Latvian manufacturer of electric vehicle charging stations gaining ground in Latvia and abroad
The Latvian electric vehicle market has experienced rapid growth in recent years with the total number of electric cars registered in our country now exceeding 11 000 and forecasts showing that by 2030 this figure could reach 100 000. As a result, demand for high-quality, accessible and fast charging infrastructure is also growing. One of the strongest local innovators in this field is Smart Electric Technology, a company that is currently operating steadily and confidently in the Latvian market while developing exportable products.
Smart Electric Technology, which entered the Latvian market with the support of the Investment and Development Agency of Latvia (LIAA) and established its production facility in Latvia in 2020, has now made a name for itself as one of the most competitive manufacturers of electric vehicle charging stations in the Latvian market. Six workers are permanently employed at its production facility in Jaunmārupe, and since the start of operations, the company has already installed 87 ultra-fast charging stations throughout Latvia.
In total, the company has produced more than 100 stations, which are also successfully operating in Lithuania and Estonia, continuing to build a Baltic-wide infrastructure network. Over the past decade, the company’s team has participated in the implementation of more than 2000 charging solutions in various countries, from Estonia and Poland to the United States.
Development focus: products, exports and innovation
In the coming years, Smart Electric Technology plans to focus on several strategic directions: developing new products and introducing technological improvements, expanding its customer base, and entering foreign markets. The Latvian market will remain an important base for both innovation and technology testing.
“We see that the electric vehicle segment is becoming increasingly popular, and the development of charging infrastructure will be one of the main factors in the growth of this market," the company notes. They also predict that in the next 5-10 years, the share of electric cars on Baltic roads could reach 30-35 %, which will significantly increase the importance of charging services.
Electricity: currently the most cost-efficient fuel alternative
The company believes that electricity is currently the most cost-efficient and eco-friendly alternative fuel. With over 12 years of experience in electric transportation, the Smart Electric Technology team sees electricity as the main driving force behind future mobility. According to the company, hydrogen and e-fuels may have a place in the market, but they will not threaten the dominance of electric cars soon.
Electric cars are also rapidly growing in popularity on a global scale – in 2024, more than 17 million new electric cars were sold worldwide, and according to estimates by the International Energy Agency (IEA), by 2030, they could account for up to 40 % of all passenger cars sold. This development is being driven by support measures introduced by countries, such as subsidies for the purchase of electric cars, exemptions from road taxes, parking privileges and priority in public transport lanes, as well as state-funded plans to develop charging infrastructure. As a result, demand for modern, efficient and locally adaptable charging solutions is also growing, opening up broad export market opportunities for companies such as Smart Electric Technology.