|
E |V |U |P |D |A |T |E |S|
Global EV Charging Station Market to Reach $93 Billion by 2027: Report
T
he global Electric Vehicle Charging Station (EVCS) market has been fuelled by a growing awareness of environmental conservation and carbon emission reduction. Hence, it has been estimated that the global EVCS market will grow at a compound annual growth rate (CAGR) of 20% from 2021 to 2027 and reach $93 billion by 2027, according to a recent report by Noida-based market research firm Astute Analytica. The report shows that in 2019, the global EVCS market generated a considerable revenue amount of approximately $23 billion,while 819 thousand units of EVCS were sold in 2019 and the numbers are increasing at 17.5% CAGR. The report sought some key reasons for the market growth as the government has enacted strict regulations to encourage the usage of electric vehicles. Both the supply and demand sides of the economy gain from government subsidies and other perks. For example, the Indian Govt. has invested Rs. 1000 crore for the development of charging infrastructure in the country till now.
One of the biggest challenges the EVCS market faces is the rapid deployment of charging technology, as adopting new technologies such as wireless charging, vehicle to grid (V2G), and vehicle to everything (V2X) charging technology will affect the cost infrastructure as well. According to the analysis, the cost of charging infrastructure components for level 2 commercial chargers ranges from $2,500 to $7,210, while 50kW fast DC charging infrastructure costs between $20,000 and $35,800. Fast chargers with more than 22 kW of power are growing at the highest CAGR of 27.8% in the forecast period owing to the capability of these chargers to reduce charging time. CCS is the most popular connector protocol since it offers reverse power transfer, inductive charging, and wireless charging capabilities. This connector protocol was valued at $12,640.2 million in 2019, which is about 55% of the market share. DC (direct current) charging method is growing at a CAGR of 20.3 percent because,
it can supply electricity straight to the vehicle's battery, bypassing the internal charger. Moreover, DC fast chargers convert AC power to DC within the charging station and supply DC power directly to the battery, resulting in faster charging. Furthermore, governments in countries such as Germany, Canada, and France are continually investing to boost the use of EVs for public transportation. North America, Europe, Asia Pacific, Middle East & Africa, and South America have been included in the global market's regional study. The Asia Pacific is the leading area with about 80% market share in 2019, most of the credit goes to China. In addition, China's advanced electrification technology, and government initiatives in Japan and Korea, have boosted the market in the APAC region. Furthermore, China will invest $1.2 billion to expand the country's charging infrastructure. In India, as part of its initial phase of electric vehicle infrastructure development, the Indian government plans to install over 69,000 EV charging stations across the country.
Ola Electric Scooter Prices In States after Subsidies
I
ndia's ride-hailing giant Ola has launched its Ola S1 electric scooters on Independence Day 2021. The much-awaited e-scooter comes at Rs 99,999. This price is ex-showroom including FAME II subsidy and excludes state subsidies. After state subsidy in Delhi, the S1 should cost just Rs 85,099 whereas, in Gujarat, it would cost as low as Rs 79,999. While in Maharashtra it would cost Rs. 84,999 and Rs. 92,999 in Rajasthan, after the subsidies under new policies of respective states. Ola has also tied up with banks and financial institutes for an EMI plan starting at Rs 2,999. As ola has entered electric
34
vehicle (EV) manufacturing, it claims to build up the largest two-wheeler factory in the world, Ola Futurefactory. And it has produced two variants, Ola S1 and Ola S1 Pro at Rs. 99,999 and Rs. 1,29,999, respectively.
SAUR ENERGY INTERNATIONAL AU GU ST 2 02 1 SAURENERGY .C O M
The first phase of Futurefactory is near completion and the Ola S1 purchase will start from 8th September 2021 and the deliveries will be starting in October across 1000 cities and towns. Till then, Ola S1 is
available for reservation at just Rs. 499. Speaking at the launch, Chairman & CEO of Ola, Bhavish Aggarwal stated, "We are taking this moment to announce ‘Mission Electric’, a pledge that no petrol twowheeler will be sold in India after 2025. We want 50% of allelectric two-wheelers produced for the world to be made in India. It's time for India to lead the way in electrification and build technologies of the future, here in India for the entire world!." The e-scooter comes in ten color variants, along with a range of 181 Kms, acceleration of 0-40 kph in 3.0 seconds, and a top speed of 115 kmph. I
