EV Charging Companies Are Scaling and Acquiring: What Does It Mean For The EV Industry In 2022
Blink Charging completed the acquisition of SemaConnect on Tuesday for a price of $200 million in cash and common stock.
The acquisition would expand Blink’s network of EV chargers by 13,000, add 3,800 new site hosting locations, and sign up more than 150,000 EV drivers, according to Blink. According to the firm, this puts Blink up to 48,000 chargers, putting it ultimately on an equal footing with ChargePoint, the former leader in EV charging in the U.S., which has 30,000 stations with more than 47,000 individual charging connections.(Source)
In 2020, there were about 3 million new electric vehicle registrations. With 1.4 million new registrations, Europe also took the lead for the first time. China registered 1.2 million new electric automobiles after the United States registered 2,95,000.
Overview of the Electric Vehicle Industry
In the coming decade, the number of Electric vehicles is more likely to increase. Transportation is one of the main requirements in modern life. Traditional vehicles that use fuels could be replaced with Electric Vehicles. Traditional vehicles that use fossil fuels are the biggest concern to the environment and that is why the Electric Vehicle revolution is here.
As per the Statista reports,
• Revenue in the Electric Vehicles market is projected to reach US$384.00bn in 2022.
• Revenue is expected to show an annual growth rate (CAGR 2022-2027) of 17.75%, resulting in a projected market volume of US$869.30bn by 2027.
• Electric Vehicles market unit sales are expected to reach 16,206.9K vehicles in 2027.
• The demand for Battery Electric Vehicles is more than the Plug-in Hybrid Electric Vehicles.
• The sales of EVs are going upwards continuously.
Growth of EV Industry over the years
According to the latest news from TechCrunch, 500,000 electric car chargers will be installed nationwide as part of the $7.5 billion infrastructure package proposed by President Joe Biden.
After this proposal many EV charging companies have put a step forward in installing charging stations. EV companies are trying to scale and grow with technology and with the help of national funding.
Scalability is a major concern for EV companies. It is hard to find a charging station for EVs like you would for traditional petrol pumps for fueled vehicles.
The Cost of installing a charging station for a slow charger starts from $2500 which goes up to $35,800 for fast chargers. This is expensive and challenging. In addition to that, convincing people to charge their vehicles where they usually park or at their home or at their workplace, has its own challenges.
Increment in the number of charging stations is helping with the sales of EVs. Governments across the world have taken initiatives to support the EV industry. Sales are growing as more and more charging stations are being installed across the cities.
Despite the fact that several early adopters, such as ChargePoint, EVGo, Electrify America, and Tesla, have built substantial nationwide EV charging infrastructure networks, they have not yet fully cornered the market.
How can you benefit from the EV Industry?
This is the right time to jump into the Electric Vehicle market. You can develop an application and make money from it. E-scooter app development is one of the fields that you can always look towards for a wider market reach and decent profits.
If you are looking to create an on-demand e-scooter application like Bird and Lime, the app should include features like
• QR Code functionality
• Vehicle tracking
• Easy Payments methods
• Push notifications
• Feedback and rating option
• Customer support
How can Coruscate Help You?
Coruscate is a leading app development company that specializes in on-demand applications and we are experts in Node.js, Python, React.Js and many other cutting-edge technologies.
If you are looking to develop your own on-demand application, get in touch for a free demo.
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