E-Bike Charging Station Market Trends

Growth Drivers

• Growing Support from Governments of Multiple Nations - According to the document, relevant authorities will exempt NEVs from vehicle purchase tax until the end of 2022.

• In China, the announcement about Exempting Vehicle Acquisition Tax for NEVs (New-Energy Vehicles) was issued jointly by the Ministry of Finance (MOF), the State Taxation Administration (STA), and the MIIT on April 22, 2020. EVs across the world are gaining recognition for their cleanliness and efficiency. Governments are now providing subsidies and the required infrastructure to boost the use of EVs.

• Growing Awareness of Carbon Footprint Globally - It has been estimated that EVs in Europe emit less than three times CO2 than petrol cars of the same class.

• Rising Sales Volume of Electric Vehicles EVs - The global sales of EVs are projected to cross over 10 million in 2022, an increment of over 50% from 2021. By the end of 2022, over 26 million EVs are expected to be in use, including light vehicles.

• E-Bikes Becoming a Cost-Effective Option - In the U.S. the average yearly cost of owning a car, including fuel, parking, maintenance and insurance amounts to about 4000 USD. The cost of owning an e-bike, whereas is a meagre 300 USD on an average.

• Increased Mobility and More Time-Saving - As per statistics, traffic jams cost Americans over USD 85 billion in 2018, with over 95 hours of lost time annually. The mobility of an e-bike can help people, especially in metropolitan cities, save a huge amount of time.

Challenges

• Slow Charging Speeds at Various Charging Points
• Low Density of Available Charging Points
• It hasn’t been that long since the debut of electric vehicles across the globe, hence the need of charging station was not that high as well. It was estimated that USA launched first successful electric car. Now a sudden surge in the manufacturing of electric vehicles has been observed and the lack of charging station is now appearing as a major hurdle and owing to which people hesitates to purchase electric vehicles. Another reason responsible for the low density of available charging points is high electric utility fees on charging stations. Therefore, lack of charging infrastructure is estimated to limit the market’s growth over the forecast period.
• Competition from Other Electric Vehicles Types