(EMAILWIRE.COM, February 22, 2018 ) Electric vehicles, plug-in hybrid electric vehicles (PHEV), and other alternatively-fuelled vehicles (AFVs) are grabbing the market shares from the traditional petrol and diesel models. Further, as countries, in a rapidly growing and changing world, seek to address the future energy requirements, achieving a sustainable transportation is emerging as a vital mission. However, PHEV and EV markets’ growths have been hampered by the “range anxiety”; consumer’s fear of being stranded because of the poor battery performance or a lack of charging infrastructure. For the PHEV and EV markets to expand, developing charging infrastructure has become a priority. Hence, the importance of the availability of charging infrastructure on the prospects for electric car market growth calls for a continued support for the EV charging equipment deployment.

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Regulatory Framework - Drives the Market

National and international policy frameworks, aiming to support the deployment of Electric Vehicle Supply Equipment (EVSE), are driving the EV charging equipment market growth. Countries, such as China, France, Korea, and the Netherlands, among others, are some of the key nations developing their EV charging infrastructure through various policy supports. For Instance, by 2020, China aims to deploy about 4.3 million private EVSE outlets, nearly 0.5 million public chargers for cars, and around 850 intercity quick-charge stations, among other targets, for buses and taxis. France has started working on its ambition to deploy nearly 7 million charging outlets by 2030. In 2016, Korea upgraded its former target for deploying countrywide, publicly accessible fast chargers by 2020, from 1 400 to 3 000, with the aim of making all parts of the country accessible with an electric vehicle.

National legislative frameworks are important for providing financial incentives, fiscal advantages, and other forms of monetary incentives for individuals, businesses, and local authorities, who are willing to invest in the installation of EV charging stations. In China, the central government supports municipalities deploying public-charging infrastructure, by subsidizing the construction of charging stations. In France, financial incentives can take the form of a tax credit equivalent to 30% of a home charger or subsidies for the installation of residential or workplace chargers. Norway provides EVSE public funding for fast-charging stations every 50 km (on average) on main roads and contributes to deployment incentives for public chargers. Such financial supports are given in many other countries and are expected to be adopted by the various nations of Asia-Pacific and Europe in the coming years, thus further fuelling the market growth.

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Asia-Pacific to Dominate the Market

As of 2017, Asia-Pacific dominated the market and is expected to continue the same during the forecast period. This growth can be attributed to the strong EV market, effective government policies and subsidies, and incentives by countries, such as China, Japan, India, and South Korea, among others. In the past few years, China witnessed a growth in, both, electric vehicles and their charging infrastructure. Recently, the country surpassed the United States in the number of EV vehicles on road. Furthermore, in 2016, Japan surpassed the number of petrol stations with EV charging outlets. In 2017, India launched its first EV charging station. Rapid urbanization and increase in the purchasing power among people, across the countries in Asia-Pacific, are expected to further propel the growth of EV charging equipment market, during the forecast period.

China investing heavily in EV stations

China has the world’s largest electric vehicle (EV) charging network. The number of public NEV (new energy vehicle) charging points in the country grew to 214,000 in 2017. China’s national grid is investing in EV charging stations and, by 2020, it expects to invest nearly RMB 25 billion into charging stations. In 2016, China surpassed the United States in the total electric car stock, becoming the country with the most EVs on its road network. This evolution can be attributed to China’s rapidly growing BEV market, where BEVs have continued to dominate over PHEVs. However, the plans to phase out subsidies by 2020 and underutilization of public charging stations are posing challenges for the Chinese market.

Key Developments in the Market
• January 2018: An oil giant, BP is likely to trial mobile charging points for electric vehicles at its UK forecourts, after investing USD 5 million (GBP 3.6 million) in US-based firm FreeWire Technologies. BP announced that it will roll out FreeWire’s mobile rapid chargers across a number of petrol stations in the United Kingdom and Europe in 2018.
• November 2017: Cab service provider, Ola launched India’s first electric vehicle charging station in Nagpur, in collaboration with state-run Indian Oil Corporation (IOC).
• March 2017: ENGIE acquired EV-Box, the largest European electric vehicle charging player.

MAJOR PLAYERS: ABB Ltd, AEROVIRONMENT, Inc., CHARGEMASTER Plc, Clippercreek, Inc., DBT SA, ENGIE SA, FORTUM Oyj, SIEMENS AG, LEVITON MANUFACTURING Co., Robert Bosch GmbH, Schneider Electric SE, Tesla Motors Inc., amongst others.

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Reasons to Purchase this Report
• The drivers, restraints, and opportunities possessed by the global electric vehicle market, with in-depth analysis
• The various market perspectives, with the help of Porter’s five forces analysis.
• The most dominating electric vehicle application area and connector types, with forecast market estimates
• The largest, fastest-growing, and significant regions during the forecast period, with in-depth analysis
• The latest developments, market shares, and strategies that are employed by the major market players
• 3 months analyst support, along with the Market Estimate sheet (in excel).

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