Electric Vehicle Charging Stations, A USD360 Billion Business Now
In the coming years the automakers behind the best and most reliable electric vehicle (EV) technology will benefit from having an established supply chain and an extensive network, making their vehicles potentially more attractive to customers worried about embarking upon longer journeys, analysts are saying as EV adoption grows at an accelerated rate. The Geneva Motor Show this week shows more EV’s than ever since before in any Motor Show and all vehicle segments are being taken over by new EV models.
Manufacturers that are taking their time to invest and look to the future, however, could end up with redundant research and development and may have to invest to adapt assembly lines and vehicle designs so their customers can use the most widespread fast-charging networks in the near future.
What will is cost?
Swiss banking giant UBS has estimated that USD360 billion will need to be spent over the next 8-years to build global charging infrastructure to keep pace with EV sales, and it will be key to limit the numerous technologies now in use. “The quick-charging marketplace might be growing fast but the issue of different types of connectivity and communication will need to be resolved going forward,” UBS said in a study published recently.
It is still early days for EVs and difficult to predict which plug technology will prevail or even whether there will always be different ways to charge vehicles, unlike the one-size-fits-all nozzle that can refill all gasoline or diesel cars. But there is a lot at stake for the automakers ploughing billions of dollars into the development of batteries and EVs.
Faster charging speed
Most plugs used to charge cars at home use alternate current (AC) and are slow, so building networks that can power vehicles fast when on the road is seen as key by the industry, given many potential consumers still worry about battery range. Able to deliver more powerful direct current (DC), fast-chargers can load electric cars up to seven times faster.
The fastest DC stations, capable of delivering up to 400 kilowatts, can recharge cars within 10 minutes, a vast improvement on the 10-12 hours it can take to reload at some AC charging points today.
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