There are many compelling reasons for fleets to choose electric vehicles (EVs), whether those vehicles are passenger cars, light-duty vans, and trucks or heavy-duty or work vehicles such as low-mileage, high-usage yard tractors. Electrification provides fleets with a wide array of benefits, from meeting ambitious climate requirements to supporting sustainability goals. Perhaps most importantly for fleets, EVs are substantially less expensive to operate and fuel. Especially as fossil fuel-powered vehicles age, replacing them with EVs is an important investment that pays off with a lower total cost of ownership over time.
A charging station also called an electric vehicle charging station, is a machine that supplies electric energy to charge plug-in electric vehicles—including cars, neighborhood electric vehicles, trucks, buses, and others.
Some electric vehicles have onboard converters that plug into a standard electrical outlet or a higher voltage outlet. Others use custom charging stations. Public charging stations are typically found street-side or at retail shopping centres, government facilities and parking areas.
Governments are supporting electric vehicle charging stations through subsidies & tax rebates for installing electric vehicle charging stations and working in collaboration with such OEMs to speed up the growth of their country’s EV charging networks.
Increased demand for efficient and eco-friendly vehicles along with government support will boost the electric vehicle charging station market. Consumers from developing countries are already feeling the heat of the increasing cost of petrol. Electrical vehicles will run on electricity, which is expected to reduce the operating cost of these vehicles. To make the electric vehicle charging station market grow, continued support from the government will be needed along with the growing numbers of EV users and reduced initial cost of present EV charging technology along with high R&D to reduce the charging time further.
The electric vehicle charging station market has promising growth potential due to several factors, including the growing demand for EV’s in the market, the government’s support for growth in charging infrastructure plans to reduce fossil fuel vehicles across many countries across the world etc. The rapidly growing sales volume of Electric Vehicles in the Asia Pacific, especially in China has propelled the growth of the global electric vehicle charging stations market.
Asia Pacific is projected to account for the largest share of the electric vehicle charging station market during the forecast period as it is home to renowned OEMs such as BYD, TGOOD, Charge+ etc. which offer EV charging solutions in the region as well as export all over the world. Many foreign players have also entered the region to provide high EVCS network growth across the region. One of the key factors driving the market in the Asia Pacific is the government initiatives taken by countries like China, Japan, Australia and India for the expansion of charging station networks in the region. Asia Pacific is estimated to be the fastest-growing EV charging stations market in the predicted years and accounts for a market share of 87.5 %, by 2025 in volume.
The public EV charging market is still at an embryonic stage but will offer tremendous growth opportunities in the next years.
However, companies that want to enter this market must choose their strategies wisely. Integration, consolidation, and innovation will change the market structure significantly, and first business models are already starting to become obsolete. The consolidation phase, during which competition will intensify, has just begun. Since public EV charging is on the way to becoming a commodity service, size and growth potential are crucial, but so is the uniqueness of a company’s business model. Unique service offerings and innovative technologies are two additional success factors that will determine the future of the EV charging value chain.
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