Smart EV chargers are electric vehicle chargers or electric vehicle supply equipment designed and developed to support all the players in the value chain of electric mobility which constitute electric mobility service providers, grid operators, utilities, installers, and other miscellaneous players. Unlike other electric vehicle chargers, smart EV chargers are technologically advanced and offer faster and cost-efficient charging, and also avert expensive grid infrastructure advancements and upgrades.
In the past couple of years, the sale and demand for electric vehicles have increased across the globe. Electric mobility have become mass production market from niche product. This is majorly due to deteriorating climatic conditions owing to transportation pollution and for the first time in the world the market share of electric mobility surpassed 1% share of total automobiles in 2017. This is a major factor likely to boost the smart EV market during the forecast period. Moreover, smart EV chargers offer numerous benefits – maximizes the consumption of own-generated green energy, charges when the grid electricity is clean, offers low charging cost, faster charging, restricts the risks of overshooting the fuse, and avoids expensive fixed grid infrastructure costs. This is projected to foster the growth of the smart EV market during the forecast period.
Furthermore, transportation emission policies laid down by regulatory bodies around the world have prompted both auto manufacturers and consumers to opt for electric vehicles. This is another key factor that is anticipated to propel the smart EV charger market in the near future. However, higher cost of smart EV chargers due to its ability to charge electric vehicles rapidly is likely to restrain the growth of the smart EV charger market during the forecast period.
The global smart EV charger market can be segmented based on connector type, power supply range, end-use, and region. Based on connector type, the smart EV charger market can be classified into CHAdeMO, combined charging system (CCS), and tesla supercharger. The CHAdeMO segment leads the market. This connector is relatively economical and offers fast EV charging speeds.
Based on power supply range, the smart EV charger market can be divided into 3 to 22 kW, 22 to 60 kW, and >60 kW. The 22 to 60 kW power supply segment accounts for prominent share of the smart EV charger market and is likely to expand at a healthy growth rate majorly due to increase in adoption of fast charging solutions in countries such as the U.S., China, Germany, Japan, U.K., and Norway.