Lewes, DE -- (SBWIRE) -- 07/14/2014 -- Level 2 Charging Stations Gaining Global Popularity
In terms of Electric Vehicle (EV) charging stations, level 2 charging stations comprise the largest market globally. Europe accounts for the biggest share of the market, especially Western Europe, followed by North America. In Asia-Pacific, Japan is already a front-runner in terms of the adoption of both EVs and EV charging technology, but China is expected to see major growth during the forecast period. Other countries, such as Australia, will also present huge markets. Global market revenue stood at an estimated $139m in 2013 due to a rise in EV sales and a stronger focus on implementing a charging network to encourage uptake.
The growth of Battery Electric Vehicles (BEV) will be a major market driver, and their growing average battery size will require the adoption of quicker chargers, rendering level 1 chargers obsolete. The governments of many European and North American countries are keen to improve EV uptake and are providing incentives and subsidies to improve public and residential infrastructure and charging networks, with the ultimate aim of reducing dependence on fossil fuel and promoting energy efficiency.
US Accounts for the Largest Share of the Level 2 Charging Station Market
The US accounts for the largest share of the level 2 charging station market by country. The market for EV charging stations is at an introductory stage but the market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 36% during the 2014–2020 period, driven by President Obama’s target of one million EVs on the road by 2015. The government provides incentives to encourage the installation of EV charging stations, with finance coming from the American Recovery and Reinvestment Act (ARRA). In 2013, the US was estimated to account for over 30% of annual level 2 charger installations, fueled by the residential sector.
China Expected to Lead Growth in the Global Level 3 Charging Station Market
China does not currently have a robust EV charging infrastructure, but is expected to emerge as the leader of the level 3 charging station market in the future. In 2014, Beijing alone is planning to install 1,000 level 3 charging stations. ABB has also collaborated with Shenzhen BYD Daimler New Technology Co. to provide home DC chargers to all Denza EV drivers between 2014 and 2020, but has not revealed the price of the charger. The number of level 3 charging stations installed in 2013 was negligible and so all installations are assumed to have been carried out in 2014. During the 2015–2020 period, China is expected to account for 40–55% of total global annual level 3 installations.
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