From the period 2022 to 2028, the Global Electric Vehicle Supply Equipment Market is expected to reach USD 7,808.2 Million in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 25.1%.
An electric vehicle's electricity is supplied by the Electric Vehicle Supply Equipment (EVSE). They are also known as charging stations or charging docks because they supply electric power to the vehicle and use it to recharge the vehicle's batteries. Governments at all levels, as well as ordinary citizens, are becoming more aware of the dangers posed by climate change and air pollution. To that end, consumer preferences are shifting, and governments are enacting aggressive policies to address these challenges. Much of this is aimed at combustion vehicles, such as tightening emissions standards, increasing efficiency requirements, implementing zero-emission vehicle credit schemes, and outright municipal diesel bans, among other things. The need for electric vehicle charging stations will be boosted by factors such as expanding EV sales around the world and the rising desire for zero-emission transportation.
Key Highlights from the Report
- On the basis of charging station type, the application is segmented into Commercial and Residential. The commercial segment dominated the market. The segment is being driven by favorable government initiatives. Furthermore, manufacturers of Electric Vehicle Supply Equipment are emphasizing the development of electric vehicle charging stations in hotels, shopping malls, and resorts to meet the demand for charging stations. Another factor driving the segment's growth is the increasing emphasis on hospitality companies on the deployment of electric vehicle charging stations in their parking facilities.
- On the basis of charging station type, the market is segmented into Normal Charging, Super Charging and Inductive Charging. As a result of favorable government initiatives for the development of public charging infrastructure across cities, the normal charging segment dominated the market. In addition, there has been a significant increase in demand for vehicles equipped with onboard charging stations that use AC voltage to charge vehicles. Furthermore, the segment is being driven by rising demand for electric vehicles used for shorter commutes and those that require only a few hours of charging per day. Due to ongoing research and development activities in the field of wireless charging technologies, the inductive charging segment is expected to exhibit the highest Compound Annual Growth Rate (CAGR) over the forecast period.
- Asia Pacific is the fastest regional segment in terms of growth. China, India, Japan, and South Korea are among the countries that make up the Asia Pacific region. China and India, two of the world's fastest-growing economies, are located in the region. The governments of these rising economies have identified the global electric vehicle charging station market's growth potential and have taken a number of steps to entice major OEMs to manufacture electric car charging infrastructure in their home markets.
Some of the key players in the Electric Vehicle Supply Equipment Market include AeroVironment Inc., ABB Ltd., ChargePoint Inc., ClipperCreek Inc., Chargemaster PLC, Eaton Corporation, Leviton Manufacturing Company, Inc., Siemens. and others.
The need for EV charging stations will rise as the number of electric vehicles sold increases around the world
The expanding popularity and use of electric vehicles have brought attention to the need for more charging infrastructure. Automobile manufacturers are expected to invest heavily to accommodate the rising demand for electric vehicles and to play a crucial role in the market's evolution. The majority of EV owners install a Level 1 or Level 2 EV charging device in their home or apartment complex, however public charging stations are in high demand around the world. The demand for EV charging stations will rise as EV sales grow around the world. Electric vehicles range in size and price from little hatchbacks like the Leaf to high-end sedans
V2G EV charging stations are used to charge electric automobiles
Vehicle-to-Grid (V2G) is a technology that connects vehicles (V2G) EV charging is a method of transferring electrical energy from plug-in electric automobiles to the power grid in both directions. EVs can store and discharge unused energy to the grid using V2G technology. This can improve the electrical component's performance while also adding value to EV owners. Electric vehicle charging processes have been simplified as a result of the introduction of this technology, and EVs have become one of the most popular ways of transportation. As a result, the entire charging station business is critical for connecting the grid to the electric vehicle and enabling charging.
During the forecast period, the European market is expected to grow at a rapid pace. This is due to increased collaboration among automakers for the development of fast charging networks throughout Europe. Furthermore, growing Public-Private Partnerships (PPP) projects for the development of EVSE on highways are expected to drive the European market. Countries such as the Netherlands, the United Kingdom, France, and Germany are pioneering level 3 charging in Europe. To expand their EV charging network, these countries have partnered with major automobile manufacturers and charging service providers. As a result of these initiatives, Europe has become the second-fastest-growing market for level 3 charging.