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Utilities, Oil & Gas Majors, and Technology Solution Providers All Vying for a Role in the Lucrative EV Charging Sector
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As EVs continue to disrupt the power-mobility ecosystem, the role played by charging solutions in the 2020s will be crucial in how effectively the ecosystem develops. This will more so as utilities, technology solution providers, and major oil and gas firms look to target an area which effectively bridges power and mobility. Although a nascent industry, various innovative charging solutions are disrupting the industry as it looks to firmly establish itself on a mass market scale. This Frost & Sullivan research provides insights on seven charging models which carry high lab-to-market adoption rate potential in the 2020s. These are: Battery Swapping, Vehicle to Home, Demand Response with EV Charging, Smart Charging, Fast Charging, Wireless Charging, and Vehicle to Grid Technologies. To ensure the transition to EVs is successful, the key bottleneck of charging infrastructure availability must be alleviated in addition to range anxiety, although, the situation of the latter has improved drastically in recent times. Amongst the models analyzed, fast charging and inductive (wireless) charging carries a high factor of disruption compared to other models. Fast charging rapidly reduces the time spent charging EVs down to five minutes for a full charge, which places it on par with fuel cell vehicles, when it comes to the ability to fill a tank. Inductive charging is found to have the second highest potential, particularly for stationary applications, as it works well in stationary charging applications as opposed to dynamic charging. A common drawback which stands to be corrected is the drafting of common standards and regulations for charging. Although related associations such as SAE, ISO, and IEC are working toward the development of charging standards, there continues to be a lack in commonality of standards. To ensure charging solutions succeed on a mass scale, addressing customer requirements goes a long way. Frost & Sullivan finds that the following three key criteria are pivotal from the perspective of an EV end user, ease of use and operation, speed of charging, pricing and commonality of standards.
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