In a report titled, ‘Electric Vehicle Charging: 192 million connections by 2030, generating USD4.8 billion in revenue‘, Transforma Insights has delved into the topic of Electric Vehicle (EV) charging infrastructure. The increasing sales of pure Battery EVs (BEVs) worldwide have led to a significant rise in the demand for charging stations for EVs.
This article explores the roadmap of public EV charging, highlighting different approaches, discussing government initiatives, major communication technologies, potential revenue streams from public EV charging stations, and current market barriers.
EV Charging and Its Types
EV charging involves electric vehicle charging points, with the ability to monitor usage, load, power distribution, and payments for both public and private use. Transforma Insights divides Electric Vehicle charging into Public EV charging and Private EV charging segments.
Public EV charging stations are located at various public venues and managed by entities like governments, OEMs (e.g., Tata, Tesla, Mahindra), power companies (e.g., Tata Power, NDMC), and charging service providers (e.g., EVGo, ChargePoint, G2 Mobility). Private EV charging includes residential stations and fleet-oriented charging facilities.
This article focuses on developments in the public EV charging station segment.
Current Market Development in Public EV Charging Stations
The market is evolving, with various stakeholders providing integrated solutions. Charge Point Operators are upgrading infrastructure to meet the needs of new EVs, while MSPs offer charging networks as solutions to manufacturers like Audi and Volkswagen.
Charging infrastructures are offering additional capabilities to grid suppliers, providing balancing and distribution of capacity among vehicles. EV chargers are adopting technologies like OCPP for advanced features for drivers and operators.
Most EV chargers use a mix of short-range and wide area connectivity technologies like Wi-Fi and cellular to communicate.
Major Drivers of Public EV Charging
Governments worldwide are investing heavily to establish public EV charging infrastructure and drive EV adoption. Initiatives like the UK’s GBP300 million EV charging installation fund are creating revenue opportunities for businesses.
The expansion of public EV charging networks offers new revenue streams for businesses through customer attraction, electricity sales, and targeted advertising.
Barriers to Public EV Charging Adoption
Challenges like urban reluctance, driver preferences for alternative solutions, and inadequate charging stations hinder the widespread adoption of public EV charging.
- Reluctance towards adoption in urban spaces
- Preference for alternative solutions
- Lack of charging stations
A Dynamic and Fast-Evolving Landscape
The growing EV market and demand for charging stations are transforming the industry. Stakeholders are collaborating to offer comprehensive services, while technologies improve user experiences. Government initiatives globally are driving EV adoption and expanding public charging infrastructure, creating new business opportunities while addressing challenges in the public EV charging sector.
Article by:
Rohan Bansal, Senior Research Analyst at Transforma Insights
Joydeep Bhattacharyya, Content Editor at Transforma Insights
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