Italy Electric Vehicle (EV) Charging Market is expected to reach USD 2132.2 million by 2030

The increasing government initiatives and emergence of local market players in Italy are driving up demand for the Italy Electric Vehicle (EV) Charging market during the forecast period.

Italy Electric Vehicle (EV) Charging Market was valued at USD 258.71 million in 2022, and is predicted to reach USD 2132.2 million by 2030, with a CAGR of 30.9% from 2023 to 2030, according to new research by Next Move Strategy Consulting.

Several local players in the Italian EV charging market, including BorgWarner, Eni gas e luce, Enel X, Be Charge, Porsche Italia, Enel X, Q8, and more, are actively involved in driving market growth. Their strategic initiatives, such as product launches, partnerships, and collaborations, collectively contribute to the expansion of the electric vehicle charging infrastructure in Italy. This collaborative effort enhances sustainability and accessibility for EV users in the country.

For instance, in August 2022, BorgWarner installed its fast-charging station Iperion-120 fast-charging in Italy. The Iperion-120 is a superior product in terms of efficiency. It can charge one vehicle at 120 kW very quickly or two at 60 kW each. The Iperion-120 can provide 800 volts of power for BEVs as well as future generation batteries with an output voltage of up 900 volts.

However, the growth of the EV charging sector might face challenges due to the absence of incentives and concerns regarding the high installation costs of EV chargers. One significant hurdle to the industry's expansion is the substantial initial expenses associated with level 3 and ultra-fast chargers.

In contrast, level 1 and level 2 chargers may take anywhere from 6 to 16 hours to complete a full charge, whereas consumers are accustomed to the quick refueling of their conventional fossil fuel vehicles, typically taking just 5 to 7 minutes. This difference in charging times has spurred demand for fast chargers capable of recharging EVs in under 30 minutes.

Furthermore, the initial investment required to establish a level 3 charging station can be somewhat daunting. This cost factor has the potential to discourage individuals considering the switch to EVs, as the longer charging durations may disrupt their already busy schedules.

On the other hand, the introduction of vehicle-to-grid (V2G) EV charging technology enables plug-in EVs to engage in bidirectional energy exchange with the power grid. V2G allows electric vehicles (EVs) to store surplus electricity and contribute it back to the grid, enhancing their electrical components and adding value for EV owners.

This technology streamlines the charging process, making EVs a preferred mode of transportation. The entire charging station market plays a crucial role in connecting EVs to the grid for efficient charging. Enel Energia S.p.A. has installed two V2G EV charging stations at the Italian Institute of Technology's Genoa headquarters as part of the MOV-E project, sponsored by Nissan for corporate electric car sharing trials. Nissan provided two battery electric vehicles (LEAF models) and the Glide app management platform. This collaboration signifies a transformative shift in sustainable transportation technology.

Manufacturers can benefit significantly from V2G charging technology, poised to revolutionize the EV industry and reshape how EVs are charged. However, it's essential to note that the initial cost of installing V2G charging stations can be substantial. Manufacturers of EV connectors have an opportunity to develop advanced connectors capable of withstanding the expected electrical demands from V2G technology's expansion.

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

According to the report, leading players in the Italy 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 Italy Electric Vehicle (EV) Charging Market Report:

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

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