Global EV charging station sector to reach $93 bn by 2027: Report

Rising demand for electric vehicles around the world, as well as a growing awareness of environmental conservation and carbon emission reduction, have propelled the global Electric Vehicle Charging Station (EVCS) market. The number of employees investing across the supply chain has expanded considerably as different organisations attempt to establish better corporate goals and practises. According to a survey by Astute Analytica, the global EVCS industry, which produced sales of around $23,000 in 2019, is expected to reach $93 billion by the end of 2027, with a compound annual growth rate of nearly 20% from 2021 to 2027. According to an analysis, 819,000 electric vehicle charging stations (EVCS) were sold in 2019, with a compound annual growth rate of 17.5%. The high cost of EVCS infrastructure construction, according to the report, is impeding overall market growth and may be prohibitive to the development of a well-functioning industry. Different forms of charging infrastructure are required for different types of vehicles, such as 2-wheelers, 3-wheelers, passenger vehicles, and commercial vehicles. Furthermore, in order to give a better consumer experience, the adoption of fast and wireless chargers is likely to increase dramatically. Electricity is also required for the building, financing, maintenance, and operation of power plants and power networks. Electricity costs for EVCS also fluctuate on a regular basis. According to the report, one of the major issues confronting the EVCS industry is the rapid deployment of changing technology, since new technologies such as wireless charging, vehicle to grid (V2G), and vehicle to everything (V2X) charging will have an impact on infrastructure costs. According to research, charging infrastructure components for level 2 commercial chargers cost between $2,500 and $7,210, while 50kW fast DC charging infrastructure costs between $20,000 and $35,800. Slow chargers with less than 22 kW of power and rapid chargers with more than 22 kW of power are two of EV chargers currently on the market. The global market's geographic research comprised North America, Europe, Asia Pacific, Middle East & Africa, and South America. According to the report, Asia Pacific was the leading region with approximately 80% market share in 2019 due to the large-scale expansion of the EV charging network in China, growing demand for inexpensive electric vehicles for everyday use, and government support to accelerate the adoption of electric vehicles. Image Source Also read: Switch Mobility plans investment outlay of $200 million