Electric vehicles charging market to grow at around 36% and is projected to reach $2.8 bln by the end of the year. The number of EV sold globally is soaring and the infrastructure tries to keep up
According to IEA, EV sales jumped 41% to around 3 million vehicles in 2020. In the first quarter of 2021 global EV sales soared 140% to 1.1 million vehicles, with strong growth in China, Europe and the United States, the Agency says. The EV chargers market is forecasted to grow respectively at around 36% and to reach up to $2.8 bln by the end of 2021. Quince Market Insights (QMI) predicts the EV market growth up to $14-20 billion in 2026.
At the same time, experts say there is a chance that the current infrastructure is not feasible for EV’s rapid growth in number. They call government authorities to spend more on EV chargers to cope with the growing consumer demand for electric cars. Strong state level support for EV’s infrastructure will foster consumer confidence in the technology and support sales.
Go Electric Inc., Energy Security and Resilience provider, also warns that the energy power grid could not sustain the over growing demand which could result in sporadical blackouts like the one we’ve seen in Texas earlier this year.
“Seamlessly transitioning between grid parallel mode and grid isolated mode is what the authorities should watch for. Grid parallel mode allows for the introduction of energy from different sources to reduce the demand on the grid, while grid isolated mode allows the system to function as an uninterruptible power supply in the event of an outage” - the Go Electric report says.
The off-grid EV chargers manufacturers are ready to help, but haven’t seen much support so far.
“The fact that there are not enough charging stations across the globe, even in the most developed countries such as the United States, means that EV owners are limited with their travel options. Furthermore, the over growing pressure on power grid threats to cause blackouts or, at least, leads to a dramatic growth in electricity prices. What is needed is an off-grid EV chargers network”, - Dmitry Lashin, CEO at L-Charge, the EV charger manufacturer, explained.