One of the largest areas of growth in the global auto industry is electrification. Driven by the need to combat climate change, new investments, and changes in the energy sector, electric powered vehicles are transforming the auto industry. According to the International Energy Agency, the share of the overall car market for electric vehicles has already grown from 4% in 2020 to 14% in 2022. The same agency expects that to increase to 18% by the end of 2023. That growth is worldwide, as well:
The overwhelming majority of electric car sales to date are mainly concentrated in three markets: China, Europe and the United States. China is the frontrunner, with 60% of global electric car sales taking place there in 2022. Today, more than half of all electric cars on the road worldwide are in China. Europe and the United States, the second and third largest markets, both saw strong growth with sales increasing 15% and 55% respectively in 2022.International Energy Agency
IMH Products seeks to help expand this growing field with components for EV Chargers.
Charging Infrastructure is Critical
With this growth comes the need for expanded charging infrastructure. Customers that purchase electric vehicles need multiple charging options with home chargers and public chargers. While most EVs come with a level 1 charger that works off of a standard 120 volt AC plug, this method is very slow when it comes to charging. It typically only replenishes five miles of range for every hour of charging.
This is why many EV owners look to install a level 2 charger in their homes. This offers charging through a 240 volt application that can typically charge a vehicle overnight. Direct current fast charging is an emerging public market that can charge vehicles to a range of more than 200 miles in just 30 minutes, and this is an area projected to increase dramatically in coming years.
In 2021 the global electric vehicle charging station market size was approximately $16.65 billion. It is expected to grow tenfold by 2030. That expected growth presents a huge market for charging infrastructure. At IMH Products, we are preparing for this growth by expanding our capabilities to produce components for EV charging stations. This includes cabinets, connectors, home charging capabilities, and more. For public charging stations these components need to be durable to hold up in any weather.
Benefits of Expanding Charging Infrastructure
When you work with IMH Products for EV charging infrastructure we are proud to provide American made components that are designed and fabricated on site in our facility. By developing and investing in EV charging infrastructure IMH Products helps to:
- Reduce the carbon footprint
- Embrace new technology
- Take advantage of tax incentives and federal funding grants
- Expands the market for EV vehicles further
Much of this was spurred on by the 2021 Infrastructure Investment and Jobs Act, which funded $7.5 billion for EV charging infrastructure. This expansion is an exciting opportunity that not only has economic benefits, it helps to combat the growing issue of climate change. For more information on how IMH Products can partner with your business in this growing opportunity Contact us today.