How Technology Is Driving Growth in the Electric Vehicle Charging Station Market

March 2020
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Electric vehicle (EV) charging station is also known as an EV charging station is used for supplying the electric energy charging/recharging electric vehicles, for instance, electric cars and hybrids. These charging stations provide electrical conversion and monitoring. 

EV charging stations are now present in many places for easy charging, where and when it's needed and also support faster charging at higher voltages and currents. Public charging stations for customers are also provided that are mostly located near shopping centers, restaurants, and parking spaces. 

A large number of companies are investing a lot into introducing new charging stations equipped with smart technologies. These manufacturers are working on various technologies such as lithium-ion batteries, automatic park-and-charge, faster DC charging networks, and wireless charging. All these methods will lead to increased adoption in the use of EVs.

There are many factors that are driving the market growth of the electric vehicle charging station market. These include lower operating costs, less maintenance cost, and a rise in awareness regarding environmental protection and other benefits related to the global climate. 

The automotive sector is playing a very important role in investing and developing smart ways of charging vehicles. The electric vehicle charging station is showing remarkable growth, attributing to the growing sustainable development goals and energy-efficient transportation. But the demand for EV charging stations is being slightly hindered by the rise in demand for the CNG and LPG vehicles.

The regional governments are also endorsing and promoting the use of EV charging stations and are providing subsidies to the consumers, with an agreement with automobile manufacturers, for buying electric vehicles. The government is offering tax rebates, quotas, and exemptions for the manufacturers as well as the consumers. These factors are significantly contributing to the high production and sales of electric vehicles all over the world. For instance, in China, the government is encouraging the use of electric vehicles among its population and has made a policy to compensate for 30% of the total cost of the electric vehicle. 

Pollution by automobiles is also a major problem, hence, the government is regulating stringent policies to curb gas emissions and is promoting the usage of electric vehicles, which in turn is growing the demand for EV charging stations. In the coming years, the demand and supply for EV charging stations will increase considerably, owing to the rise in the adoption of electric vehicles.

Recent Trends

Many companies are offering smart charging solutions in Mobile apps for locating charging stations via aerial maps, reserving the charging slots, getting updates on charging, and for online payment of charging charges.

The market for portable chargers is also gaining ground as the electric vehicle drivers can carry chargers with them and charge their car when the battery starts to die out. An advantage of a portable charger is that it will put an end to the high cost that is related to fix charging stations. The portable charges used to be small and light that could only be used for short journeys, but the new advancements in the technology have developed advanced portable chargers that are claimed to generate the same amount of power as a stationary charging station.

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