16-Mar-2022 | Facts and Factors
During the projected timeline of 2022 to 2028, the global electric vehicle supply equipment market is estimated to grow at a compound annual growth rate (CAGR) of 33.2%. In 2021, the global electric vehicle supply equipment market was estimated at USD 32.5 billion, and by 2028, it is predicted to reach USD 210 billion.
An electric vehicle supply equipment (EVSE) is also referred to as a charging station for electric vehicles or an electric charging point. The devices and protocols used to generate them are referred to as EVSE; they increase safety by allowing a two-way connection between the electric vehicle and the charging system. An EVSE's primary role is to provide electric energy for charging electric automobiles. These stations are situated in parking lots and supplied by electric utility providers, as well as by some private enterprises in retail shopping malls. These stations are outfitted with a multitude of connectors to accommodate any sort of EV.
Browse the full “Electric Vehicle Supply Equipment Market By Type Of Charging (Level-1, Level-2, and Level-3), By Type Of Charging Station (Inductive, Super, and Normal), By Type Of Setup (Portable and Fixed), By Implementation (Commercial and Residential), and By Region-Global and Regional Market Overview, Market Insights, Holistic Analysis, Historical Data, and Forecast 2022–2028” report at https://www.fnfresearch.com/electric-vehicle-supply-equipment-market
A growing emphasis on the development of low-emission automobiles is predicted to increase electric vehicle acceptance, consequently increasing equipment adoption. Market development is likely to be aided by zero or low registration costs, road tax, purchase tax, and import tax exemptions. Governments offer advantageous subsidies and policies to encourage the use of electric vehicle supply equipment. Furthermore, growing fuel prices encourage users to purchase electric vehicles. These reasons may promote the growth of the electric vehicle supply equipment market.
However, the high cost of level 3 fast chargers and ultrafast chargers connected to electric vehicle charging equipment is a significant factor threatening market growth. The initial cost of a level-3 charger, on the other hand, can be fairly significant. This works as a deterrent for those who desire to switch to EVs because charging for an extended period of time may interfere with everyone's already stressful lifestyle.
The global electric vehicle supply equipment market is segregated on the basis of type of charging, type of charging station, type of setup, implementation, and region. By type of charging, the market is divided into level-1, level-2, and level-3. Among these, the level-2 type of charging segment holds the major share in the global EVSE market and will record robust gains in the future. By type of charging station, the market is divided into inductive, super, and normal. Normal charging type holds a major share in the global EVSE market however, the inductive charging segment is expected to be the fastest-growing market in the coming years. By type of setup, the market is classified into portable and fixed. The fixed charger segment is projected to be the fastest-growing market during the forecast period. By implementation, the market is segmented into commercial and residential. The commercial segment is estimated to be the fastest-growing market during the forecast period.
Asia Pacific region has the biggest share and is predicted to grow at the fastest CAGR during the projection period. The increasing focus by various agencies on encouraging the use of electric vehicles and providing charging infrastructure has motivated a number of start-ups and major global businesses to work with government agencies to develop unique charging solutions. The European market is predicted to grow rapidly over the forecast period. Growing public-private partnerships (PPP) initiatives for EVSE road extensions are anticipated to augment the European market.
Market Size in 2021
USD 32.5 Billion
Projected Market Size in 2028
USD 210 Billion
CAGR Growth Rate
Key Market Players
Delta Electronics, Inc, Schneider Electric, BP Chargemaster, Tesla, Chargepoint Holdings, Inc, Leviton Manufacturing Co., Inc., Webasto Group, Eaton Corporation Plc, Abb Ltd, Siemens AG., and Others
By Type of Charging, By Type of Charging Station, By Type of Setup, By Implementation, and By Region
Major Regions Covered
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
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Some of the main competitors dominating the global electric vehicle supply equipment market are Delta Electronics, Inc, Schneider Electric, BP Chargemaster, Tesla, Chargepoint Holdings, Inc, Leviton Manufacturing Co., Inc., Webasto Group, Eaton Corporation Plc, Abb Ltd, and Siemens AG.
- August 2021: Ez4EV Private Limited is India-based battery storage and charger technology business that has introduced the EzUrja on-demand mobile charging solution for electric vehicles. This solution is handled as an IoT device and employs a novel electric car 'charging-on-demand' method, allowing for distant condition monitoring and operation organization.
- March 2021: Shell revealed plans to expand its current 60,000 EV charging station network to around 500,000 charging stations by 2050.
The global electric vehicle supply equipment market is segmented as follows:
By Type of Charging
By Type of Charging Station
By Type of Setup
- North America
- The U.S.
- Rest of North America
- The UK
- Nordic countries
- Benelux Reunion
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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