Key player operating in the global electrified road market for electric vehicles are Siemens AG, Schneider Electric, and Dan Public Transportation Co Ltd. There are handful of companies operating in the global electrified road market for electric vehicles: but the market is expected to witness an increase in competition in the forecast period.
Electrified roads for electric vehicles is an advanced methods of charging the electric vehicles. Electrified roads have electric lines, connected to grids, installed on it, which are utilized by the electric vehicles to recharge their batteries while running, by connecting to the electricity grid. This method reduces the time required for charging the electric vehicles. The method eliminates the requirement of installing new electric vehicle charging infrastructure, instead of which the electrified roads are expected to make few percentage change in the global roads for supplying power to a large number of electric vehicles. The first ever electrified road for electric vehicles is built in Sweden, in which e electric rails is fitted into the road. The electric vehicles have an arm which connects to the rail automatically and charges the battery.
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Electric vehicle charging is primary concern for the electric vehicle users. The charging infrastructure for electric vehicles is not yet ready across several nations. Several nations have electric infrastructure within urban areas, which restrains the expansion of electric vehicle market across rural areas and intercity transportation. The electrified roads requires a minor modification of the existing roads, and it can provide electric vehicle charging while it is running and the service can be provided across each part of the road, which is expected to drive the electrified road market for electric vehicles. Increase in demand for electric vehicles, which is attributed to government incentives, decreased vehicle prices, enhanced vehicle range and capabilities, and raised consumer concern, is also expected to be a major driver of the global electrified road market for electric vehicles.
The global electrified road market for electric vehicles is primarily restrained by the cost of building it. The electrified road consist of infrastructure building, installing electric rails in it, and electric grid, which increases the cost of project.
The global electrified road market for electric vehicles can be segmented based on type, vehicle type, and region. In terms of type, the global electrified road market for electric vehicles can be classified into three segments. Overhead lines foe electrified roads are installed in Sweden. It comprise of an overhead electric line, to which an electric vehicle, especially truck and heavy commercial vehicles, gets connected by means of a pantograph. Sweden also have roads that consist of a grounded electric rail, which can be utilized by any type of vehicle with minor modification in it. The electrified roads with grounded electric rails are expected to witness surging demand during the forecast period, which is expected to be attributed to its versatility and lower cost of installation than that of overhead line type electrified roads.
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Based on vehicle type, the global electrified road market for electric vehicles can be divided into two segments. The overhead type of electrified road are primarily focused at powering heavy commercial vehicles such as truck, Lorries, busses, and tractors. As the overhead lines are mounted at significant height, owing to which small vehicles such as cars, SUVs, and light commercial vehicles cannot use that line. Whereas the grounded lines can be utilized by any kind of electric vehicle.
Geographically the global electrified road market for electric vehicles can be segmented into five prominent regions. As of now, Sweden is the only country which has incorporated the electrified road concept for electric vehicles. Alike, Sweden, other European countries are expected to incorporate the technology in the near future. China has a great adoption of electric vehicles. Well-developed electric vehicle charging infrastructure and government incentives are fueling the demand for electric vehicles across China, which in turn is expected to fuel the demand for electrified roads. North America is witnessing a surging adoption of electric vehicles. The U.S. have a great adoption to advanced technologies, owing to which the electrified road technology is expected to witness adoption across the country in the near future.