Electric Vehicle Supply Equipment Market

Market Synopsis:

The Global Electric Vehicle Supply Equipment Market is valued at USD 2,037.1 Million in the year 2021 and is projected to reach a value of USD 7,808.2 Million by the year 2028. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 25.1% over the forecast period.

EVSE stands for Electric Vehicle Supply Equipment, and it is used to charge electric vehicles in a variety of residential and commercial settings such as homes, corporate offices, highways, parks, hotels, and bus depots. Market growth is aided by increased public and private sector initiatives to encourage the adoption of electric vehicles (EVs). Several governments have begun to offer financial incentives, such as subsidies and tax breaks, to encourage people to purchase electric vehicles, which is contributing to an increase in demand for Electric Vehicle Supply Equipment.

In the countries that produce the most electricity, utilities charge lower tariffs for electricity consumed by EVSE, which drives the market. Furthermore, there has been an increase in government initiatives in recent years, such as the awarding of contracts for the development of charging infrastructure around the world. Furthermore, the increasing emphasis of private organizations is resulting in an increase in demand for Electric Vehicle Supply Equipment. Several public transportation agencies are focusing on collaborations with bus manufacturers to develop bus charging stations. Aside from that, various government agencies are funding the development of charging stations. The growing emphasis of various governments and automobile companies on improving the performance of charging infrastructure is expected to drive the market even further. a

Market Segmentation:

The Electric Vehicle Supply Equipment Market is segmented on the basis of Power type, Product, Charging station type and Application. On the basis of power type, the market is segmented into AC Power and DC Power. On the basis of product, the market is segmented into Portable Charger, EV Charging Kiosk, Onboard Charging Station and Others. On the basis of charging station type, the market is segmented into Normal Charging, Super Charging and Inductive Charging. On the basis of charging station type, the application is segmented into Commercial and Residential.

Based on Power Type

On the basis of power type, the market is segmented into AC Power and DC Power. The DC power segment dominated the market, and it is expected to grow significantly over the forecast period. The increase in the number of Public-Private Partnerships (PPP) for the development of level-1 and level-2 DC charging stations in commercial locations is a major factor driving the growth of this segment. Furthermore, when compared to AC chargers, DC chargers allow drivers to charge electric vehicles at a faster rate. Over the forecast period, the AC power segment is expected to grow at a rapid pace. In addition, there has been a significant increase in the adoption of level-1, AC chargers among corporate organizations, which is driving the segment even further.

Based on Product

On the basis of product, the market is segmented into Portable Charger, EV Charging Kiosk, Onboard Charging Station and Others. Due to the adoption of self-service charging solutions such as EV interactive kiosks with advanced intelligence, the EV charging kiosk segment dominated the market in 2018. Furthermore, technological advancements such as the integration of Radio-Frequency Identification (RFID) and Near Field Communication (NFC) in EVSE have improved the performance of digital payments for EV customers using the infrastructure. Furthermore, the lack of additional workforce in developed countries has made it difficult for electric vehicle charging station owners to assign customer service representatives during peak traffic periods.

Asia Pacific to Continue Dominating the Global Electric Vehicle Supply Equipment Market

Asia Pacific is likely to be the fastest-growing regional market over the forecast period with a market share of 36.90%. Asia Pacific held the largest market share in 2021 and is expected to grow at the fastest Compound Annual Growth Rate (CAGR). The emphasis placed by various governments on increasing the adoption of electric vehicles and supporting charging infrastructure has prompted a number of start-ups as well as key global players to collaborate with government agencies to develop new charging solutions. Furthermore, governments in countries such as South Korea and Japan are focusing large investments on expanding EV charging infrastructure