Electric Vehicle Supply Equipment Market is estimated to be USD 1.91 billion in 2019 and is predicted to reach USD 22.04 billion by 2030 with a CAGR of 24.9%

The Global Electric Vehicle Supply Equipment (EVSE) Market size was valued at USD 1.91 billion in 2019 and is predicted to reach USD 22.04 billion by 2030 with a CAGR of 24.9% from 2020-2030.

Electric Vehicle Supply Equipment are defined as charging equipment used to supply power to electric vehicles both privately through electric recharging points and publicly through charging stations. In order to promote the use of plug-in hybrid electric vehicles (PHEVs) and fully battery electric vehicles (BEVs), drivers and fleet owners would have to be given easy access to charging stations, commonly referred to as electric vehicle supply equipment (EVSE). Therefore, governments, local authorities, automakers and charging infrastructure providers have been making many agreements in order to create vast networks of charging infrastructure including charging stations at public destinations and workplaces. The entire system consists of software, communication systems, electrical components, and others that improve the efficiency and safety of the vehicle.

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Top Companies: AeroVironment Inc., ABB Ltd., ChargePoint Inc., Clipper Creek Inc., Chargemaster PLC, Eaton Corporation, Leviton Manufacturing Co. Inc., Liberty Plugins, NRG EVgo, and Siemens.

Market Dynamics and Trends

As the sales of the PHEVs and BEVs are growing almost exponentially, the demand for the wide range of charging infrastructure is growing almost in parallel. The greatest demand comes from the private charging stations, which charge vehicles faster. At present, most of the publicly available charging stations are located on the street. These are typically owned and maintained by electric utility companies. Other publicly accessible stations are located near shopping centers, and these stations are typically operated by private companies.

The demand of electric vehicles is also driven by government encouragements and economic benefits associated with it. For example, in Asia, Europe and the U.S., BEVs, which have zero pollution emissions, get tax deductions in order to boost their adoption. Also, BEV buyers receive a government subsidy to purchase an EV. Such subsidies sometimes can reach almost 20% of the overall car’s value. The increased EV adoption in turn drives the deployment of charging stations so that these vehicles can be recharged at various locations including owner’s residences, commercial areas, or highway charging stations. However, high cost of installation and lack of standardization in charging infrastructure are hindering the growth of electric vehicle supply equipment market to some extent. On the other hand, increase in fuel prices and aggressive R&D activities by various market players to cut down the cost and increase battery capacity are expected to create lucrative opportunities in the electric vehicle supply equipment market players in the coming years.

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Market Segmentations and Scope of the Study:

The global electric vehicle supply equipment market share has been segmented on the basis power type, product type, charging station type, application and geography. On the basis of power type, the market has been segmented into alternating current power and direct current power. On the basis of product type, the market has been segmented into, portable charger, electric vehicle kiosk, onboard charging station and other products. On the basis of charging station type, the market has been segmented into normal charging, super charging and inductive charging. On the basis of application, the market has been segmented into commercial and residential. Commercial has been further sub segmented into destination charging station, highway charging station, bus charging station, fleet charging system and other charging station. Based on geography the market is segmented into North America, Europe, Asia Pacific and RoW.

Geographical Analysis

North America is expected to hold the major market share throughout the forecast period owing to the increasing adoption of electric and hybrid vehicle. Also, technological advancements and presence of developed infrastructure with rise in automotive sales are expected to support the growth of electric vehicle supply equipment market in this region.

However, Asia Pacific is expected to show rapid growth with gradual increase in market share owing to the fluctuating fuel prices with rise in demand of vehicles specially in China and Japan. In addition, the increasing environmental concerns and air pollution is also expected to propel the market growth in the near future.

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