The Electric Vehicle Market is projected to reach 27 million units by 2030 from an estimated 3 million units in 2019, at a CAGR of 21.1%.
Use of vehicle-to-grid (V2G) EV charging stations
Vehicle-to-grid (V2G) EV charging is a system that has a bi-directional electrical energy flow between plug-in EVs and the power grid. V2G technology is playing a key role in the electric vehicle market as it enables EVs to store unused power and discharge it to the grid. V2G technology can improve the electrical component’s performance and add value for EV owners.
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In May 2017, Enel Energia S.p.An installed two vehicle-to-grid (V2G) electric car charging stations at the Genoa headquarters of the Italian Institute of Technology. The installation is part of MOV-E, a corporate electric car-sharing pilot project in collaboration with Nissan. Nissan has provided two BEVs (Leaf model) to the Italian Institute of Technology, as well as an app management platform known as Glide. The agreement between Enel and Nissan signifies a change in the world of technology in terms of sustainable mobility. Thus, V2G charging technology is a key opportunity for manufacturers in the electric vehicle market, as it will transform the world of EVs and shape the future of EV charging.
The high cost of EVs in comparison to ICE vehicles
The high manufacturing cost of EVs has been a major concern limiting the adoption of EVs and thereby adversely impacting the electric vehicle market. As the popularity of electric cars rises over the next decade, the drops in battery prices and reduced R&D costs should see the overall cost of purchasing electric hatchbacks, crossovers, or SUVs reach levels of similar ICE vehicles. The cost related to technology and infrastructure in EV implementation is high. Electric vehicles are costlier than gasoline-powered vehicles. The battery is considered the most important part of an electric vehicle as it provides power to the vehicle. The battery of an EV needs frequent charging, which increases the need for additional equipment such as electric chargers. Hence, a battery, charger, and installation cost of the charger add to the cost of an electric vehicle. All these factors make an electric vehicle costlier than conventional ICE vehicles. Hence, the high cost of electric vehicles is the biggest challenge faced by electric vehicle manufacturers.
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