Electric vehicles are witnessing a high approval rate in the market, especially with the reducing battery costs, increased mileage ranges, and the fascinating uptake by consumers. Nevertheless, the batteries and mileage range are not the real solution to the range of anxiety among consumers. Consumers are also keen to understand the installation of more charging resources.
Research by IDTechEx shows that the number of electric vehicles produced last year was slightly higher than 8 million. The researchers expect to witness the development of more charging stations and points to suppress the anxiety among consumers about range.
IDTechEx discovered that the charging resources worldwide would exceed $65 billion in the next decade, even with the pandemic accruing less demand this year. China is one of the countries showing an optimistic approach towards developing charging facilities and favorable government incentives and subsidies for the electric vehicle industry.
Electric vehicles will call for the development of versatile units for recharging different types of vehicles, which include the heavy trucks to the electric motorbikes. Although the charging fleet may be occupying a low market volume, the market share is growing tremendously. It will continue to cover more ground until the transition to clean energy vehicles is in full scale.
The research identified that the need for electric vehicle charging facilities and points change rapidly depending on the area where people are purchasing electric vehicles in high quantities. China has a low rate of transitioning to electric charging systems’ household installation because most of the country’s residents prefer renting to building homes. For this reason, the public installation of the charging stations becomes a key point for the Chinese people.
On the other hand, the US highly relies on household charging systems to minimize the national grids’ surge. Public charging in this country is usually to support the private systems. IDTechEx research on charging resources for electric vehicles covers the countries in the developed countries since they have quick access to electric vehicles and can manufacture them with much ease.
In conclusion, the research covers various energy storage technology for electric vehicles, their uptake rate, their battery technology, and the car features’ advancement. More details about the research are on the IDTechEx website, where they have discussed the electric vehicle technology in more detail. Additionally, more countries should advocate for the uptake of electric vehicles to minimize air pollution.