LONDON--(BUSINESS WIRE)--The global EV charger service market is expected to grow at a CAGR of close to 27% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global EV charger service market by charging station type that includes AC charging station, DC charging station, and wireless charging station. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Save more with Technavio. Buy 2 reports and get the third for FREE: View all Technavio’s current offers
Market driver: range anxiety among the end-users
Since 2014, the popularity of EVs has been increasing exceptionally. But, the consumers still have a psychological fear of “range anxiety” as drivers fear getting stranded because of insufficient charge in the battery. As a result, the government bodies and the OEMs are concentrating on improving EV charger infrastructure to reduce the range anxiety of consumers. Consequently, the OEMs and EV charger service providers are spending substantially on the infrastructural development of the EV charger services.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Market trend: increased installation of DC fast charging station
Range anxiety is the primary concern that is hindering the adoption of EVs. The major difference between EVs and ICE vehicles is the amount of time and effort required to refuel them. In case of EV, even adding 80 miles of the average mile driven in a single charge can take a day if the EV is not charged through 240-volt level 2 charging station. The 240-volt level 2 charging station can also take almost 8 hours to fully charge the EV. This is a serious concern restricting the adoption of EVs. As a result, there is a growing need for DC fast charging station, which can reduce the range anxiety of the end consumers.
According to a senior analyst at Technavio for automotive services research, “DC fast charging station surpass level 1 and level 2 charging station and can fully charge EVs within 20 mins. The electric output range of DC fast charging station ranges between 50kW-120kW. At present, most of the modern EVs have the capability to be equipped with DC quick charge. In Japan, it is estimated that there are more than 6,000 DC quick charge stations that clearly signifies the increase in DC fast charging stations to reduce the range anxiety of the consumers.”
Market challenge: high cost of ownership for EVs compared with ICE vehicles
The total cost of ownership of EVs is more than that for ICE vehicles. This is due to the additional high-capacity batteries used in EVs along with the use of advanced electronic components and design considerations. The cost of EVs depends on range, hours of use, fuel cost, and government subsidies. The after-sales cost such as servicing of EV components is high because of the immature local market and non-availability of EV service parts.
Is your business on track for a successful future? Learn how Technavio can help
Technavio helps businesses anticipate changes in their marketplace, make proactive adjustments, and develop effective strategies to optimize their market positions.
|
Technavio’s best deals of the month!
Energy reports. Offer valid from 12th March - 18th March.
|
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
