Endowed with the privilege of being classified among the soon-to-be ubiquitous business spaces, electric car charger market is indeed emerging as one of the lucrative investment grounds for automotive and other industry players alike. In an era where electric vehicles are likely to soon become the transportation of choice, luxury, and necessity, electric car charging will gain renewed traction, given that the process is an utmost prerequisite to operate battery-powered vehicles. In the last couple of years, electric car charger industry outlook has indeed witnessed a surprisingly fast-paced transformation, as automakers have been prominently involved in electric car production. Having recognized the fact that charging stations would be inherently required post electric cars going mainstream, companies have been going the whole hog to install electric car charging points and stations at strategic locations across numerous geographies. Say for instance, recently in the last quarter of 2017, MEDCO launched the first electric vehicle charger in Lebanon, apt for nearly all car models. Europe-based fast charging terminal brand DBT, in collaboration with MEDCO, was responsible for installing the two 50 kW tri-standard chargers in the region, that are certain to lay the groundwork for the expansion of Lebanon electric car charger market.
A quick insight into the developments underlining electric car charger market
In a bid to combat the increasing carbon footprints due to fuel emitting transportation, regulatory organizations have enforced a strict framework of governance that automakers and tech giants alike, would need to adhere to. In fact, electric vehicle market had essentially evolved on the grounds of decreasing CO2 emissions and adopting battery-powered transport. In response, reputed automakers have set missions to have a stipulated number of EVs on the road, thereby laying the foundation for the development of electric car charger industry. Envisioning the number of EVs that are likely to go mainstream, electric car charger market firms have been undertaking steps to set to charging stations across myriad geographies. Not to mention, these firms have also been working toward introducing an innovative range of products in electric car charger market. Enumerated below are a few instances of the efforts initiated by companies that have been contributing toward impelling electric car charger industry:
- KT Corp., South Korea’s largest telephone company, has recently made its presence felt in electric car charger market. The company has installed around 3656 chargers for electric cars, which accounts for 43% of the 8457 chargers installed by the government in parking lots of public facilities. Through this installation, the firm has conveniently overthrown four other companies partaking in the regional electric car charger industry share to gain the dominant position.
- One of the most proactive regional ground of the U.S. electric car charger market, California, is already famed for its mission of having 5 million electric cars on the road by 2030. In a bid to help the government accomplish its goal, Pacific Gas and Electric Company (PG&E), a local electric utility in the region, has taken it upon itself to increase the number of station launches in the state. Its program, titled EV Charge Network, calls for collaborating with other electric car charger market players to install around 7,500 level 2 EV chargers at apartments, corporate offices, and condominiums across North and Central California. The company in fact, plans to install around 15% of these chargers in disadvantaged communities. Spanning three years, this 130-million-dollar program commencing in 2018 to 2021, is likely to majorly stimulate the regional electric car charger industry share.
- Smaller townships and counties have been observed to be overly optimistic in contributing their bit toward electric car charger market size. The city of Talent recently unveiled two EV charging stations, while Derry, aided by Tesla, will install four electric car chargers near the Derry Municipal Center.
- The contribution of regional governments toward transforming the dynamics of electric car charger industry in indeed commendable. For instance, the Alameda Municipal Power recently introduced a program providing the city’s businesses and populace with rebates of USD 3000 and USD 500 respectively, on purchasing level 2 EV chargers.
As the automotive ecosystem continues to undergo significant changes, the commercialization potential of electric car charger market is likely to witness a humongous upsurge. Aided by cutting-edge technological advancements and a highly supportive regulatory framework, electric car charger industry is anticipated to tread alongside a highly remunerative growth path in the ensuing years. Not to mention, the lucrative prospects forecast for the electric vehicle market indicate that the revenue graph of electric car charger market is undeniably slated to depict a colossal increase. Inclusive of an exclusively elite competitive landscape comprising Eaton, Panasonic, General Electric, Siemens, ABB, Blink, Leviton, and Schneider Electric, electric car charger market has been projected to attain a substantial remuneration over 2017-2022.