Electric Vehicle Supply Equipment Market To Reach Nearly US$ 726 Mn By 2022

The global market for electric vehicle supply equipment is gaining popularity all around the world due to the increasing popularity of electric vehicles. An electric vehicle supply equipment, also known as electric vehicle charging station, electric recharging point or even charge point, and is used to supply electricity in order to recharge electric vehicles such as electric cars or hybrids. In the present times, there is a rapid awareness about pressing environmental issues like degrading air quality due to the burning of the fossil fuels which also leads to other complex issues such as that of global warming. In order to counter such issues, governments all over the world are encouraging the sales of electric vehicles in which the emissions are nil. In order to encourage the sales of electric vehicles, governments all over the world are giving subsidies on the electric vehicles and exempting them from paying road tax. In addition, manufacturers are investing a great deal in R&D to offer more advanced versions of electric cars that are also affordable for the general public. The global electric vehicle supply equipment market is slated to touch a value of about US$ 726 Mn in the year 2022 and grow at a moderate CAGR during the assessment period.

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Connected car and electrification are the running trends in the automotive vertical. Electric vehicles are the talk of the emerging markets as well. Also, revolution on the part of after-sales is expected. This comes in light of call for certainty. Also, there would be a paradigm shift to computing power (from horsepower). In other words, automakers are needed to re-invent themselves in the form of digital company.

Automotive digital retail would be another form of organized automotive market. Contract durations would also be flexible. Easier vehicle swapping would be turning the tide in the favour of consumers. Persistence Market Research is looking through every facet of the automotives vertical through its dedicated team of analysts and consultants.

4 Forecast Highlights on Global Electric Vehicle Supply Equipment Market
• As per the forecast of Persistence Market Research, the Level 2 (> 3.7 kW and ≤ 22 kW) segment is slated to touch a value of nearly US$ 112 Mn in the year 2022. This represents a moderate CAGR growth during the assessment period of 2017-2022. The Level 2 (> 3.7 kW and ≤ 22 kW) segment is estimated to account for nearly one-fifth of the revenue share of the charger type segment by the year 2017 and is forecasted to lose market share by 2022 over 2017.
• As per the forecast of Persistence Market Research, the commercial segment will reach a value of nearly US$ 210 Mn in the year 2017. This represents a robust CAGR growth during the forecast period. The commercial segment is forecasted to account for more than one-third of the total revenue share of the end-user segment by the end of the year 2017 and is expected to gain in market share by 2022 as compared with the year 2017.
• As per the forecast of Persistence Market Research, the train stations segment is slated to reach a value of nearly US$ 141 Mn in 2022. The train stations segment is expected to lose market share by the end of the year 2022. The largest share is contributed by the North America region in the train stations segment.
• Persistence Market Research forecasts the US electric vehicle supply equipment market to exhibit an annual growth rate (CAGR) of 4.7% from 2017 to 2022.

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The report has also included the profiles of some of the leading companies in the electric vehicle supply equipment market like ABB Ltd, Schneider Electric S.E., Tesla Inc., General Electric Company, ChargePoint, Inc., SemaConnect, Inc., Car Charging Group, Inc., Robert Bosch GmbH, Eaton Corporation PLC, and AeroVironment, Inc.

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This release was published on openPR.