Electric vehicles (EVs) can reshape the transportation sector globally, drastically cutting carbon emissions and clearing the way for significant climate progress. Despite the roaring success of EVs, adequate charging infrastructure is lagging. Many EV owners charge their cars at home using a wall-mounted charger.
This arrangement works for most current owners because the average EV use is well within the range of today’s EVs. However, two significant difficulties arise. First, for drivers who live in apartments or do not have a driveway, parking garages are rarely equipped with charging infrastructure, and installing such infrastructure may be cost-prohibitive for building managers.
Second, expanded charging infrastructure is needed for EVs to make long-distance trips that require multiple stops for charging. EV owners can experience “range anxiety,” the fear that the car will run out of power before reaching a suitable (and functioning) charging station when it comes to longer trips.
Hence, building a robust public “fuelling” network of charging stations is the key to a successful EV market. At home, followed by the workplace, remains the most favourable location for EV charging. This means that the market for public charging stations is in DC fast charging targeted at on-the-go, cross-country (long-range) driving, and emergencies.
It is a classic chicken-versus-egg scenario. Do public charging stations help drive EV adoption, or does greater EV adoption demand a more comprehensive public charging infrastructure? In what has been equivalent to a land grab, some charging providers are competing for space at libraries, museums, parks, retailers, municipal parking garages, and anywhere else that is willing to install a station.
Stakeholders need to abandon the current model of using public funds and grants to install stations. Historically, such large projects have tended to be unprofitable due to high upfront costs; electric car use will need to become more widespread before they can turn a profit.
The ideal end state is a sustainable, market-driven industry. It will never reach that status unless it unlocks a fundamental value proposition, as uncovered in the new report “Charging Infrastructure for Electric Vehicles and Fleets 2022-2032” by IDTechEx.
Managing the potential incremental energy demand that EV charging could put on the grid is crucial. Expert assessments vary on how much electricity demand will increase with widespread EV use. The US Department of Energy predicts a 38% increase in electricity consumption by 2050, primarily due to the high penetration of EVs.
Smart charging technology and off-grid charging solutions covered in the IDTechEx report will become more favourable where grids do not have the available excess capacity to generate increased amounts of power with existing infrastructure.
IDTechEx believes the electric vehicle industry will not be derailed and will continue with its staggering momentum. Over the coming decade, demand for charging infrastructure will be driven by over 175 million plug-in EVs in use globally, including passenger cars, buses, trucks, and vans. The benefits of the electric vehicle transition are at least an order of magnitude greater than charging infrastructure costs, making charging infrastructure a modest down payment to decarbonize the transport sector.
The latest IDTechEx report, “Charging Infrastructure for Electric Vehicles and Fleets 2022-2032,” provides a comprehensive overview of various charging technologies and standards globally, including fast charging, inductive and capacitive charging, mobile charging, robotic and autonomous charging, battery swapping as well as dedicated charging for fleet EVs. An analysis of the electric vehicle charging value chain and business models of key market players is also included.
For all the latest automotive news, reports, and reviews, follow us on Twitter, like us on Facebook, subscribe to our YouTube page, and follow us on Instagram, which is updated daily.
Unlock the World’s Leading Source of Automotive News and Analysis.
Autoscommunity.com provides innovative marketing and advertising solutions to support an advertiser’s specific campaign objectives. Customized programs leverage the best of Autoscommunity.com. Contact our sales team today and see what our team can do for your custom advertising solutions.
Please include a contact number if you are willing to speak to our sales team. You can also get in touch in the following ways:
Car owners are being told of nifty hacks to remove unwanted scratch marks from their…
The small SUV Volvo EX30 has been awarded the prestigious Red Dot award for Best…
Motorists are being urged to prepare for changes to parking laws that could result in…
When you join the ranks of off-roaders, preparing your pickup for off-roading adventures is a…
Hilton and Moss, the leading classic and performance car specialist, has presented four examples of…
Hyundai Motor Group (the Group) signed a 15-year power purchase agreement (PPA) with Matrix Renewables,…
