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Subscription-based models are gaining traction in the EV charger cellular connectivity industry, offering charging operators predictable costs and flexible data plans. Instead of upfront hardware costs, operators pay recurring fees for cellular connectivity services, simplifying budgeting and management. These models provide scalability, allowing operators to adjust subscription levels as charging network demands fluctuate. Additionally, subscription-based offerings often include value-added services, such as remote monitoring, data analytics, and customer support, enhancing the overall value proposition for EV charger operators.
The expansion of 5G connectivity has revolutionized EV charger cellular connectivity with higher data speeds, lower latency, and increased capacity. 5G networks enable real-time monitoring, vehicle-to-grid communication, and enhanced user experiences for EV charging. For instance, in December 2023, the AmpUp charging solution was integrated into Legrand's networked charger, empowering facility owners and fleet managers to remotely monitor charging stations. This feature provides a live snapshot of usage patterns, station health, and overall performance.
With this critical information, decision-makers can fine-tune charging infrastructure based on concrete data, ensuring optimal resource allocation and preparation for future requirements. This advancement facilitates faster data transfer & reliable connections and supports emerging applications, driving innovation & efficiency in the market.
The hardware component segment recorded 82% of the market share in 2023, owing to the rising need for flexibility and scalability for enabling seamless deployment of charging stations in diverse locations.
The market size of EV charger cellular connectivity reached USD 1.6 billion in 2023 and is set to expand at 13% CAGR between 2024 and 2032, due to the increasing adoption of electric vehicles globally.
Europe held over 37% of the market share in 2023, propelled by the increasing adoption of EVs and the need for efficient charging infrastructure.
Some of the leading EV charger cellular connectivity firms are ChargeFox, Easee, Eaton, EVESCO LLC (Powersonic), Garo, and Greenlots (Shell Group).