Global Electric Vehicle Supply Equipment Market Global Outlook Analysis , Growth Analysis, Share , Application and Industry Trend Forecast till 2027
The global Electric Vehicle Charging Station market size is expected to grow from 2,115 thousand units in 2020 to 30,758 thousand units by 2027, at a CAGR of 46.6%.
Electric vehicle supply equipment supplies electricity to an electric vehicle. They are also known as charging stations or charging docks, which provide electric power to the vehicle and use that to recharge the vehicle's batteries. It includes a broad range of products for delivering electricity to electric vehicles (EVs) in a safe, controlled manner. These range from the different classes of hardware that vary dramatically in power level and features, depending on use cases, to the software solutions.
However, the traditional internal combustion engine (ICE) vehicles are refilled at traditional gas stations whereas EV’s can be recharged at multiple locations such as residence, commercial areas and at highway charging stations.
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Market Drivers
Market is witnessing a faster growth due to the ever increasing demand for electric vehicles throughout the world. Due to the increasing awareness about environmental problems, such as global warming and air pollution because of utilization of the carbon based fuels, governments are encouraging the use of electric vehicles to tackle such problems. Whereas, manufacturers are working overtime on reducing their cost of production of electric cars, and introducing more sophisticated models of electric vehicles to promote the sale of electric vehicles, consequently, due to this market can receive a boost.
Market Restraints
The high costs of level 3 fast chargers and ultrafast charger associated with electric vehicle charging equipment is a major factor threatening to hamper the market growth. However, the initial cost of a Level 3 charger can be quite high. This acts as a restraint for people who may want to switch to EV as charging for long duration may affect the already busy life of most people
Market Segmentation
Globally market is bifurcated into type outlook and charging outlook. On the basis of type, market is segmented into AC power and DC power. The DC power segment dominated the market in 2018 and is predicted to grow significantly over the forecast period. Furthermore, Dc chargers allow drivers to charge electric vehicles at a faster rate as compared to AC chargers. Whereas AC power segment is projected to witness major growth over the forecast period. Furthermore, there has been a significant rise in the adoption of level-1, AC chargers among corporate organizations such as The Coca-Cola Company, and General Motors, which is further driving the segment.
On the basis of charging outlook, market is classified into normal charging, supercharging and inductive charging. The normal charging segment dominated the market in 2018 as a result of the introduction of favourable government initiatives for the development of public charging infrastructure across cities whereas the inductive charging segment is projected to exhibit the highest CAGR over the forecast period owing to ongoing research and development activities in the field of wireless charging technologies.
Regional Analysis
Globally, Electric vehicle supply equipment market can be classified into North America, Europe, Asia Pacific (APAC), Middle East and Africa and Latin America. The market in North America is set to dominate the global market in terms of value, and which is expected to sustain itself throughout the assessment period. North America electric vehicle supply equipment market is the most attractive market, growing at a moderate CAGR over the forecast period. Asia Pacific accounted for the largest share in the market in 2018 and is expected to exhibit the fastest CAGR throughout the forecast period whereas European market is expected to witness remarkable growth over the forecast period.
Key Players
Globally market is operated from companies like ChargePoint Inc., ABB Ltd, Tesla Inc., Eaton Corporation PLC, SemaConnect, Inc., General Electric Company, AeroVironment, Inc., Car Charging Group, Inc., Schneider Electric S.E., Robert Bosch GmbH, Xuji Group, Potivio, Auto Electric Power Plant, Wanbang, Qingdao Telaidian.
Industry development
On April 20, 2021, the electric vehicle went into an affiliate contract with Blink Charging which is main electric vehicle supply equipment (EVSE) company that designs, fabricates, possesses and works EV charging items and services fleet clients alongside the Company's FireFly ESV fundamental service vehicle.
Global Electric Vehicle Supply Equipment Market Segmentation
Type Outlook
• AC Power
• DC Power
Charging Outlook
• Normal Charging
• Supercharging
• Inductive Charging
By region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
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