Toronto, Ontario — The global electric vehicle charging services market is expected to surge to US$45 billion by 2034, up from US$12.5 billion this year.
According to a new report from Exactitude Consultancy, released Wednesday, the market is growing at a sizzling 14.1 percent a year, fuelled by rising EV adoption rates, government incentives and a frantic global effort to build enough chargers to keep range anxiety at bay.
The report also found that battery price drops and other technological advancements are likely to drive more and more people into EVs in the next few years. Some innovations, including those related to fast-charging and wireless charging, are likely to demand the installation of high performance cables capable of handling larger voltages and currents.
What does this mean for Canada’s autobody shops? More EVs on the road mean more EVs in the bay. And with public charging stations sprouting like spring potholes, the infrastructure around repairs is evolving just as quickly. For shops already stretched thin keeping up with OEM repair standards, EV readiness could soon be the difference between growth and gridlock.
Businesses wishing to prepare for an influx of EVs on Canada’s roads may struggle to figure out exactly how to spend EV charger investment dollars. Currently, Level 2 chargers — the kind a business can brag about right now — are leading the pack in terms of adoption, but the stronger DC fast chargers are becoming staples on highways and city corners. To add an additional level of confusion, a third type, wireless charging stations, may or may not be around the corner as well.
