China accounts for about 37 per cent, 50 per cent, and 81 per cent of global private, public slow, and public fast chargers, respectively
Many surveys conducted across the globe indicate one common issue tied to electric vehicles (EVs): drivers fear not finding a suitable charging station when needed. Globally, increasing demand for EVs has created a significant need for more charging points. About 7.3 million chargers are active across the world (as of 2019), of which, nearly 6.5 million are private chargers, 0.6 million are public slow chargers, and 0.26 million are public fast chargers. Chi.na accounts for about 37 per cent, 50 per cent, and 81 per cent of global private, public slow, and public fast chargers, respectively
“Across many global EV markets, home and workplace charging are preferred over public charging stations. Currently, more than 70% of the charging is done at home. Convenience, cost-effectiveness, and a variety of support policies (e.g., tax rebates, equipment purchase incentives, and cash rebates) are the main factors underpinning the dominance of home charging. The publisher believes that in the next 5 years, the 70% home charging rate will drop to 50 to 60% while workplace and public charging will increase,” read a report by Research and Markets.
Charging time is another main concern for drivers because most vehicles have a modest range and require en-route charging from time to time, especially among fleets. This has propelled the development and installation of DC fast chargers (50kW). Although DC fast chargers speed up the charging process, they create the need for improved safety and additional components, such as advanced liquid-cooled cables, substations, and battery energy storage systems.
Companies with such extensive features and offerings for DC fast charging will have an edge for success in this space. In fact, vendors offering a wide range of products for AC and DC charging stations are witnessing better revenue growth compared to companies restricted to a single segment.
