In a bid to restrict fossil fuel usage, electric vehicles have gained significant consumer attention. Numerous government initiatives also emphasize the need of these vehicles. Most prominent among these are countries in the European Union and the state of California in the U.S. As a result, associated electric vehicle charging equipments and other accessories are expected to witness a huge demand.
Electric vehicles (EVs) are vehicles which rely on electricity rather than fuel as the energy source. Plug-in (PEVs), plug-in hybrid (PHEVs), and hybrid (HEVs) are the major types of electric vehicles. These drives rely on self-contained batteries or a combination of fuel & battery power train to convert the fuel to power. Electric vehicle chargers are usually mounted onboard the vehicle. They usually use AC current and convert it into DC that is required to charge the vehicle batteries.
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The focus on renewable energy has brought EVs back into the limelight. The equipment needed to charge such vehicles is known as EV supply equipment (EVSE). Government incentives and subsidies are currently being used to entice consumers into adoption. Use of EVs is expected to reduce carbon emission rate and ease the reliance on fossil fuels.
Peer-to-Peer Charging and Other Solutions
Wireless charging options offered on the latest electric vehicles has led to the development of a block chain peer-to-peer charging infrastructure. The concept was ideated by the U.S. based startup eMotorWerks. It involves using residential homes as efficient charging points for EVs. The users can identify residential outlets which offer charging services at a predetermined cost using the Share & Charge smartphone application. This can reduce range anxiety commonly associated with most vehicles owners and can provide a safe and secure platform to conduct digital transactions. This program is already in its implementation phase in Germany.
A similar idea has been adopted in the U.K. by a startup, Chargie. It plans to use an informal network of electricity infrastructure and make it available for the public. This trend is expected to continue till long range electric vehicles can be made feasible and supporting EV infrastructure like charging outlets are made public.
Other disruptive trends are establishment of a common charging protocol, signing of a fast-charging network by major companies, and partnerships among top manufacturers to enhance the technology for improved driving range.
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According to a report available on Radiant Insights, Inc.; the global electric vehicle charger market is anticipated to expand at a 43.7% CAGR over the forecast period (2017 to 2021). It is expected to attain immense demand due to the emphasis of various governments on curbing carbon emission. High adoption of electric vehicles can also lead to increased purchase of EV supplies to avoid inconvenience of stopping at the EV charging stations.
Residential segment was the biggest end user in the worldwide market in 2015. Commercial segment may gain substantial market share over the forecast period owing to heavy investments to enhance EV infrastructure and to create universal charging standards. North America may dominate the market due to high EV sales. Asia Pacific may increase its market share due to expanding markets such as South Korea, Japan, and China. Key market players include ChargePoint; Evatran, LLC;Leviton Manufacturing Company, Inc.; and AeroVironment, Inc.