Smart EV Charger Market Top Companies, Sales, Revenue, Forecast And Detailed Analysis 2021-2031

 

Infrastructure Improvement and Awareness Paving Way for Market Expansion Post Coronavirus Pandemic

Even though the automotive sector has been severely hit by the coronavirus crisis, automakers are anticipated to reveal an increasing number of electric vehicles (EVs) post the pandemic. Such trends are anticipated to boost the growth of the smart EV charger market, since post COVID-19 incentives include installing more charging stations. However, there is a need for more attention for improving the infrastructure of home charging.

There is a huge gap between awareness and the actual number of charging stations. Companies in the smart EV charger market should increase signage and awareness about exact locations of public charging stations to encourage people to switch from conventional fuel vehicles to EVs. In the post pandemic period, it is predicted that market stakeholders will provide DC fast charging at high rates.

Cloud-based Energy Management Systems Hold Potentials for Addressing Peak Loads

The global smart EV charger market is slated to expand at a CAGR of 32.42% during the forecast period. The share of EVs is increasing, and it is predicted to do so in the future. However, this trend is anticipated to present new challenges for operators of a charging infrastructure for EVs in cases when operators might experience peak loads from increasing the number of cars at a given time. Hence, researchers at Bosch - a German multinational engineering and technology company, are developing cloud-based energy management systems that help to deploy intelligent charging of EVs.

Cloud-based energy management systems at charging stations help to use the existing charging infrastructure.

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Smart Charging Features Help Accelerate Market Growth

User managed charging (UMC) and supplier managed charging (SMC) are growing prominent in the smart EV charger market. SMC also known as vehicle to grid (V2G) is being upgraded with smart charging features such as load balancing, which allows an optimal distribution of the available energy without requiring any upgrade to the existing network infrastructure.

Another important smart charging feature, which is fueling growth of the smart EV charger market is power boost, also known as peak shaving. This feature avoids exceeding the maximum energy capacity available at any charging point.

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Complete End-to-End Services for Smart EV Charging Boosting Company Credibility

The burgeoning growth of the India smart EV charger market is grabbing the attention of competitors. Tata Power Company Limited - an Indian electric utility company based in Mumbai, India, is taking advantage of this opportunity to offer next-gen EV charging solutions for fleet organization, commercial spaces, and housing societies.

Companies in the India smart EV charger market are taking cues from established companies and delivering complete end-to-end services, right from captive charger installations to maintenance. Efficient fleet organization is being achieved with the help of EV CMS (Content Management System) software. Cars and buses are fueling the demand for smart EV charging.

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India Holds Lucrative Avenues for Market Stakeholders

The smart EV charger market is expected to reach US$ 38.4 Bn by 2031. Stakeholders are striving to help EV owners to seamlessly charge their vehicles in a simple and convenient way at easily accessible locations. It has been found that India is moving forward with investments in both slow and fast chargers.

Even though new charging infrastructures are being created in India, the utilization rates for existing chargers remains low. This issue is the cause of the limited number of electric cars on the roads. Nevertheless, mass adoption of EVs with the help of light electric vehicles (LEV) such as electric scooters and bikes are anticipated to translate into revenue opportunities for companies in the smart EV charger market in the upcoming years. Operators in India are providing attractive offers at public charging stations to increase the adoption of EVs.

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