Electric Vehicle Supply Equipment Market Set to Witness Growth by 2030

Description

According to the Market Statsville Group (MSG), theglobal electric vehicle supply equipment (EVSE) market size is expected to grow from USD 28.1 billion in 2021 to USD 302.1 billion by 2030, at a CAGR of 30.2% from 2022 to 2030. EVSE is used for charging electric vehicles in various locations such as homes, highways, parks, corporate offices, bus depots, and hotels. Market growth is favored by an increasing initiative by the public and private sectors to encourage the adoption of EVs. Several governments are offering financial incentives, such as subsidies and tax benefits so that an individual can buy electric vehicles, which is contributing to the rise in demand of EVSE.

Global Electric Vehicle Supply Equipment Market Definition

The electric vehicle supply equipment (EVSE) provides electric power to vehicles and recharges batteries. It is commonly known as charging stations. EVSE systems include electrical conductors, related equipment, and communications protocols that deliver power efficiently and safely to vehicles.

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Global Electric Vehicle Supply Equipment Market Dynamics

Electric vehicle charging point plays a major role in the adoption of electric vehicles, which results in the growing support from governments of different nations. Governments of various countries have recognized the need for EVs to reduce pollution from automobiles and have taken several initiatives to provide EV charging stations worldwide. For instance, the Automotive Research Association of India planned to install more than 200 EV charging stations. Moreover, Tata Power (Tata Group), an Indian electric utility company, supports the Indian Government's National Electric Mobility Mission. Further, Tata Power established the first set of electric vehicle charging stations in Mumbai, India, for India’s growing EV ecosystem and ease customer's access to energy-efficient options. Therefore, such government initiatives are projected to drive the growth of electric vehicles and electric vehicle supply equipment.

Further, gasoline is a fossil fuel, which is a non-renewable source of energy and is expected to exhaust in the future. So, it is important to develop and use alternative sources of fuel. This involves the use of electric vehicles that do not use gas and are more economical than conventional vehicles. An EVs converts over 50% of electrical energy from the grid to power at the wheels, whereas gas-powered vehicles only convert about 17% to 21% of energy stored in the gasoline. The demand for fuel-efficient vehicles has increased, owing to an increase in petrol and diesel price. Therefore, these factors give rise to the electric powered vehicles for travel, which, in turn, is projected to propel the growth of the electric vehicle supply equipment market.

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Scope of the Global Electric Vehicle Supply Equipment Market

The study categorizes the electric vehicle supply equipment market based on power type, product, charging station type, application, and region.

By Power Type Outlook (Sales, USD Million, 2017-2030)

• AC Power
• DC Power

By Product Outlook (Sales, USD Million, 2017-2030)

• Portable Charger
• EV Charging Kiosk
• Onboard Charging Station
• Others

By Charging Station Type Outlook (Sales, USD Million, 2017-2030)

• Normal Charging
• Super Charging
• Inductive Charging

By Application Outlook (Sales, USD Million, 2017-2030)

• Commercial
  • Destination Charging Station
  • Highway Charging Station
  • Bus Charging Station
  • Fleet Charging Station
  • Others
• Residential

By Region Outlook (Sales, USD Million, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

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DC power accounted for the largest market share, by power type

By power type, the market is segmented into AC power and DC power. In 2021, the DC power segment dominated the market and is expected to grow significantly over the study period. A major factor responsible for the segment's growth is the rise in the number of Public-Private Partnerships for the development of level-1 and level-2 DC charging stations in commercial locations. Moreover, DC chargers allow the consumer to charge electric vehicles faster than AC chargers. Increasing adoption of level-1 DC chargers in low emission zones of North America and Europe has further accelerated the segment's growth. Further, automotive manufacturers such as General Motors, Tesla, and BMW of America emphasize in providing AC-powered portable chargers.

Asia Pacific had the largest market share, by region

Based on the regions, the global electric vehicle supply equipment market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, Asia Pacific dominated the market, and China had the largest market share in the region. The region dominates the global market due to technological advancement and increased infrastructure investment in electric vehicle charging. Further, governments in India, China, Japan, and South Korea have increasingly emphasized on adopting EVs and supporting EV charging infrastructure to motivate major players and startup companies to develop new electric vehicle charging points in partnership with the regulatory bodies.

Key Market Players in the Global Electric Vehicle Supply Equipment Market

The global electric vehicle supply equipment market is competitive, with major players adopting various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions.

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Major players in the global electric vehicle supply equipment market are:

• Abb Ltd
• Chargepoint Holdings, Inc
• Delta Electronics, Inc
• BP Chargemaster
• Eaton Corporation Plc
• Leviton Manufacturing Co., Inc.
• Siemens AG
• Schneider Electric
• Tesla
• Webasto Group.

Article source: https://article-realm.com/article/Finance/22615-Electric-Vehicle-Supply-Equipment-Market-Set-to-Witness-Growth-by-2030.html