Electric Vehicle Charging Market Outlook
The number of electric vehicles worldwide is increasing by the day. Due to their lower environmental impact, low operating and maintenance costs, and vital government subsidies, more and more individuals and businesses today are choosing to purchase electric vehicles (EV) over conventional vehicles. According to ABI Research, there will be approximately 138 million EVs on our streets by 2030, accounting for a quarter of all vehicles.
The autonomous performance, range and ease of refueling of traditional cars have led to high standards of expectation for electric vehicles. Meeting these expectations will require expanding the network of EV charging stations, increasing the speed of charging and improving the user experience by creating easy-to-find, free charging stations, simplifying billing methods and offering a variety of other value-added services. In all of these measures, wireless connectivity plays a key role.
As a result, public charging stations for electric vehicles are expected to grow at a CAGR of 29.4% from 2020 to 2030, according to ABI Research. While Western Europe leads the market in 2020, the Asia-Pacific market is the fastest growing, with nearly 9.5 million public charging points expected by 2030. Meanwhile, the EU estimates that it will need about 3 million public charging stations for electric vehicles within its borders by 2030, starting with about 200,000 installed by the end of 2020.
The changing role of electric vehicles in the grid
As the number of electric vehicles on the road increases, the role of electric vehicles will no longer be limited to transportation. Overall, high-capacity batteries in urban electric vehicle fleets make up a sizable and distributed power pool. Eventually, electric vehicles will become an integral part of local energy management systems — storing electricity during times of overproduction and supplying it to buildings and homes at times of peak demand. Here, too, safe and reliable connectivity (from the vehicle to the power company’s cloud-based energy management systems) is critical to fully harness the potential of electric vehicles now and in the future.
Post time: Jan-19-2023