With almost one new EV being launched every week, it’s only fair to imagine that the world without fuel-powered cars will be there soon. Many automobile giants like VW, Toyota, etc. have already given a deadline for their gas engines. Further, based on market analysis, it is estimated that the Global Electric Car Market Size is Projected to Reach USD 1438.8 Billion by 2025 with a CAGR of 19.40%.
All this information and stats are making it very clear that EV is here to stay. One of the key challenges that market analysts see as a challenge for the development of the EV market is the presence of charging stations. Though the number of charging stations is on a steady increase, the paranoia of not finding a charging station for your EV on the go is still present.
Level 1 chargers can be plugged into a standard outlet using a 120 V AC switch. By comparison to other chargers, Level 1 chargers do not require additional equipment to be mounted. Usually, these chargers provide two to five miles of range per hour of charging and are most widely used at home.
Level 1 chargers are the least expensive option for EVs, but they also require the most time to charge the battery of your vehicle. Such types of chargers are usually used by homeowners to charge their vehicles overnight.
For both residential and commercial charging stations, level 2 chargers are used. These use a 240 V (residential) or 208 V (business) connector, and they cannot be plugged into a standard wall outlet, unlike Level 1 chargers. Instead, they are usually installed by a professional electrician. They can also be installed as part of a solar panel system. Level 2 electric car chargers provide a range of 10 to 60 miles per charging an hour. In as little as two hours, they can fully charge an electric car battery, making it an attractive choice for both homeowners who need fast charging and companies who want to offer customers charging stations.
In just 20 minutes of charging, DC Fast Chargers, also known as Level 3 charging stations, will offer a charging capacity of 60 to 100 miles for your electric car. Nonetheless, they are usually only used in commercial and industrial applications–they include the installation and maintenance of highly specialized, high-powered machinery.
Most plug-in hybrid EVs do not have this charging capability, and it is not possible to charge some all-electric vehicles with a DC Fast Charger. Two examples of electric cars powered by DC Fast Charger are the Mitsubishi I and Nissan Leaf.
Worldwide, the global market for electric vehicle charging systems is showing positive growth, with a significant increase in the adoption of electric vehicles over the past few years. Increasing awareness and ongoing eco-friendly efforts around the globe are driving growth for electric vehicles, which in turn is driving the market for electric vehicle charging systems.
In addition, technological advances aimed at developing affordable charging solutions are likely to drive the growth of the industry. In developed regions, namely North America and Europe, the penetration of electric vehicles is high, making them the leading revenue generators on the electric vehicle charging system market. Whereas in Asia-Pacific, due to the rapidly increasing number of electric vehicles in countries such as China and Japan, the market for charging stations is lucrative with high growth potential.