According to a new report from market intelligence firm IDTechEx, investments in EV charging infrastructure have led to widespread expansion and rapid growth in public charging networks, particularly high-power DC chargers exceeding 150 kW.
These high-power chargers significantly enhance the convenience and efficiency of public charging by reducing charge time and increasing vehicle throughput for customers who rely on public stations on the go.
The report also finds that about 72% of existing public chargers globally were concentrated in China at the end of 2023 with approximately 77,000 new public chargers being installed each month.
The EV charging industry has been characterized by high capital expenditure and low profit margins thus far, creating a difficult environment for smaller companies. According to a statement, the market is ripe for consolidation, with larger companies acquiring smaller, less profitable ones to scale up operations.
Other findings report that smart charging is becoming more prevalent, as it balances grid demand and integrates renewable energy sources. Vehicle-to-Grid (V2X) is becoming more popular, as well, as it allows EVs to supply energy back to the grid. These two technological developments are expected to play an integral role in the future of EV charging.
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