Europe EV Charging Infrastructure Market Growth is projected to witness significant growth owing to the rising popularity of electric vehicles and increasing investments to deploy their charging structure. Depleting conventional sources of fuel along with growing environmental concern pertaining to GHG emissions will complement the EV charging stations demand. Moreover, ongoing technological innovations among market players plying to capture greater share will positively impact the competitive landscape.
The AC charging stations will hold a significant share on account of majority of the electric vehicle owners preferring to charge their vehicles overnight. Increasing construction of public charging points, growing emphasis on EV-Ready building codes & introduction of incentives for multi-family and businesses properties to establish their own charging stations will complement the industry scenario.
Germany will grow at a significant pace owing to the rising project initiations from ESCO’s along with provision of subsidies & incentives for EV adoption. For instance, the country, in 2019, introduced an “Environmental Bonus”, amounting up to USD 6,680 per vehicle to incentivize the adoption of electric vehicles. The introduction of favorable policies, incentives & subsidies to adopt EVs will contribute significantly towards the infrastructure development.
Government authorities are encouraging adoption of aggressive approach when talking about accelerating the transition from combustion engines. In addition, they are placing high importance on development of DC fast and superfast charging structures. According to Fueling Europe’s Future (FEF), the total cumulative cost for public charging infrastructure is projected to value around USD 13.43 billion by 2030. High initial capital investment along with maintenance charges may act as a barrier for new entrants, however, rising public & private funding will drive the market growth.
Private charging stations will witness growth on account of technical innovations focusing on faster charging. These points place low load on the electricity panel when compared to other chargers thus making a practical option for deployment in residential establishments. The inexpensive and convenient alternatives are capitalizing on the changing consumer preferences towards electric vehicles. Moreover, the growing need for Level 2 fast and ultrafast charging infrastructures including CHAdeMO and Tesla chargers will positively impact the industry landscape.
Companies are actively pursuing partnerships and collaboration with other players in the market to offset the high cost of infrastructure development. Major industry players include Siemens, Greenway Infrastructure, Daimler Mercedes-Benz, Shell, Schneider Electric, Renault and ABB amongst others.