The increasing competition in the hospitality industry has been emerging as boon for the EV chargers market. In order to provide value-added services to their customers, the hospitality companies offer EV charging facilities, which is increasing the demand of EV charging stations from the hospitality industry. The large multinational corporations as a part of employee welfare also offer EV charging facilities.
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There are primarily two types of alternating current (AC) charging stations, such as level 1, and level 2. The level 1 charger has low charging rate and takes several hours to completely charge an electric vehicle. They are mostly used in residential sector. The level 2 chargers have comparatively higher charging rate and are commonly used as an alternative to DC chargers at the service stations. Level 2 charging stations are most suitable for commercial fleets, urban areas, and EV service stations.
The market for electric vehicles in Asia-Pacific has been propelling, owing to the growing concern of government about environmental pollution. China is the forerunner in the EV market of Asia-Pacific, while the other major economies such as Japan, Australia, South Korea and India are also witnessing an increase in the number of electric vehicle sales. Owing to the increasing number of electric vehicles in the country, the government in China has recently announced a funding of $16 billion for the installation of new EV charging stations.
The major companies in the global EV charging station market include Magna International , AeroVironment Inc., GE , ChargePoint , Eaton , Schneider Electric , ABB and Efacec.