PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320118
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320118
Electric Vehicle Charger Operation and Maintenance Services Market size was valued at USD 308.6 Million in 2022, expanding at a CAGR of 28.3% from 2023 to 2030.
The operation and maintenance of electric vehicle (EV) chargers entails the administration and keeping of charging infrastructure to maintain its smooth operation, reliability, and optimal performance. These services are essential to ensuring that charging stations operate correctly, safely, and efficiently. It consists of a variety of actions such as frequent inspections, cleaning, testing, and repairs. Preventative maintenance of EV charging stations is required to extend their lifespan and reduce downtime, which can limit income and provide an unsatisfactory user experience for EV vehicles.
Electric Vehicle Charger Operation and Maintenance Services are crucial in guaranteeing the charging infrastructure's seamless operation and dependability while addressing the growing demand for EV charging. As more Electric Vehicles hit the road, the demand for a robust and extensive charging infrastructure grows. According to international energy cooperation, the Electric car market is seeing exponential growth as sales exceeded 10 million in 2022. the share of electric cars in total sales has more than tripled in three years, from around 4%in 2020 to 14%in2022. The advancement of charging station technologies opens up opportunities for service providers to provide specialized operation and maintenance services. However, High Operating and maintaining charging station costs restricted the market growth.
The Global Electric Vehicle Charger Operation and Maintenance Services Market is segmented on the basis of Charger type, Installation, Application, End-User, and Region.
The market is divided into three categories based on Charger Type: Level 1, level 2, and level 3. Level 2 dominates the market. Level 2 charging is a charging method that use a 240-volt AC power source, resulting in a quicker charging speed than regular Level 1 charging, which employs a 120-volt AC power supply. Level 2 chargers are often installed in residential areas, workplaces, and public charging stations, providing EV users with faster charging times.
The market is divided into two categories based on Installation: Private and Public. Private installation dominates the market and is likely to maintain its dominance during the forecast period. Private installations refer to EV charging stations that are installed on private property, such as residential homes, commercial buildings, or corporate campuses. The Electric Vehicle (EV) Charger Operation and Maintenance Services market encompasses services related to the operation, maintenance, and administration of electric vehicle charging infrastructure, including private installations.
The market is divided into two categories based on Application: Commercial and Residential. The commercial segment dominates the market, Commercial installations refer to EV charging stations deployed in public areas, workplaces, retail spaces, parking lots, and other commercial settings.
The market is divided into two categories based on End-User: Logistics, Retail, Universities, Commercial, Transport, Real Estate, and Others. The commercial segment dominates the market. The business sector in the Electric car (EV) Charger Operation and Maintenance Services market consists of several end customers who install and run electric car charging stations on commercial sites.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. Asia Pacific is expected to dominate the growth of the Electric Vehicle Charger Operation and Maintenance Services market, due to an increase in the adoption of EVs, driven by government initiatives, environmental regulations, and consumer demand for sustainable transportation options. Governments and private companies in the Asia Pacific are making significant investments in the development of EV charging infrastructure. China has the highest number of publicly accessible Charge Points (EVSE) in the world. The International Energy Agency stated that the deployment of fast charging compensates for the lack of access to home chargers in densely populated cities and supports China's goals for rapid EV deployment. China accounts for a total of 760 000 fast chargers, but more than 70% of the total public fast charging pile stock is situated in just ten provinces. Additionally, in China, bringing the stock of slow chargers in the country to more than 1 million. At the end of 2022, China was home to more than half of the global stock of public slow chargers. Europe ranks second, with 460 000 total slow chargers in 2022, a 50% increase from the previous year. The Netherlands leads in Europe with 117 000, followed by around 74 000 in France and 64 000 in Germany. The stock of slow chargers in the United States increased by 9% in 2022, the lowest growth rate among major markets.
The market for Electric car (EV) Charger Operation and Repair Services is a developing industry that includes services connected to the operation, repair, and management of electric car charging infrastructure. Established service providers specializing in EV charging infrastructure management, corporations focusing on EV charging network operation and maintenance, and organizations offering comprehensive EV charging solutions could be among these participants. For example, Jan 2022, ABB Nowadays announced the acquisition of a controlling share in In Charge Energy, a provider of commercial charging infrastructure solutions for electric vehicles (EVs). With the addition of In Charge Energy, ABB's E-mobility Division in the North American market will be strengthened by widening its customer base and expanding its fleet electrification software and digital services offering.
On Jan. 31, 2023 - Charge Point Holdings, Inc, a leading electric vehicle (EV) charging network, and Stem a global leader in AI-driven clean energy solutions and services, announced an agreement to accelerate the deployment of EV charging and battery storage solutions for highway corridor DC fast charging and other EV charging applications like fleet charging. EV site hosts can benefit from lower running costs and increased energy resiliency by integrating EV charging with battery storage and AI-driven energy management.