New Delhi: The annual market ofEV charging infrastructureis expected to hit $243 billion in 2045, and the following five years will see a decline of almost $25 billion to $219 billion, according to a Wood Mackenzie report published today.
The research and consultancy firm said annual charger installations will increase throughout the forecast period, rising from 200,000 in 2020 to over one million in 2050.
The reason why EV charging infrastructure will be slow between 2045-2050 is a shift towards high-powered charging, the development of public charging networks for trucks or on-route charging for buses, and more efficient fleet management strategies resulting in fewer chargers needing to be installed in 2050.
“Government funding and zero-emission vehicle regulations are strong drivers for commercial electric vehicle (EV) adoption in every region thus far, therefore reducing the primary barrier to commercial EV adoption: cost. This policy support will see the annual market value of electric bus and truck charging outlets pass the $200 billion mark by 2045,” Wood Mackenzie said.
It added that though India will lag behind its global counterparts, it will have installed 41 per cent of the world’s heavy truck charging outlets in 2050 due to its use of different truck weight classifications compared to other regions.
“Though light and medium truck installations are underway across the globe, heavy truck electrification is not expected to reach every market until 2028. By the end of the forecast period, this segment will only grow to 3 per cent of commercial outlet installs,” the company said.
According to the report, China currently dominates the electric bus and charging infrastructure landscape. In the year 2020, China had more electric buses than any other region will have in 2050.
“By mid-century there will be six times as many electric bus charging outlets installed in China compared to the second largest market, the United States,” Woodmac said.