EV Supply Equipment Industry Gains 10% of Global Electric Vehicle Market Share


EV Supply Equipment Industry Gains 10% of Global Electric Vehicle Market Share

Global Electric Vehicle Market Share

As EV sales surged last year, their share of the global car market reached 10%. They are now a major force in Europe and China and influencing broader car market trends.

With EV demand increasing, OEMs are boosting their own battery cell capacity and production. They are also establishing new production facilities in European markets.

1. Solar Energy Charging

The solar energy charging market has been growing with the increasing popularity of electric vehicles. It is a part of the electric vehicle supply equipment (EVSE) industry, which includes hardware, software, installers and charge point operators.

In the US, a large number of public chargers are located on highways and interstates, accounting for 16% of all stations mapped by the Alternative Fuels Data Center. This reflects the high-speed, long-distance travel potential of these vehicles and the need for a widespread, convenient charging infrastructure.

EV owners will require public chargers to reduce the burden on their home charging systems and for longer-distance trips. Those using EVs for commuter transport will also need access to the right infrastructure. The Biden economic agenda has accelerated the buildout of a convenient, reliable, nationwide network. Companies including Hertz, bp, and Pilot have announced plans to expand their networks even further. These efforts will put a national, seamless EV charging experience within reach for more Americans.

2. Single Pedal Driving

EVs use electric motors to both accelerate and decelerate, capturing kinetic energy that would be lost during traditional braking. This is called one-pedal driving and can help drivers get more mileage out of their EV.

Typically, a driver can activate one-pedal driving by lifting their foot from the accelerator pedal. During this time, the car uses regenerative braking to slow down and adds that extra energy back to the battery.

While the one-pedal drive mode can be frustrating during bumper to bumper traffic, it can actually make driving an EV more enjoyable on long trips. It also helps reduce foot fatigue that can occur when drivers spend too much time with their feet deep in the accelerator pedal.

However, this mode might not be ideal for emergency situations as it can take a little longer to bring the vehicle to a stop. Plus, regen braking isn’t as smooth as traditional hydraulic brakes and can have a jarring feel during stops.

3. Integrated Charging Stations

With EV sales expected to outpace ICE vehicles during the COVID-19 recovery, they will secure 32 per cent of new car market share by 2030. Deloitte predicts BEVs will outperform PHEVs globally.

Consumers will need a variety of charging options to make EV ownership practical. These include home charging facilitated by OEMs’ integration of cobranded wallboxes in new vehicles, public stations at workplaces and other locations, and dedicated EV-only parking areas. Depending on their driving habits, some segments will prefer to pay more for an EV than others. Segment G, for example, is more likely to consider an EV than the average consumer.

Smart EV charging is an opportunity for businesses that offer a full range of automotive services, including traditional OEMs, new-entrant OEMs, captive finance companies and dealerships. Using a comprehensive content plan and integrated charging solutions, these partners can ensure that their customers are able to fully enjoy the benefits of owning an EV.

4. Zero Emissions

Electrification is essential to achieving zero emission cars, which reduce or eliminate harmful emissions during vehicle operation. These emissions include carbon dioxide, hydrocarbons, nitrogen oxides, ozone, volatile organic compounds and particulate matter.

Governments around the world are introducing new financial incentives to encourage consumers to buy zero emission vehicles. Some of these incentives are specific to EVs, while others are more general and apply to all types of vehicles.

Consumers are increasingly aware of the environmental benefits associated with owning an EV. They also know that PHEVs offer a range of benefits that BEVs cannot match.

As a result, the PHEV segment is expected to grow at the highest CAGR during the forecast period. This growth is largely due to adding demand for vehicles with low fuel prices and strict carbon emigration morals, and the growing relinquishment of independent delivery vehicles. Moreover, the added benefit of being able to refuel in any gas station will help boost adoption of the PHEV segment.