Global EV charger service market to grow at a CAGR of 26.74% by 2022: Research And Markets

ResearchAndMarkets in its latest report predicts the global EV charger service market to grow at a CAGR of 26.74% during 2018-2022.

An electric vehicle (EV) charger supplies the electricity required to recharge batteries in pure EVs and plug-in hybrid vehicles (PHEVs).

According to the research firm the report “Global EV Charger Service Market 2018-2022,” has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

The author of the report recognizes BMW, Bosch, ChargePoint, Delphi, and Tesla as the key players in the global EV charger service market:.

Commenting on the report, an analyst from the research team said: “One trend in the market is increased installation of DC fast charging station. Range anxiety is the main concern that is hindering the adoption of EVs. The major difference between EVs and ICE vehicles is the amount of time and effort required to refuel them.”

According to the report, one driver in the market is range anxiety among the end-users. The popularity of EVs has been increasing year-over-year since 2014. The best-selling EVs such as Nissan LEAF and Tesla Model 3 had witnessed significant sales in 2017. However, consumers still have a psychological fear of “range anxiety,” as drivers fear getting stranded due to insufficient charge in the battery said the research firm ResearchAndMarkets in its report.

Further, the report states that one challenge in the market is high cost of ownership for EVs compared with ICE vehicles. The total cost of ownership of EVs is higher than that for ICE vehicles. This is because of the additional high-capacity batteries used in EVs along with the use of advanced electronic components and design considerations.

The cost of EVs depends on range, hours of use, fuel cost, and government subsidies. One of the best-selling economic EVs, Nissan LEAF, has a 24kWh battery that costs $12,000.

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