This report provides Transforma Insights’ view on the connected EV Charging market. This segment is comprised of public and private EV chargers, including those installed at all kinds of commercial and residential establishments.
Drivers are quickly switching from traditional fuel-powered vehicles to hybrids and EVs. Governments around the globe are playing a key role in aiding this switch by providing incentives to drivers for switching to EVs. The growing demand for EVs has led to the need for sufficient charging infrastructure to be in place to charge these EVs. Chargers are also increasingly being connected. Typically, this is to provide drivers with remote functionalities to decide the time and charge amount of their vehicles in the case of private chargers and allow remote monitoring and maintenance or dynamic pricing for public chargers.
The report provides a detailed definition of the sector, analysis of market development and profiles of the key vendors in the space. It also provides a summary of the current status of adoption and Transforma Insights’ ten-year forecasts for the market. The forecasts include analysis of the number of IoT connections by geography, the technologies used and revenue.
A full set of forecast data, including country-level forecasts, sector breakdowns and public/private network splits, is available through the IoT Forecast tool.
This section begins by highlighting the switch from traditional fuel-operated vehicles to hybrid vehicles due to the rising demand for sustainable fuel alternatives. It then discusses how various governments (such as the Norwegian government exemptng EVs
from the 25% value-added tax on the purchases above NOK500,000 or USD47,652) are aiding in this switch and explains how the growing demand for EVs is increasing their charging infrastructure (which is often connected) and the purpose of these connected EV chargers and charging infrastructure.
It then examines the reasons that may limit EV adoption, such as cost, and compares the operating expenses of EVs to diesel vehicles, demonstrating their economic viability. For example, in Ireland, driving 100 miles in a petrol car costs GBP 18.15 (USD 23.03), while the same distance in an EV costs about GBP 2.86 (USD 3.63).
It also explains how public charging stations, which have always been a prominent form of EV charging have failed to match the current demands of the market, resulting in the increased adoption of fast home chargers among drivers (private EV charging) and their advantages. This section ends with a discussion of the communication technologies that will be used by electric vehicle charging devices, such as a mix of Short Range and wide area technologies.
This section begins with a discussion of the preferred connectivity technology in these devices (such as a mix of Short Range and wide area technologies). It also charts the six different roles in the EV value chain (one of them being the equipment manufacturers and suppliers that sell AC and DC EV chargers). It then explains how these groups have now started to integrate to provide a one-stop service to consumers, leaving only a few pure players in the market. It also talks about the Open Charge Point Protocol (OCPP) that many EV charging stations rely on, what this protocol does, and its benefits (such as reserving a charging station in advance).
This subsection discusses how various governments across the globe are heavily spending to promote higher adoption of EVs. For instance, the US government allocating USD7.5 billion from its USD1 trillion infrastructure bill to build a network of 500,000 charging stations across the country by 2030.
In a tabular format, it then charts some of the major government policies and deployments to promote public EV charging including countries like Egypt, China, India, Indonesia, Japan, South Korea, Malaysia, Pakistan, Singapore, Thailand, Finland, France, Germany, Italy, the Netherlands, Spain, the UK, Canada, the US, Australia, New Zealand, the UAE, and Saudi Arabia.
This part explains how the expanding charging network will provide new revenue streams for various businesses (like businesses may sell electricity to EV owners to generate additional revenues). It then talks about the two business model types that have formed as a result and their distinctive features.
This subsection explains some of the barriers that may hinder the market, despite huge investment from the government. For instance, the lack of an adequate number of charging stations has been a major concern among drivers, which may hinder their switch to EVs.
This section begins with a discussion of the communication technologies that support smart chargers deployed at homes, private residences, and multi-tenant buildings. It then mentions some of the functions that these chargers enable (such as allowing drivers to charge their vehicles when electricity is cheapest). It then explains how these smart chargers work and adds the reasons behind the increasing adoption of home EV chargers across specific geographies.
This subsection talks about various initiatives governments are taking to increase the adoption of home EV charging networks. For instance, the UK government has proposed the installation of a charger in all new homes in the country.
Besides, it also provides a table, discussing the government regulations and incentives to promote private EV charging across major geographies including the UK, the US, Austria, Australia, Belgium, Finland, France, Singapore, Germany, the Netherlands, Greece, Ireland, Italy, Luxembourg, Spain, Sweden, Poland, and South Korea.
This part discusses both the drivers (like the cost and convenience of charging EVs at homes) as well as the barriers (such as the relatively high upfront cost of these chargers which may affect their adoption in less wealthy countries) of the private EV charging market.
This section shows why fleets of heavy-duty vehicles are also witnessing a sharp rise in EV adoption. It then claims that heavy-duty EVs have been slow to reach the market compared to passenger cars, charts out the barriers behind this trend (such as the large size of the chargers made for heavy-duty vehicles making them unfit to be stored in parking lots), and discusses how this scenario is gradually changing through various initiatives (like the introduction of fast chargers to charge the average 600KWh trucks within 6 hours). It also discusses the steps that various governments are taking to improve EV charging infrastructure (like setting up dedicated charging stations, especially to charge public utility heavy-duty vehicles, such as buses).
This section also gives some examples of relevant IoT deployments in this application, such as Mahindra Racing collaborating with ABB to support Wallbox chargers at its new UK headquarters in Banbury.
The key vendors section lists some of the main providers of products and services related to the market such as Wallbox, Enel X, ChargePoint, Hive Home, EVBox, EDF, EvoCharge, and Wave. The report provides profiles of the various vendors including aspects most relevant to this Application Group, such as product offerings, pricing, financial results, and technology.
In the market forecasts section, we provide a summary of the forecasts from the Transforma Insights IoT Forecast Database:
The report charts the growth in the number of connected electric vehicle charging devices, which will grow from 35.3 million in 2023 to 448.5 million in 2033.
Transforma Insights forecasts are compiled on a country-by-country basis. This report includes a regional summary, showing splits between Australasia, Greater China, North America, Europe, Japan, Latin America, MENA, Russia & Central Asia, South East Asia, South Korea, India & South Asia, and Sub-Saharan Africa.
Transforma Insights’ IoT forecasts include splits between the various connectivity technologies as follows: 2G, 3G, 4G, 5G mMTC, 5G non-mMTC, LPWA (non-mMTC), Satellite, Short Range, and Other.
This section discusses which technologies will be used in the electric vehicle charging application group.
This part of the report discusses the market growth in terms of revenue (module revenue, service wrap revenue, and VAC revenue). Transforma Insights estimates that the revenue in the Electric Vehicle Charging Application Group will grow at a CAGR of 31%.
