- Smart EV chargers are electric vehicle chargers, or electric vehicle supply equipment, designed and developed to support all the players in the value chain of electric mobility, which constitute electric mobility service providers, grid operators, utilities, installers, and other miscellaneous players. Unlike other electric vehicle chargers, smart EV chargers are technologically advanced and offer faster and cost-efficient charging. Furthermore, they also avert expensive grid infrastructure advancements and upgrades.
- Smart EV charging or intelligent charging refers to a system where an electric vehicle and a charging device share a data connection, and the charging device shares a data connection with a charging operator. Smart charging enables the charging station owner to monitor, manage, and restrict the use of their devices remotely to optimize energy consumption, unlike traditional charging devices that aren’t connected to the cloud.
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Key Drivers of Global Smart EV Charger Market:
- Sale and demand for electric vehicles have been increasing across the globe for the last couple of years. Electric mobility has become a mass production market from a niche product. This is majorly due to deterioration of climatic conditions owing to transportation pollution. For the first time in the world, in 2017, the market share of electric mobility surpassed 1% share of total automobiles. This is a major factor that is likely to boost the smart EV charger market during the forecast period.
- Smart EV chargers offer numerous benefits such as maximize the consumption of own-generated green energy, charges when the grid electricity is clean, offers low charging cost, faster charging, restricts the risks of overshooting the fuse, and avoids expensive fixed grid infrastructure costs. This is projected to propel the smart EV charger market during the forecast period.
- Transportation emission policies laid down by regulatory bodies around the world have prompted both auto manufacturers and consumers to opt for electric vehicles. This is another key factor that is anticipated to boost the smart EV charger market in the near future.
Challenges of Global Smart EV Charger Market:
- Higher price of electric cars, higher investment for the development of smart EV charger and a lack of awareness regarding electric vehicles are key factors that fuel the smart EV charger market across the globe
- Stringent norms and regulations enacted by several governments for development and manufacture of electric vehicles has led to the manufacturing of electric vehicles in some countries, which restrains the smart EV charger market across the globe
Global Smart EV Charger Market to Offer Significant Opportunity:
- Increase in investment by key OEMs in the development of smart EV charger and government initiatives to invest in development and manufacture of electric vehicles offer significant opportunity to the smart EV charger market across the globe
- Development of high power batteries and evolution of fast charging technologies are likely to drive the smart EV charger market. Several key players and manufacturers are focused on the development of EV charger and power electric devices, which in turn is estimated to drive the smart EV charger market across the globe.
Asia Pacific to Hold Significant Share of Global Smart EV Charger Market:
- Asia Pacific accounts for a key share of the global smart EV charger market due to the high rate of adoption of electric mobility in countries such as China, Japan, India, and South Korea. Moreover, a rise in the demand for rapid and fast charging solutions in the region for long-distance rides is anticipated to boost the smart EV charger market in Asia Pacific during the forecast period. Asia Pacific is projected to remain a prominent region of the global market during the forecast period.
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Key Players Operating in Global Market:
The global smart EV charger market is highly consulted with top manufacturers across the global market. A few of the key players operating and potential in the global smart EV charger market are:
- OVO Energy Ltd
- Smartev
- ABB
- EVBox
- Juuce Limited.
- Tesla Inc.
- Wallbox Chargers
- Efacec
- Enervalis
- Alfen N.V.
- Allego B.V.
- Bosch Automotive Service Solutions Inc.
- Schneider Electric
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