LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global electric vehicle (EV) charger market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global EV charger market is expected to grow at a CAGR of close to 44% during the forecast period. EV chargers are also rapidly evolving in terms of technology. The adoption rate of EVs is increasing with the introduction of DC fast charging, wireless charging, ultrafast EVSE that can charge vehicle batteries to 100% within 15-30 minutes. The availability of technologies and applications that enable the drivers to easily search for charging stations using smartphones and navigation systems in cars is also boosting EV sales.
Amey Vikram, a lead analyst from Technavio, specializing in research on the automotive manufacturing sector, says, “The adoption of environment-friendly vehicles is increasing globally due to the implementation of stringent regulations regarding environmental protection, reducing emissions, and increasing fuel efficiency. Furthermore, tax credits and incentive policies put forth by the governments of many countries are favoring the adoption of hybrid vehicles and EVs.”
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The top three emerging trends driving the global EV charger market according to Technavio research analysts are:
- Open and closed platform approaches by EV charger solution providers
- Powering EV charging stations through renewable energy
- Ultracapacitors in EV energy storage system
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Open and closed platform approaches by EV charger solution providers
The EV charger market is becoming more dynamic owing to the entry of many regional and local players, vibrant partnerships, and demand from end users. As the number of EV charger providers is increasing in the market, their business approach toward charging stations is following the same trend as that of other technology-related markets, such as operating systems and smartphones.
“Various top players in this market believe that within few years, the market will close down the vibrancy to establish market shares and dominance. Therefore, we are witnessing an Apple and Android or Windows and Linux approach among the EV charging solutions providers,” according to Amey.
Powering EV charging stations through renewable energy
The use of renewable energy to power EV charging stations for reducing the demand for electricity from power grids has been in the talks for many years. Charging stations powered by solar panels is one such trend in the industry. The decreasing price of solar panels and their easy installations on business buildings and shopping malls are driving this trend in the market.
This trend is also pushing the sell energy program where users installed solar panels in residential or commercial areas, generating extra energy than that required by the EVs, and can sell back to the grid, thereby being beneficial in both ways.
Ultracapacitors in EV energy storage system
Ultracapacitors used for energy storage and the discharge function in the battery packs of EVs are a highly attractive futuristic trend. An ultracapacitor is an energy storage device. Unlike a battery, which stores energy through chemical processes, it stores energy as an electric field.
During peak power load conditions, EVs can draw power from these ultracapacitors for instant electric power steering, thereby helping in reducing the load on the primary energy source, such as a Li-ion battery or an ultracapacitor module. During regenerative braking or steering coming back to central position, ultracapacitors are recharged.
The key vendors are as follows:
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