The global electric vehicle charger market

 

EV Charger Market 2020-2027

 The global electric vehicle charger market was valued at $3.8 billion in 2019, and is projected to reach $25.5 billion by 2027, registering a CAGR of 26.8% from 2020 to 2027.

Factors such as government regulations to limit environment pollution, increase in market penetration of electric vehicles, and surge in government initiatives for development of electric vehicle charging infrastructure drive the growth of the electric vehicle charger market. However, limited number of EV charging stations and lack of standardization of EV charging are anticipated to hamper the market growth. Further, surge in demand for luxury and feature enabled vehicles and wireless charging for electric vehicles are expected to create numerous opportunities for EV chargers market expansion.

Electric vehicle charging infrastructure is vital for the mass adoption of electric vehicles. Several government initiatives have been undertaken to provide EV charging stations across the world. For instance, Automotive Research Association of India (ARAI) has planned to deploy more than 200 EV charging stations across the country. In addition, Tata Power (India) is supporting the Indian Government's 'National electric mobility mission' wherein Tata power has established the first set of Electric Vehicle charging stations in Mumbai (India) for India's growing EV ecosystem, and provide customers access to energy-efficient options with ease. This in turn is expected to drive the growth of the electric vehicle charger market.

New generation of advanced Li-ion batteries

 

Next generation battery technology

 

WHAT IS IT?

In lithium-ion (Li-ion) batteries, energy storage and release is provided by the movement of lithium ions from the positive to the negative electrode back and forth via the electrolyte. In this technology, the positive electrode acts as the initial lithium source and the negative electrode as the host for lithium. Several chemistries are gathered under the name of Li-ion batteries, as the result of decades of selection and optimization close to perfection of positive and negative active materials. Lithiated metal oxides or phosphates are the most common material used as present positive materials. Graphite, but also graphite/silicon or lithiated titanium oxides are used as negative materials.

WHAT ARE ITS ADVANTAGES?

Today, among all the state-of-the-art storage technologies, Li-ion battery technology allows the highest level of energy density. Performances such as fast charge or temperature operating window (-50°C up to 125°C) can be fine-tuned by the large choice of cell design and chemistries. Furthermore, Li-ion batteries display additional advantages such as very low self-discharge and very long lifetime and cycling performances, typically thousands of charging/discharging cycles.

WHEN CAN WE EXPECT IT?

New generation of advanced Li-ion batteries is expected to be deployed before the first generation of solid-state batteries. They’ll be ideal for use in applications such as Energy Storage Systems for renewables and transportation (marine, railways, aviation and off road mobility) where high energy, high power and safety is mandatory.

Lithium-ion (Li-ion) batteries are the current standard for EVs, yet they have short life cycles and have a history of overheating.

 “Recent research around lithium-based chemistries has revolved around using different lithium-based batteries to provide better fire resistance, quicker charges, and longer life spans,” says James Hodgson, Principal Analyst at ABI Research. However, while the Li-ion battery will continue to progress, it will be solid-state and lithium-silicon technologies that will be the real EVB game changer.

Numerous investments from OEMs such as Volkswagen, BMW Group, and Daimler, have been made in solid-state technology and lithium-silicon technology companies, including QuantumScape, Solid Power, Enevate and Sila Nanotechnologies. These investments highlight how important these technologies will be for the future of EVBs.