ELECTRIC VEHICLE CHARGER MARKET ANALYSIS

Electric Vehicle Charger MarketSize and Trends

Scarcity of conventional fossil fuels is leading to increasing demand for developing alternative solutions. Car manufacturers, therefore, are focusing on developing alternatives to fuel cars such as electric vehicles, which are environmental friendly as well. Electric vehicles offer great potential to drastically reduce air pollution, greenhouse gas, and other hazardous gas emissions. With cost of electric vehicles falling consistently, the transition is being perceived to be more likely in the near future. Furthermore, increasing availability of electricity and growing availability of low-carbon, renewable energy sources is expected to aid in increasing adoption of electrical vehicles. However, insufficient electric vehicle charging infrastructure and associated policy are factors expected to adversely affect the market growth. Growing trend of electrical vehicles is expected to aid in growth of electric vehicle chargers market during the forecast period of 2018-2025.

Low Costs of Deployment of Electric Vehicle Charging Infrastructure

Utilization of electric vehicles depends on adequate facilities for vehicles to be charged, especially at public places. The infrastructure required for this is poised for growth in the near future and the cost for this is expected to reduce significantly. This aids in increasing adoption of electric vehicles. Electric vehicle chargers are expected to increase in proportion with rising deployment of the infrastructure for charging in public facilities. Ensuring that the electric vehicle charging network operates efficiently and meets driver expectations is a crucial factor in maintaining future investment and support. In order to maximizes return on investment, electric chargers can be placed at charging stations in optimal locations at a local level in order to maximize usage, avoid traffic and parking issues, and minimize stress on the power grid.

Electric vehicle charging infrastructure has seen substantial cost declines over the past several years due to innovative technological advancements and larger production scale. For instance, since 2009, the city of Amsterdam has seen the costs of their curb side charging stations fall from around US$ 14,600 to US$ 2,500 per station. Nonetheless, charging infrastructure also typically requires substantial installation costs and can also incur additional costs for land procurement, administration, and maintenance.

Electric vehicle chargers can be installed at home or public places as per the individual's requirements. Surge in demand for luxury and high-end electric vehicles has led to increasing demand for EV chargers in the market. Furthermore, stringent government regulations especially emission norms for CO₂ and greenhouse gases by EPA to curb carbon emission are expected to boost growth of the electric vehicles market, in turn aiding in market growth.

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