Global Electric Vehicle Supply Equipment Market Size By Type(Level 1, Level 2), By Application(Commercial Charging System, Residential Charging System), By Geographic Scope And Forecast
Global Electric Vehicle Supply Equipment Market Size By Type(Level 1, Level 2), By Application(Commercial Charging System, Residential Charging System), By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global Electric Vehicle Supply Equipment Market Size By Type(Level 1, Level 2), By Application(Commercial Charging System, Residential Charging System), By Geographic Scope And Forecast
Electric Vehicle Supply Equipment Market Size and Forecast
Electric Vehicle Supply Equipment Market size was valued at USD 25.42 billion in 2021, it is projected to reach USD 210.23 billion by the end of 2030, growing at a CAGR of 35.5% from 2023 to 2030.
The Electric Vehicle Supply Equipment Market is experiencing rapid growth in the global market due to the elevating demand for electric vehicles. The Global Electric Vehicle Supply Equipment Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Electric Vehicle Supply Equipment Market Definition
The electric vehicle supply equipment (EVSE) market can be defined as the charging and infrastructure equipment that are essential for recharging electric vehicles. This includes the associated software and services, cables, connections, and charging stations. The EVSE market is an essential part of the entire electric vehicle industry since it makes it possible for EVs to run efficiently and easily, easing driver concerns about range and easing the switch to electric mobility.This market is anticipated to expand quickly in the upcoming years as a result of government initiatives encouraging the use of EVs and their rising popularity. Manufacturers of charging equipment, utilities, and automakers, as well as technology companies and energy suppliers, are major stakeholders in the EVSE industry. Fast charging, wireless charging, and vehicle-to-grid (V2G) systems are just a few of the innovative charging technologies and business models that are quickly changing the industry.
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Electric Vehicle Supply Equipment Market Overview
The COVID-19 pandemic had a conflicting effect on the market for EVSEs. One way it affected the need for charging infrastructure was by slowing down EV sales and installations in some areas. On the other side, it encouraged government stimulus and investments in environmentally friendly infrastructure, which may eventually help the market for EVSEs.
The Electric Vehicle Supply Equipment (EVSE) market is expected to grow significantly in the forecast years. It is driven by various key factors. The growing demand for electric vehicles as more consumers and businesses are switching to cleaner forms of mobility is anticipated to raise the growth of the EVSE market. Besides this, government initiatives are also promoting the adoption of electric vehicles and the expansion of EV charging infrastructure will play a vital role in advancing the market. The latest advancements in charging technology, which include faster and more efficient charging systems, will also increase the growth of the EVSE market. Collaborations and partnerships between automakers, charging infrastructure providers, and utilities to increase the EV charging network will also support market growth. Moreover, increasing investment in renewable energy sources, which will drive the development of EV charging infrastructure powered by clean energy, and growing awareness and concern over climate change and air pollution will further drive demand for electric vehicles and charging infrastructure.There are a few factors that are impeding the growth of the Electric Vehicle Supply Equipment Market. First, potential purchasers may be discouraged by the expensive cost of EVSE infrastructure and installation, especially in areas where the uptake of electric vehicles is slow. Second, a lack of standardization in the infrastructure for charging vehicles may restrict interoperability and obstruct the growth of a reliable charging network. Thirdly, the market for EVSEs may be constrained by a lack of power infrastructure in some places and restricted grid capacity. The development of the market may also be constrained by a lack of public understanding of the advantages of electric cars and the infrastructure for charging them. The COVID-19 epidemic has also slowed installations and investments in some areas and disrupted supply lines, all of which may temporarily limit the expansion of the EVSE industry.
The market for Electric Vehicle Supply Equipment (EVSE) offers a number of potential prospects despite the limitations. First off, new chances for market expansion will arise from the development of novel and cutting-edge charging technologies including wireless charging, bi-directional charging, and ultra-fast charging. Second, new business models like battery leasing and vehicle-to-grid (V2G) systems will start to develop, which will open up new prospects for the EVSE sector. Thirdly, the expansion of the EVSE market would open up new possibilities for employment and economic growth in linked sectors including production, installation, and maintenance. Additionally, growing investment in renewable energy sources will spur the construction of an EV charging infrastructure powered by clean energy, opening up new market expansion prospects. Finally, the development of intelligent charging infrastructure and integrated mobility solutions will open up new prospects for the EVSE market as the trend toward smart and connected cities continues to expand.
Electric Vehicle Supply Equipment MarketSegmentation Analysis
The Electric Vehicle Supply Equipment Market is segmented by type, application, and geography.
Electric Vehicle Supply Equipment Market, By Type
• Level 1• Level 2• Level 3
Level 2 holds the largest share of the market, and it will continue to grow in the forecast year. increasing public-private partnerships is fueling the growth of level 2 and level 1 in the global market. Moreover, level 3 is also expected to grow with a healthy CAGR in the coming years.
Electric Vehicle Supply Equipment Market, By Application
• Commercial Charging System• Residential Charging System
The commercial charging system is leading the market. Due to the increasing adoption of the electric vehicle is growing this segment of the Electric Vehicle Supply Equipment Market. Besides this, government initiatives are also supporting the growth in this market.
Electric Vehicle Supply Equipment Market, By Geography
• North America• Europe• Asia Pacific• Latin America• Middle East and Africa
Asia-Pacific is dominating the global Electric Vehicle Supply Equipment Market. This is because of the increased global funding for EV charging infrastructures. The government of India, China, Japan, and South Korea are also increasing emphasis on and supporting the electric vehicle charging infrastructure.
Key Players
The key players in the Electric Vehicle Supply Equipment Market include Abb Ltd, Tesla, BP Chargemaster, Webasto Group, Chargepoint Holdings Inc., Siemens AG, Delta Electronics Inc., Schneider Electric, Eaton Corporation plc, and Leniton Manufacturing Co., Inc,
Key Developments
In March 2021, ChargePoint went public after getting merged with a special purpose acquisition company (SPAC), valued at $2.4 billion.
In November 2020, Tesla announced to grow its supercharger network up to 15,000 charging stations across the world. it will help in increasing their presence in Europe as well as in Asia.
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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post sales analyst support
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