There’s a reason why there’s a fair amount of concern and hesitancy when it comes to transitioning to electric vehicles (EVs)—while more vehicles are being produced, EV charging production doesn’t appear to be able to keep pace. If a business owner is going to move their vehicle fleet to electric, they’re going to want assurances that a driver can charge their vehicle at a moment’s notice.
While that promise can’t be made now, it may be able to in the future, according to Research and Markets.
Recent studies show that the global EV charging station market is expected to increase to $76.9 billion by 2027. This projection is great news for EV manufacturers who’ve been battling prospective customers’ “range anxiety” as they attempt to convince them to transition to electric. If the EV charging solutions market can expand as projected, personal and commercial EV drivers alike can feel more confident that a charging station will be available when needed.
The commercial EV charging market projection news comes as EV prices have decreased, as well as battery costs. A breakeven point where EVs cost as much as traditionally fueled vehicles is also expected to occur around 2027. If EV prices continue to fall, demand could rise, which would also increase demand for EV charging solutions and stations. Government support and mass EV adoption policies are also key factors driving the EV charging station market’s growth.
Fast EV charger production is on the rise
The EV charger market is expected to expand over the next four years in general, but the Level Ultrafast DC segment is projected to make up the largest share of that growth in 2027, according to Research and Markets. These faster charging stations were developed to meet the growing high power charging station demand in the U.S., as well as China and Europe.
These fast chargers are expected to power up EVs about 10 to 20 minutes and will replace demand for other fast as well as slow DC chargers.
As Ultrafast DC chargers’ footprint expands, there will be a home for AC charger segment, which was expected to comprise the largest market share in 2022. AC chargers are often used for home EV charging, as well as in semi-public and private EV charging stations. In terms of semi-public EV charging, AC normal charging stations can be found at offices, public parking lots, shopping centers and typically require payment or a membership.
These charging station offer a convenient way for EV drivers to “fill up” their batteries as they take care of their daily activities and promote EV adoption. This is also the main option for private EV charging, allowing owners to power up their vehicles overnight.
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