Increasing Usage of Electric Vehicles Driving Demand for Electric Vehicle Supply Equipment

With rising air pollution levels in several countries and growing public awareness about the environmental degradation caused due to the usage of fossil fuel-powered vehicles, the sales of electric vehicles are rising rapidly. This is, in turn, pushing up the requirement for electric vehicle supply equipment across the globe. Moreover, the governments of many countries are implementing mandatory policies and setting targets pertaining to the deployment of electric vehicles and charging facilities.

For example, the South Korean government intends to install 10,000 fast electric vehicle chargers all over the country by 2022. Similarly, the Indian government is aiming to set up 2,700 charging stations in cities having more than 4 million residents by 2023. Apart from this, the government also intends to install ultra-fast and fast charging stations along the major highways in the coming years. Many governments are also making huge investments in the development of robust charging stations.

Request to Get the Sample Pages: https://www.psmarketresearch.com/market-analysis/electric-vehicle-charging-station-market/report-sample

This is mainly because of the range anxiety of the electric vehicle owners. In the U.S., the Californian government recently passed an Executive Order, which includes the proposal to invest as much as $900 million in the installation of 250,000 charging points by 2025. These investments are propelling the development of electric vehicle charging facilities and infrastructure, which is, in turn, driving the progress of the global electric vehicle supply equipment (EVSE) market.

As a result, the revenue generated by the market would rise from $1.5 billion to $2.7 billion from 2019 to 2025. Additionally, the market is predicted to exhibit a CAGR of 10.7% from 2020 to 2025. Depending on type, the market is bifurcated into alternating current (AC) and direct current (DC). Between the two, the DC bifurcation is predicted to register faster growth in the market in the upcoming years.

This would be primarily because of the rapidly growing popularity of DC charging stations on account of the faster charging capability of DC chargers in comparison to AC chargers. These chargers are mostly deployed along highways, instead of homes or business locations. The EVSE market is also divided, on the basis of application, into private and public. Of these, the private category recorded higher growth in the market in the years gone by.

This was mainly because of the higher usage of home chargers across the world and the extensive deployment of private charging stations in China. Globally, the North American EVSE market would exhibit the fastest growth in the upcoming years, according to the market research firm, P&S Intelligence. This would be because of the increasing implementation of favorable government policies such as the provision of financial incentives, subsidies, and tax credits, regarding electric vehicles and charging stations in the region.

Make Enquiry Before Buying the Report: https://www.psmarketresearch.com/send-enquiry?enquiry-url=electric-vehicle-charging-station-market

Thus, it can be said with full surety that the demand for electric vehicle supply equipment would skyrocket across the world in the future years, mainly because of the growing deployment of electric vehicles in several countries around the world.

Market Segmentation by Type

Alternating Current (AC)
Level 1
Level 2
Direct Current (DC)
CHAdeMO
Combined Charging System (CCS)
GB/T
Tesla Supercharger (SC)
Others
Market Segmentation by Application

Public
Private
Market Segmentation by Region

North America EVSE Market
By type
By application
By country – U.S. and Canada
Europe EVSE Market
By type
By application
By country – Germany, U.K., France, Spain, Netherlands, Norway, and Rest of Europe
Asia-Pacific (APAC) EVSE Market
By type
By application
By country – China, Japan, South Korea, India, Australia, and Rest of APAC
Latin America, Middle East, and Africa (LAMEA) EVSE Market
By type
By application
By country – Brazil, Mexico, and Rest of LAMEA

P&S Intelligence
Contact: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
Follow us on LinkedIn: https://www.linkedin.com/company/pnsintelligence/

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.