.
COVID-19 pandemic conditions have badly affected the growth of electric vehicle charging stations market. Like many other industries, automotive industry also suffered during the pandemic because of lockdown and less demand. Shutdown on manufacturing activities due to strict lockdowns, restrictions on supply channel, and shortage of raw material affected the overall growth of the market. Moreover, limitation on personnel movement is also some of the factors that hampered the growth of the market during the pandemic.
Electric Vehicle Charging Stations market is categorized based on level of charging and connector types. Different level of charging stations play a crucial role as it decides the charging time for EVs. Different level of charging are provided which differ in speeds, such as Level 1, Level 2, and Level 3 (DCFC). Different types of connectors Type 1 (J-plug), CCS, CHAdeMO, GB/T, and Tesla.
Major players in the market are focusing on organic growth strategies, also expanding their presence with mergers and acquisitions. Key players in the market include, Chargepoint, Inc., Siemens AG, Schneider Electric SE, Leviton Manufacturing Co., Inc., Webasto Group, EVBox B.V., New Motion EVSE, Ltd., Eaton Corporation, ABB, Ltd., and Tesla, Inc., etc.
Trends and Future Outlook:
- Government initiative in developing region to promote the sale of electric vehicles.
- Battery swapping, flash charging and smart charging, internet of thing(IoT) are expected to enter charging infrastructure in next few years.