NEW YORK, Feb. 2, 2023 /PRNewswire/ -- As per Facts and Factors study, The global electric vehicle supply equipment market is estimated to grow at a compound annual growth rate (CAGR) of 33.2%. In 2021, the global electric vehicle supply equipment market was estimated at USD 32.5 billion, and by 2028, it is predicted to reach USD 210 billion.
Electric Vehicle Supply Equipment Market: Overview
The electric vehicle supply equipment (EVSE) provides power to an electric vehicle (EV). They are also known as charging docks or charging stations since they supply electricity to the vehicle and use it to refill the vehicle's batteries. Electrical wires, supporting equipment, software, and communication protocols comprise EVSE systems, which supply energy efficiently and safely to the grid.
Electric vehicle supply equipment assembles components for charging electric vehicles in a variety of commercial and residential settings, including hotels, depots, roads, parks, houses, and corporate headquarters. The market is being supported by an increasing number of public and private efforts to encourage electric vehicle adoption. Some countries offer incentives, such as subsidies and tax breaks, to encourage electric vehicle adoption.
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Key Insights:
- As per the analysis shared by our research analyst, the global Electric Vehicle Supply Equipment market is estimated to grow annually at a CAGR of around 33.2% over the forecast period (2022-2028)
- In terms of revenue, the global Electric Vehicle Supply Equipment market size was valued at around USD 32.5 billion in 2021 and is projected to reach USD 210 billion, by 2028.
Facts and Factors published the latest report titled "Electric Vehicle Supply Equipment Market By Type Of Charging (Level-1, Level-2, and Level-3), By Type Of Charging Station (Inductive, Super, and Normal), By Type Of Setup (Portable and Fixed), By Implementation (Commercial and Residential), and By Region-Global and Regional Market Overview, Market Insights, Holistic Analysis, Historical Data, and Forecast 2022-2028" into their research database.
Industry Dynamics:
Electric Vehicle Supply Equipment Market: Growth Drivers
- Initiatives by the government to build charging infrastructure for electric vehicles are expected to drive the market.
Electric vehicle charging stations are important to the widespread production of electric vehicles, which has resulted in greater government backing around the world. Many governments have recognized the importance of becoming electric in order to reduce automobile pollution and have created many programs to supply electric vehicle charging stations around the world. For example, the Automotive Research Association of India (ARAI) plans to establish more than 200 electric vehicle charging stations across the country. Furthermore, Tata Power, an Indian utility, looks to support the government of India's National Electric Mobility Mission. Tata Power created the first batch of electric vehicle charging stations in Mumbai (India) for India's burgeoning EV ecosystem, giving customers easy access to energy-saving solutions.
Furthermore, developed countries such as the United States, the United Kingdom, and China have taken initiatives to improve charging infrastructure in their respective countries in order to facilitate the transition to electric vehicles. In addition, the Japanese government established an electric car policy in August 2018 to strengthen cooperation and enable a smooth transition in the automobile industry. Furthermore, it has launched the program for Faster Adoption and Production of Electric and Hybrid Vehicles II (FAME). According to this, incentives would be granted to encourage domestic electric vehicle production. As a result, such government initiatives are expected to accelerate the electric vehicle and electric vehicle supply equipment industries.
Electric Vehicle Supply Equipment Market: Restraints
- High cost of installation may limit the market's growth.
The expense of building charging infrastructure for electric vehicles is relatively significant. High costs and a lack of charging infrastructure are important impediments to the expansion of the electric car charging infrastructure market. Charging electric vehicles necessitates a permanent location as well as a person to manage the charging network and charging points. This expense becomes the deciding factor, rendering charging station financing untenable. Furthermore, numerous governments have imposed limitations and per-unit charges on electric vehicle drivers, complicating the operations of EV charging point owners. This factor may stifle the expansion of the global electric vehicle supply equipment market.
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Global Electric Vehicle Supply Equipment Market: Opportunities
- Efforts by the government to improve access to charging stations are expected to result in significant market growth.
The growing number of charging stations around the country stimulates the electric vehicle market because charging stations are now available everywhere, allowing electric vehicles to be used for longer trips. Many governments are pushing for electric vehicles since they are both cost-effective and environmentally friendly. As a result, there will be plenty of exciting opportunities in the electric vehicle supply equipment market in the near future.
For the purchase of electric vehicles, the US government offers a grant in the form of a tax credit of up to USD 7500. The need for electric vehicle supply equipment is expected to increase as a result of these efforts.
In countries including Germany, Norway, Canada, and the United States, governments and OEMs are collaborating to construct electric vehicle charging stations. All of these programs and promotions, combined with electric vehicles' minimal maintenance costs, vast potential for fast-charging sites, and increased electric vehicle sales, are projected to fuel demand for electric vehicle supply equipment in the next few years.
Global Electric Vehicle Supply Equipment Market: Challenges
- The lack of standards in the electric vehicle industry remains a persistent problem.
Challenges such as the rise of the electric vehicle market and fluctuations in charging loads have underlined the necessity for standardization of electric vehicle charging sites. Certain charging stations for electric vehicles may only function at a specified voltage. Level 1 charging points, for example, provide a power of 120 volts AC, while level 2 charging points provide a power of 208 volts AC or 240 volts AC. In contrast, DC charging points employ 480-volt AC to provide fast charging. Governments must standardize charging stations in order to generate a favorable environment and increase electric vehicle sales. Quick-charging norms vary from country to country.
Global Electric Vehicle Supply Equipment Market: Segmentation
- The global electric vehicle supply equipment market is segregated on the basis of type of charging, type of charging station, type of setup, implementation, and region.
By type of charging, the market is divided into level-1, level-2, and level-3. Among these, the level-2 type of charging segment holds the major share in the global EVSE market and will record robust gains in the future.
By type of charging station, the market is divided into inductive, super, and normal. Normal charging type holds a major share in the global EVSE market however, the inductive charging segment is expected to be the fastest-growing segment in the coming years.
By type of setup, the market is classified into portable and fixed. The fixed charger segment is projected to be the fastest-growing segment during the forecast period.
By implementation, the market is segmented into commercial and residential. The commercial segment is estimated to be the fastest-growing market during the forecast period.
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List of Key Players in Electric Vehicle Supply Equipment Market:
- Delta Electronics Inc
- Schneider Electric
- BP Chargemaster
- Tesla
- Chargepoint Holdings Inc
- Leviton Manufacturing Co.Inc.
- Webasto Group
- Eaton Corporation Plc
- Abb Ltd
- Siemens AG.
Key questions answered in this report:
- What are the growth rate forecast and market size for Electric Vehicle Supply Equipment Market?
- What are the key driving factors propelling the Electric Vehicle Supply Equipment Market forward?
- What are the most important companies in the Electric Vehicle Supply Equipment Market Industry?
- What segments does the Electric Vehicle Supply Equipment Market cover?
- How can I receive a free copy of the Electric Vehicle Supply Equipment Market sample report and company profiles?
Report Scope:
Report Attribute | Details |
Market size value in 2021 | USD 32.5 Billion |
Revenue forecast in 2028 | USD 210 Billion |
Growth Rate | CAGR of almost 33.2 % 2022-2028 |
Base Year | 2020 |
Historic Years | 2016 - 2021 |
Forecast Years | 2022 - 2028 |
Segments Covered | By Type of Charging, By Type of Charging Station, By Type of Setup, By Implementation, and By Region |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Companies Covered | Delta Electronics, Inc, Schneider Electric, BP Chargemaster, Tesla, Chargepoint Holdings, Inc, Leviton Manufacturing Co., Inc., Webasto Group, Eaton Corporation Plc, Abb Ltd, Siemens AG., and Others |
Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Recent Developments
- August 2021: Ez4EV Private Limited is India-based battery storage and charger technology business that has introduced the EzUrja on-demand mobile charging solution for electric vehicles. This solution is handled as an IoT device and employs a novel electric car 'charging-on-demand' method, allowing for distant condition monitoring and operation organization.
- March 2021: Shell revealed plans to expand its current 60,000 EV charging station network to around 500,000 charging stations by 2050.
Regional Dominance:
- Asia Pacific holds the highest market share.
Asia Pacific holds the highest market share and is predicted to grow at the quickest CAGR over the forecast period. The emphasis placed by various governments on promoting the use of electric vehicles and supporting charging infrastructure has prompted a number of start-ups as well as significant global corporations to collaborate with government agencies to develop novel charging solutions. Furthermore, governments in countries such as Japan and South Korea are making significant investments in expanding EV charging infrastructure. For example, the city administration of Beijing (China) intends to establish 1,628 public charging stations in hotels, retail malls, and parks spread throughout more than ten districts.
Over the projection period, the European market is expected to rise at a rapid pace. This is due to expanding collaborations between automakers such as BMW AG, Daimler AG, and Volkswagen Group for the construction of rapid charging networks throughout Europe. In addition, oil firms such as BP Plc and Royal Dutch Shell Plc are working with electric vehicle supply equipment vendors to integrate electric car charging stations at preexisting gas and fuel stations. Furthermore, expanding public-private partnerships (PPP) projects for the expansion of EVSE on roads are likely to fuel the European market.
Global Electric Vehicle Supply Equipment Market is segmented as follows:
Electric Vehicle Supply Equipment Market: By Type of Charging Outlook (2022-2028)
- Level-1
- Level-2
- Level-3
Electric Vehicle Supply Equipment Market: By Type of Charging Station Outlook (2022-2028)
- Inductive
- Super
- Norma
Electric Vehicle Supply Equipment Market: By Type of Setup Outlook (2022-2028)
- Portable
- Fixed
Electric Vehicle Supply Equipment Market: By Implementation Outlook (2022-2028)
- Commercial
- Residential
Electric Vehicle Supply Equipment Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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