Electric Vehicle Charging as a Service

Electric Vehicle Charging as a Service

Electric Vehicle Charging as a Service (EV CaaS) refers to a business model that provides charging infrastructure and services to electric vehicle (EV) owners. This model enables EV owners to access charging facilities at convenient locations while allowing charging infrastructure providers to manage the charging stations and billing systems. One of the driving factors of the EV CaaS market is the increasing adoption of EVs worldwide. As more individuals and organizations switch to electric vehicles, the demand for charging infrastructure and services is expected to grow rapidly. This trend is particularly evident in regions such as Europe and Asia, where governments have set ambitious targets to reduce carbon emissions and promote sustainable transportation.

Electric Vehicle Charging as a Service Market is expected to grow at a steady rate of around 20% owing to the need for reliable and cost-effective charging solutions. EV owners require access to charging infrastructure that is easy to use, affordable, and available at convenient locations. Major companies in the market offer vehicle charging facilities with technologically advanced features according to customer needs. For instance, In 2019 Urban Electric Networks based in London developed a UEone on-street device that retracts into the ground when not in use, much like bollards. Six pop-up chargers, offering fast charging measuring up to seven kilowatts (KW), were installed in Oxford.

• Based on charging station type, the market is segmented into a.c charging station, d.c charging station and inductive charging station. The AC station segment is expected to dominate the market during the forecast period and has the highest compound annual growth rate (CAGR). There are several reasons for this expected dominance. Firstly, AC stations are widely available and are typically installed in homes, workplaces, and public parking spaces. This widespread availability makes it convenient for EV owners to charge their vehicles regularly and easily, thereby increasing the demand for AC stations. Secondly, AC stations are generally less expensive to install compared to DC fast charging stations, which require high-powered infrastructure and specialized equipment. This cost-effectiveness makes AC stations an attractive option for commercial and public entities looking to install charging infrastructure.
• On the basis of connector type, the market is categorized into CHAdeMO, CCD, and others. The CHAdeMO segment currently has the largest share of the electric vehicle (EV) charging as a service market for several reasons. One of the main drivers of this trend is the fact that CHAdeMO is a widely adopted charging standard, particularly in Asia. This has led to a significant network effect, with many EV owners preferring CHAdeMO chargers due to their ubiquity and reliability. Another key driver of the CHAdeMO segment's success is the fact that many automakers, including Nissan and Mitsubishi, have chosen to use this standard in their electric vehicles. This has further bolstered the popularity of CHAdeMO chargers, as it makes them the go-to option for many EV owners. In addition, the CHAdeMO segment has benefited from the fact that it was an early player in the EV charging market, with the standard being developed in the mid-2000s. This has given CHAdeMO an advantage in terms of infrastructure and brand recognition, as it has had more time to build out its network and establish itself as a trusted charging standard.
• Based on location type, the market is segmented into public and private. The private category holds a significant share of the market. This is mainly due to many electric vehicle owners prefer to charge their vehicles at home, where they have easy access to a private charging station. This allows them to charge their vehicle overnight or during periods of low usage, without having to worry about finding a public charging. Additionally, Private charging stations are relatively easy to install and can be set up in a garage, carport, or driveway. This makes them a popular choice for homeowners who want to take advantage of the benefits of electric vehicle ownership. For instance, At IFA 2022 Schneider Electric, the leader in the digital transformation of energy management and automation launched its revolutionary EVlink Home Smart Charger. This charger is the world’s first to intelligently manage the heavy EV energy load at home and prioritize renewable energy sources.
• For a better understanding of the market adoption of the Electric Vehicle Charging as a Service industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC holds the largest share of the market in 2020 This is mainly due to various APAC countries having implemented favourable policies and regulations to promote electric vehicles (EVs) and their charging infrastructure. For example, China has been heavily investing in EV charging infrastructure and offering subsidies to EV buyers. Additionally, APAC is home to some of the most densely populated cities in the world. This means that there is a greater demand for EV charging infrastructure in order to support the growing number of EVs on the roads. Moreover, APAC countries, particularly China and Japan, were some of the earliest adopters of EVs and their charging infrastructure. This has given them a head start in terms of building out their charging networks and developing the necessary technology.
• Some of the major players operating in the market include Tesla, Volkswagen AG, SAIC Motor Corporation Limited, BYD Company Ltd, ABB, ChargePoint, Inc, Schneider Electric, bp pulse., General Electric, Siemens.