The EV-Charging Action Plan: How will it affect the future of EVs?

EV-Charging Action Plan


Customers' major concerns when choosing the best electric cars (EVs) were pricing and driving range just a few years ago. The most pressing worry today is a different one: sufficient charging infrastructure. To keep up with the fast-growing demand for electric vehicles, massive networks of publicly accessible chargers will need to be created and put into service quickly. Failure to do so might stifle electric vehicle growth and stifle efforts toward decarbonizing road transportation.

 

The EV Charging industry appears to have a promising future today. Let's take a look at what lies ahead and, more importantly, what market participants may do now to obtain a competitive advantage.

EV Charging in the Future

If we look into the future, we will witness significant advancements in current charging technologies. For example, it will resemble the refuelling experience. The charging voltage of automobiles will be increased from 500V to 800V in the next few years, and the capacity of a single charger will be boosted from 60kW to 350kW. In fact, this implies that charging time will be reduced from around 1 hour to 10 to 15 minutes.

 

The Internet of Things would revolutionize EV charging. It will intelligently integrate grids, networks, renewable energy, batteries, and autos for improved resource use and charging.

 

The demand for electric vehicles and buses will skyrocket. Amazon and Walmart, for example, want to be seen as ecologically responsible firms. The adoption of zero-emission commercial cars is part of their present agenda. As a result, EV charging companies will need to develop mega-chargers that will allow these enormous electric vehicles to travel vast distances.

What Future Holds For EV Charging stations in India?

During FY2022-FY2027, the Indian electric vehicle market is expected to develop at a CAGR of over 37%. The market is expected to increase rapidly due to a growing number of government programmes, such as incentive schemes to stimulate the adoption of environmentally friendly and economically best electric cars, rising consumer interest in electric vehicles, and rising worries about the adverse impacts of air pollution.

 

India's EV charging infrastructure is expanding as the number of electric vehicles on the road continues to rise. Various government attempts to reduce pollution will play a big role in the increased number of electric vehicles on the road, which will help the electric vehicle charging infrastructure market develop even faster.

 

If all of the holes are filled right once, the country's charging infrastructure would explode, opening up significant prospects for potential investors.

 

 

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