Market Growth: Charging Stations
Range anxiety is becoming less of an issue when it comes to deciding whether to buy an electric car. Even though the electric vehicle market took a while to start running, the charging station market is taking on rapid growth. Today there are about 64,000 DC electric vehicle charging stations available and operational worldwide.
The growth of the North American EV market received a huge push from various government levels which offered incentives and subsidies. Charging stations also received a lot of funding and subsidies.
In 2012, 120,000 charging stations sold in the US. Market trends show a rapid growth to 1.3 million available stations available worldwide. China and Europe are also leading this rapid growth. Europe is predicted to have 480,000 charging stations by 2020 and China will have around 277,000 units.
Ford, Daimler, GM, BMW, and Nissan form the core of charging infrastructure partnerships.
The relationship between EVs and charging stations is mutually dependent. The more that’s invested in EV infrastructure the more comfortable consumers will be purchasing electric vehicles. The demand for EV’s increases the demand for charging stations.
Currently, charging stations are composed of AC installations which account for 94% of total installations worldwide. DC installations account for almost 5% of global installations. This may seem small but they have a central role and leading market share in Japan and Estonia. Battery swap stations account for less than 1% of total installations.
The Next Big Obstacle
Despite the promising prospects, the length of time it takes to recharge an EV continues to be one of the major setbacks for adoption of electric vehicles. Compared to the time that it takes to fill up a conventional vehicle, the charging time for EVs using a level 1 or level 2 charger is very slow.