What is Electric Vehicle Charging Station?
Electric Vehicle Charging Station (EVCS) is the infrastructure that provides the crucial link between an Electric Vehicle (EV) with a depleted battery and the electrical source that recharges those batteries in EV Charging Station. The key functionality of an EV Charging Station is to supply electric energy to charge electric vehicles. Electric Vehicle Charging Station is also known as an electric recharging point or charging point.
The function of an EV charging station is to supply electric energy to charge electric vehicles. Various components and parts such as EV connectors, electronic modules, charge couplers, and controllers from a charging station. These stations are installed in municipal parking locations by EV charging companies or at retail shopping centers by private companies.
The global EV charging station market is projected to grow from $ 3,999 Mn in 2020 to $ 49,345 Mn by 2027 at a CAGR of 43.2%. Increasing pollution and the threat of global warming have accentuated the need to replace petroleum fuel vehicles with emission-free substitutes. After decades of R&D, the industry has found electric to be the best suitable substitute for traditionally fueled vehicles, which has resulted in the growth of the market. Moreover, to reduce crude oil consumption, automotive emissions, and air pollution, governments around the world have adopted and implemented favorable policies which promote the use of electric vehicles. The increasing demand for electric vehicles is expected to fuel the growth of charging stations and related components.
Top Visionary Leaders in Electric Vehicle Charging Station
- Tesla- Tesla designs, develops, manufactures, and sells high-performance fully electric vehicles and energy generation and storage systems. The company installs and maintains energy systems and sells solar electricity. The company offers high power EV supercharger with high DC power output of 480 Volt.
- BYD- BYD energy storage systems can be an ideal fit for several needs based on their flexible and modular design. BYD offers EVSE solutions through two categories, namely Electric Commercial Vehicle and Energy Storage.
- ChargePoint- ChargePoint, Inc. operates as an open electric vehicle charging network. It provides cloud-based service plans as annual subscriptions for providing tools, data, payment processing, and driver support.
- Shell- Shell offers a wide range of EV charging stations ranging from home charging, business/destination charging, and public charging through its NewMotion range of products and Greenlot range of services.
- ABB- ABB fully supports business operation with Dynamic DC power-sharing to enhance the use of charging assets, on-site energy management to promote future growth.
Top Dynamic Differentiators in Electric Vehicle Charging Station
- BP PLC- BP allows its charging stations to be integrated into the Polar charging network of over 7,000 points across the United Kingdom. Operators can make use of ChargeVision to monitor usage with their refined on-line reportage system.
- Webasto- Webasto's charging solutions assist users to create the correct alternative for an environmentally friendly method of mobility. With their superior charging stations, skilled installation, and comprehensive services, they have got the correct charging answer for your e-mobility.
- EFACEC- Efacec is considered a global leader in the fast-charging infrastructure market for electric vehicles. Efacec is the largest Portuguese company in the area of energy, engineering, and mobility.
- Yazaki- Yazaki offers both AC and DC charging connectors, which enhance the charging operation of hybrid and electric vehicles. Yazaki Corporation is also engaged in the production of air-conditioning equipment, solar equipment, electric wires and cables, and gas equipment.
Top Innovators in Electric Vehicle Charging Station
- SemaConnect- SemaConnect's electric vehicle charging station is for one driver in a dedicated automobile parking space and it can be accessed through monthly requests. Drivers can charge their vehicles at their appointed spots.
- DBT- DBT offers a whole service range to its customers with their complimentary services for your EV charging station, such as maintenance contract, warranty extension, dedicated technical help, and second life product.
- Siemens- Siemens is a German engineering conglomerate focused on core business activities in the fields of energy, healthcare, industry, and infrastructure. Siemen’s energy management division offers a wide spectrum of software, products, systems, solutions, and services for transmitting, distributing, and managing electrical power and for providing intelligent power infrastructure.
Top Emerging Companies in Electric Vehicle Charging Station
- EVGO- EVgo, acquired by LS Power is known to be the "first mover and learner" in the infrastructure design program. EVGO tends to work with utilities, government agencies, automakers, site hosts, fleets, and alternative stakeholders to accelerate transportation electrification.
- SE- Schneider Electric provides connected charging stations, which are ideal for semi-public parking facilities, corporate EV fleets, and apartment complexes. In the EV charging segment, the smart wallbox charging station has advanced features such as user authentication, billing and report generation, and remote maintenance.
Products in EV Charging Station Market
Electric vehicles have witnessed rapid evolution with the ongoing developments in charging infrastructure and technology. Technological advancements in EV charging station and enhanced range of distance covered by electric vehicles are some of the major factors driving the growth of the electric vehicle charging station market. In addition, the increasing sensitivity of various governments towards a cleaner environment has increased the demand for zero-emission vehicles. The future is considered to be the age of mobility with more than two million people expected to change their internal combustion vehicle with an environment friendly electric car.
Top EV Charging Companies
- BP PLC
- Blink Charging
Rising EV Sales Worldwide
Increase in the adoption and use of electric vehicles has accentuated the need to develop charging infrastructure. Leading markets for electric vehicles such as China, US, and Germany are investing significantly in EV charging infrastructure along with research & development for faster and efficient charging methods. Automakers are projected to make significant expenditures to meet the growing demand for electric vehicles and play a key role in the market's evolution.
Government policies and subsidies
The rising demand for EV’s in various parts of the world is expected to increase the demand for charging stations. Various governments are funding the development of charging station infrastructure, as well as subsidizing EV charging station infrastructure. Several governments are providing various kinds of incentives such as low or zero registration fees and exemptions from import taxes, purchase taxes, and road taxes.
Environmental pollution treated as an alarming issue
The emission of carbon from ICE vehicles is now treated as a significant threat by governments of various countries. Several countries have partnered with private companies to achieve the sustainable development of EV charging station infrastructure. Various countries' governments are collaborating with commercial enterprises to develop charging infrastructure.
Lack of standardization in charging infrastructure
Governments need to standardize charging infrastructure for the development of a favorable ecosystem and an increase in the sales of EVs. Distinct countries have different quick charging standards. The absence of standardisation among countries may have an influence on charging station installation and stifle market expansion.
Primitive power grid infrastructure
The number of longer range electric vehicles is increasing, leading to the demand for charge management solutions. Fast charging can greatly speed up recharging times, but it's also important to be able to deal with issues in local grid infrastructure and vehicle-connected charge equipment. The increasing number of electric vehicles in the market are expected to increase the load on power grids in various countries.
Use of V2G EV charging station for electric vehicles
The V2G technology enables EVs to store unused power and discharge it to the grid. This can improve the electrical component’s performance and add value for EV owners. The introduction of this concept has eased EV charging station operations and made them the most preferred mode of transportation. Thus, the entire electric vehicle charging station market plays a vital role in the connection of the grid to the electric vehicle to enable charging of the vehicle.
Stringent rules for the installation of charging stations
Governments of different countries have implemented stringent rules that govern the installation of charging stations. Service providers are required to follow a certain set of instructions while installing charging stations. They require approval form plot owners when the installation is on private property, local governments in terms of regulatory mandates, and utility providers for energy transfer.
360 Quadrants Research Methodology
360 Quadrants assessed some of the top EV charging companies. These vendors were evaluated based on more than 70 specifically selected parameters, which were finalized based on the product and business strategies of the software provider, and the data received from the buyers as well as industry experts. All these parameters were assigned a specific weightage, post which they were measured. This study also helps the analysts calculate the total score based on which top EV charging companies were ranked and positioned on 360Quadrants.
Table of Content (TOC)
- Market Definition
- Market Overview
- Competitive Leadership Mapping Terminology
- Product Performance Scorecard
- Business Strategy Scorecard
- Key Buying Criteria: 1) Product Maturity 2) Strategic Maturity
- Competitor Analysis
- Company Profiles
What are types of EV chargers?
Rapid Chargers - Rapid chargers are the quickest way to charge an EV. They are usually installed at highways or locations near the main routes. Rapid chargers include Rapid DC chargers, Ultra-Rapid DC, Tesla’s Supercharger, and Rapid AC.
Fast Chargers - Fast chargers are characteristically rated at either 7 kW or 22 kW. Most of the fast chargers deliver AC charging, though some networks have been installing 25 kW DC chargers with CCS or CHAdeMO connectors.
Slow Chargers - Most slow charging units have been rated at up to 3 kW with some lamp-post chargers being rated at 6 kW. Charging times differ based on the charging unit and the EV that is being charged.
What are benefits of EV charging station?
Implementing EV Charging stations will help individuals and businesses:
- Reduction in carbon emissions
- Employee retention for businesses
- Retailers would be able to attract more customers
- Reduction in electricity consumption leads to energy saving
- Reduction or elimination in fuel expenses
- Flexible payment options
- Business advertising opportunities
What is importance of EV charging?
A Clean Substitute - A battery electric vehicle (BEV) has lesser moving parts than a conventional vehicle. There’s no necessity for liquid fuels or oil changes. Most of the maintenance costs related to internal combustion engines are removed.
Cost-Efficient - The total cost of owning an EV is comparatively lesser than the gas-fueled cars.
Energy Independence- The electricity that powers an EV can come from many sources, which may comprise of low-emission sources like natural gas and zero-emission sources like wind, solar, hydro, and nuclear power. These allow EVs to radically decrease gaseous emissions.
First Mover Advantages - The governments have made a variety of subsidies available for EV charging installations at all stages to develop the primary infrastructure. This enables the early adopters to considerably decrease their investment costs by leveraging public funding.
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