Italy electric vehicle charging stations market was evaluated at US$88.462 million for the year 2020, growing at a CAGR of 10.41%, reaching a market size of US$176.923 million by the year 2027.
A charging station for electric vehicles (EVs) is a device that links an EV to a power source, allowing electric cars, neighborhood EVS, and plug-in hybrids to be charged. While some charging stations include advanced capabilities such as smart metering, cellular connectivity, and network connectivity, others are more basic. The electric vehicle business is quickly expanding around the world, particularly in Italy.
The market for electric car charging is a fast-paced business with a wide range of applications. The government provides various subsidies for electric or hybrid vehicles in the country, which is expected to boost the market's regional growth. To discourage the use of IC engines, the country imposed an 'eco tax' from March 2019 to December 2021 as a penalty for driving a polluting car. Furthermore, the government is offering a US $4,400 subsidy for vehicles with CO2 emissions between 21 and 70 g/km, and a US $1,650 subsidy for vehicles with emissions between 21 and 70 g/km. When the older vehicle is scrapped, there is an additional incentive. Between March 2019 and December 2021, these initiatives were active. There is also a provision for a 50% subsidy of up to US $3,300 for the deployment of EV chargers. The country's market is likely to increase significantly as a result of these incentives.
According to the International Energy Agency, there are approximately 9,000 charging points in the country that have been constructed or are in the process of being developed. Private charging stations account for roughly 80% of all charging stations. These reasons have resulted in a surge in electric vehicle sales and manufacturing around the world. To ensure that the rising fleet of electric automobiles runs properly, charging stations and established power infrastructure are required. As a result, these factors are linked to the market's expansion over the forecasted period. Furthermore, tight government car emission rules have encouraged consumers to switch to electric vehicles, which will help the electric charging station industry grow in the coming years. Moreover, the market expansion would be aided by advances in communications technology such as real-time information on all-electric automobile charging stations for smart connectivity.
However, in certain regions of Italy, commercial charging stations are still few, forcing consumers to rely on charging options available at their offices and residences. Furthermore, the growing number of electric cars may have an impact on charging station functionality, such as the quantity of power generated, the transformer load level, and the load curve.
Because of the rising use of electric vehicles, the AC Level 1 and Level 2 sectors are likely to dominate the electric vehicle charging station market. Charging with alternating current (AC) is often referred to as level 1 or level 2 charging. An in-car inverter converts alternating current (AC) to direct current (DC), which subsequently charges the battery at either level. The majority of electric car drivers in Italy charge their vehicles at home or work using AC power. As more EVs enter the market, this is projected to stimulate demand for AC charging, which will be aided by government restrictions.
The HEV category dominates the market by type, accounting for a sizable revenue share. The HEV provides a dual-fuel and electric driving option, which is particularly beneficial in locations where charging infrastructure is limited. The demand for electric battery vehicles is increasing as private companies and governments seek to build a global network of charging infrastructure to encourage the use of renewable energy. Furthermore, the PHEV market is growing steadily. The demand for these vehicles is expected to increase in future years as their prices fall.
This market is divided into commercial and residential segments depending on the application. The residential usage segment dominates the electric car charging stations market and is expected to continue to do so over the forecast period. This is due to the growing popularity of EVS and the expanding number of charging stations. Furthermore, the commercial market is anticipated to see significant expansion, aided by increased government financing for the development of public charging stations, in coming years.
Over the forecasted period, Italy is expected to develop significantly in this market. The market in the Italy region is predicted to grow because of increased government regulations for car emissions, a rapid acceptance rate of new technologies, and a significant investment in product innovation.
The market for electric vehicle charging stations in Italy has gained from COVID-19. According to the Global EV Outlook 2021, large expenditures by state and local governments, as well as utilities, had enough of an impact on the EV charging market. In early 2020, purchase incentives rose, particularly in Italy. As a result, electric vehicle sales in Europe increased by 55% in the first half of 2020 when compared to the same period in 2019. Fast chargers are being installed at a quicker rate in Europe than slow chargers. More than 38,000 public fast chargers are readily accessible. As the popularity of electric vehicles (EVs) has grown, so has the infrastructure for charging them on interstate highways, at businesses, and in public parking lots.
Eni gas e luce, a unit of the Italian oil, gas, and energy company Eni, agreed to buy Be Power S.p.A., Italy's second-largest EV charging station operator, for an unannounced sum in August 2021.
Enel X, Be Charge, a subsidiary of Eni gas e luce, and Eni have reached an agreement that will allow electric vehicle owners to charge their vehicles across Italy using the infrastructure of the three companies, which will total approximately 20,000 charging stations by December 2021. In January 2021, Enel X, Q8, and Porsche Italia created a joint venture to construct ultrafast charging stations at 20 Q8 service sites.
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