The charging stations of electric vehicles are an organ of infrastructures responsible for supplying electricity for the recharging of electric vehicles such as plug-in electric vehicles that comprise electric cars, plug-in hybrids, and neighborhood electric vehicles. Electric vehicle charging stations are also known as electric vehicles supply equipment, or in short, we say EVSE.
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Manufacturing Business of EV Charging Stations
Profitable Business Industry of EV Charging Stations.
The electric vehicles charging stations market is divided into different types;
1) Vehicle type
a) Passenger vehicles
b) Commercial vehicles
2) Charger type
a) AC vehicles
b) DC vehicles
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3) Application type
a) Public vehicles
b) Private vehicles
4) Geography type
a) North America
b) Europe
c) The Asia Pacific
d) Rest of the world
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The primary factor propelling the growth of the Electric Vehicles Charging Stations Market globally is the growing demand for electric vehicles across the whole world. A CAGR of 46% is expected between 2020 and 2027 for electric vehicle charging stations, increasing from 2,115 thousand units in 2020 to 30,758 thousand units by 2027. According to industry projections, the global market is expected to grow to the US $ 36.87 billion by 2026 from US $5.03 billion in 2020. A study by Acumen Research estimates that the electric vehicle charging station market will grow at about 40% CAGR from 2019 to 2026.
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Another major factor propelling the market is the soaring prices of petroleum products. A large number of consumers from emerging countries are already affected by the increased cost of petroleum products. Electric Vehicles operating on electricity will decrease the operating cost of usage for these vehicles. It is anticipated that manufacturers will develop EV's with better battery life and longer usage duration. Additionally, the lowering cost of EVs encourages demand for charging stations and EVs as battery costs decrease.
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Over time, and with increasing support from government bodies, electric vehicle charging stations in India will grow. Many countries are shifting to electric vehicles to lessen the increasing pollution from automobiles, with the US and China already gearing up to electric vehicles. The big countries like the US, China, and some European countries have taken many initiatives to enhance the charging network to easily switch to EV's and promoted this sector using incentives, tax reimbursements, preferential policies, etc.
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The Indian government has proclaimed that it will increase electric vehicles usage to 30% by 2030; hence the exponentially growing charging infrastructure across the country will contribute to the market. Several initiatives have been launched by the Indian government, such as formulating a national EV policy and a fame ll scheme, which includes a subsidy for setting up 2636 public EV charging stations in India. The Indian government in 2019 had proclaimed its plan to provide grants to set up 5000 electric charging stations in cities and highways of India. An agreement between EESL and BHEL was announced in Jan. 2020, to build electric vehicle charging stations nationwide.
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Growing demand for energy-efficient commuting, governments supporting electric vehicles, and their charging infrastructure through preferential policies, subsidies, and tax reimbursements are the factors that have led to increasing demand for the electric vehicles sector. Along with that, many governments around the world have announced their plans to eliminate fossil fuel vehicles from the market within the next two decades.
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The governments' investments across the world to develop charging infrastructure and incentives offered to consumers will create opportunities for OEMs to enhance their revenue stream and expand their geographical presence. Because of the aggressive reforms from governments of countries like China, Japan, South Korea, and India, the electric vehicle charging stations market in the Asia Pacific will grow fastest. These countries are endeavoring to emphasize the development of EV Charging infrastructure to make EV charging more convenient than today.
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Electric Vehicle Charging Station Is one of the project reports by Niir Project Consultancy Services (NPCS). The project report covers all the aspects of business, from analyzing the market, confirming availability of various necessities such as plant & machinery, raw materials to forecasting the financial requirements. The project report by NPCS has benefited engineers, project consultants & industrial consultancy firms not only in India but worldwide. With the project reports on various business plans, NPCS also publishes technology, technical, reference, self-employment and startup books, directory, business and industry database, and a lot more which you can check on the official website.
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