New Delhi. Global electric vehicle (EV) charging revenue is expected to exceed $300 billion by 2027, rising from $66 billion in 2023. This information has been given in a report on Tuesday. According to Juniper Research, the total number of plug-in vehicles will surpass 137 million globally by 2027, up from 49 million in 2023.
The report states that as EV vehicles continue to grow, ‘charging vendors must differentiate their services in a highly fragmented market.’
It added, “It is important for EV charging vendors to target consumers at the earliest to build brand loyalty. Accordingly, vendors should develop strategic partnerships with automotive manufacturers offering benefits such as discounted rates.” We do.”
The leading global EV charging vendors are currently Siemens, Chargepoint and ABB.
Research author Jordan Roux said, “Siemens demonstrates an intricate knowledge of the market. Currently targeting under-served sectors, particularly public transport and fleet.”
“Competitive vendors must diversify their portfolio away from only home and public chargers and begin targeting alternative high-growth market segments to maximize their market share,” he added.
Chargers are largely located in urban areas, creating range concerns among potential vehicle owners.
This is coupled with the difficulty of accessing charging points through different apps and cards, as well as the lack of standards for charging vehicles at a uniform rate.
As such, EV charging networks should be made easier to access and work with local authorities to release chargers in wider locations, the report said.(IANS)
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