EV Charging as a Service Market Analysis

EV Charging as a Service Industry Insights

Type Insights

• The level 2 category will hold the largest market share, of 55%, in 2024.
• These chargers can fully charge an electric vehicle in 4–8 hours.
• Level 2 chargers are compatible with every electric vehicle, unlike levels 1 and 3, making them popular among consumers.
• Moreover, these chargers are widely installed in public as well as residential spaces, making them accessible to the majority of electric vehicle users.
• Their cost effectiveness is another reason for their widespread use, as level 2 chargers are cheaper to install compared to level 3, because the latter require high-power connections, making them expensive.

The types included in this report are:

• Level 1
• Level 2 (Largest Category)
• Level 3 (Fastest-Growing Category)

Charging Infrastructure Insights

• Public charging infrastructure will hold the larger market share, of 70%, in 2024, and it is expected to do the same in the coming few years.
• As per an article in the Economic Times, the U.S. now has more than 9,000 public fast-charging stations.
• This infrastructure is available at a lot of places; so, electric vehicle users do not have to fear running out of battery power.
• Moreover, governments are heavily investing in public charging infrastructure.

The charging infrastructures included in this report are:

• Public (Larger Category)
• Private (Faster-Growing Category)

Current Type Insights

• Direct current will hold the larger market share, in 2024, and it is expected to grow at a higher CAGR of 18.6% in the forecast period.
• DC offers a high-power output in comparison to AC, of around 50 kW to 350 kW.
• DC chargers can charge up to 80% in 20−30 minutes, which saves time and is useful for long-distance traveling.
• Moreover, several public transportation systems heavily rely on direct charging to maintain operational efficiency.

The current type analyzed in this report are:

• Direct Current (DC) (Larger and Faster-Growing Category)
• Alternating Current (AC)

Vehicle Type Insights

• BEVs will hold the largest market share, in 2024.
• BEVs contain much larger battery packs compared to others, due to which they need frequent and high-capacity charging, thus driving the need for electric vehicle charging services.
• Moreover, governments are focusing on promoting the adoption of battery electric vehicles through stronger incentives and strict emission regulations.
• Battery electric vehicles emit zero tailpipe emissions, offering sustainable transport solutions.
• Additionally, BEVs need the longest to charge because of their higher-capacity batteries, which supports direct charging infrastructure.

The vehicle types included in this report are:

• Battery Electric Vehicles (BEVs) (Largest Category)
• Plug-In Hybrid Electric Vehicles (PHEVs) (Fastest-Growing Category)
• Hybrid Electric Vehicles (HEVs)