Africa Electric Vehicle (EV) Charging Market is expected to reach USD 256.53 million by 2030

The increasing government initiatives and rise in the sales of electric vehicles in Africa are driving up demand for the Africa Electric Vehicle (EV) Charging market during the forecast period.

Africa Electric Vehicle (EV) Charging Market was valued at USD 31.93 million in 2022, and is predicted to reach USD 256.53 million by 2030, with a CAGR of 30.3% from 2023 to 2030, according to new research by Next Move Strategy Consulting.

The African comprises of South Africa and Morocco. In South Africa, the electric vehicle charging is mainly driven by the rise in the sales of electric vehicles along with developments related to EV charging infrastructure. For instance, in August 2022, Audi partnered with GridCars to install 33 electric vehicle (EV) charging stations across the country.

These represent a total of 70 charge point connectors and expands on the existing network in the country. These charger range in their charging capacity from 22kW (AC) to 80kW (DC) and 150kW (DC) ultra-fast charging and are immediately available to all South African electric vehicle drivers, regardless of model or brand ownership.

However, from the absence of incentives and concerns regarding the high installation costs. Notably, there's a substantial upfront investment required, especially for level 3 and ultra-fast chargers. In contrast, level 1 and level 2 chargers are slower, taking 6 to 16 hours for a full charge, which is considerably longer than the 5 to 7 minutes required to refuel conventional fossil fuel vehicles. This disparity has driven a growing demand for fast chargers capable of recharging EVs in less than 30 minutes.

Furthermore, the establishment of level 3 charging stations entails a significant initial cost, which can be intimidating. This expense may discourage individuals contemplating the transition to EVs, as longer charging times can disrupt their busy schedules. 

On the other hand, introducing vehicle-to-grid (V2G) technology for electric vehicles (EVs) enables bidirectional energy exchange with the power grid. V2G allows EVs to store excess electricity and return it to the grid, improving their components and benefiting EV owners. This technology streamlines the charging process, making EVs a preferred mode of transportation. The charging station market plays a vital role in connecting EVs to the grid efficiently and creating ample opportunities in future.

As part of the MOV-E project sponsored by Nissan for corporate electric car-sharing trials, Enel Energia S.p.A. established two V2G EV charging stations at the Italian Institute of Technology's Genoa headquarters. Nissan provided two battery electric vehicles (LEAF models) and the Glide app management platform. This collaboration signifies a significant advancement in sustainable transportation technology.

Manufacturers have the potential for substantial gains from V2G technology, poised to revolutionize the EV industry and charging methods. However, it's worth noting that the initial cost of installing V2G charging stations can be significant. Manufacturers of EV connectors have an opportunity to develop advanced connectors capable of meeting the expected electrical demands as V2G technology expands.

Request for a sample here: https://www.nextmsc.com/africa-electric-vehicle-ev-charging-market/request-sample

According to the report, leading players in the Africa Electric Vehicle (EV) Charging market include ABB Ltd., ChargePoint, Inc, Tesla Inc, Shell Recharge Solutions, Star Charge, TELD, Siemens, BYD, EVgo, and Hyundai Motor Company.

Key Insights from the Africa Electric Vehicle (EV) Charging Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the Africa Electric Vehicle (EV) Charging market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The market share of players in the Africa Electric Vehicle (EV) Charging market is provided in the report along with their competitive analysis.

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