According to Future Market Insights, the Asia Pacific area is home to a booming market for Electric vehicle charging station because significant enterprises are present in China and India. A rapid CAGR of 26.6% is anticipated for the market for EV charging stations around the world during the forecast period. In 2023, the market for Electric vehicle charging station is expected to be worth USD 10,768.2 million. By 2033, it is expected that the market for EV charging stations would have grown to a high of USD113,889.1 million.
China is the most profitable market in this category, with profit increase of 20.8%. Members of the Alliance reported that by the end of July 2020, over 566,000 public Electric vehicle charging station had been constructed and were in use all across the country. The China Electric Charging Infrastructure Promotion published statistics in August 2020.
With a predicted revenue growth rate of 26.6%, India will continue to have the largest market share for Electric vehicle charging station. End-user fleets have access to cutting-edge, secure, and creative charging alternatives from leading providers in India. India has recently been at the forefront of electric mobility in several ways. The country takes the switch to electrification seriously and offers a lot of government support, despite not having the largest EV automaker in the world by market capitalization.
The need for Electric vehicle charging stations is being fueled by stringent pollution and fuel economy regulations, government incentives, and a growth in the sales of electric cars.
It is anticipated that improvements in software and technology for electric car charging will alter how owners of EVs use and gain from these services. Small car APIs and charging networks, precisely predict how long it will take an electric vehicle to charge before the driver plugs it into a station. Additionally, it is anticipated that green energy will be crucial for both public and private electric vehicle charging stations. Carbon emissions are a key worry for EV owners.
As governments throughout the globe concentrate on overcoming the epidemic with a stronger and more robust economy, EVs are expected to get a lot of attention. For instance, California is establishing aggressive electric vehicle goals in the United States, which are anticipated to have a positive effect after the pandemic and boost the growth of the global EV charging station market.
The main barrier to the expansion of the EV charging station business, however, is the high initial cost of Level 3 fast chargers and ultra-fast chargers. Fossil fuel vehicles are preferred for 5-7 minutes of driving, however, level 1 and level 2 chargers may take anywhere from 6 to 16 hours to fully charge. Faster chargers that can fully charge EVs in under 30 minutes are therefore in demand on the market.
Coming to the latest EV news from India, the National Thermal Power Corporation (NTPC) has opened its Simdhari, Vishakhapatnam, electric vehicle charging station. Exicom, a producer of energy storage solutions, was recently announced to have won the NTPC tender floated in March 2018 for the installation of EV charging stations in Jabalpur, which is located in the state of Madhya Pradesh.
The Talcher Super Thermal Power Station in the state of Odisha will soon have an EV charging station installed, according to recent news from NTPC. The EVs owned by the corporation as well as those driven by its workers will be charged at the station. The Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles (FAME) program’s second phase would be funded with a subsidy corpus of 55 billion ($0.78 billion), according to the federal government. The duration of the FAME II programme is five years.
Also Read:
