Pune, 16.08.2023 - The Electric Vehicle Supply Equipment (EVSE) Market is on the brink of a monumental growth phase, having achieved a market valuation of USD 4.04 billion in 2022. With a projected Compound Annual Growth Rate (CAGR) of 26.3% from 2023 to 2029, the market is poised to reach a staggering value of nearly USD 20.72 billion.
Electric Vehicle Supply Equipment Market Overview
The Electric Vehicle Supply Equipment, or EVSE, plays a pivotal role in powering electric vehicles by supplying them with the necessary electric energy for recharging. This essential equipment is utilized across various residential and commercial settings. The surge in public and private sector initiatives aimed at promoting electric vehicle adoption has a positive impact on the growth of the EVSE market. Governments around the world are offering financial incentives, such as subsidies and tax breaks, to encourage consumers to transition to electric vehicles.
The push for reduced carbon emissions, coupled with favorable government policies, is driving demand for EVSE. Companies are also introducing lower tariffs for electricity used by EVSE, further propelling the market, particularly in major manufacturers of electric vehicles like the United States and China. The collaboration between private companies and energy providers to expand charging infrastructure, coupled with initiatives by industry giants like The Coca-Cola Company and General Motors Company, is fueling the growth of the EVSE market.
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Electric Vehicle Supply Equipment Market Scope and Methodology:
The comprehensive Electric Vehicle Supply Equipment Market report employs a rigorous research methodology, combining bottom-up market sizing and extensive secondary research. The report delves into various market segments, including Type, Application, and Region, while analyzing the trends, drivers, restraints, and challenges influencing the market dynamics.
Electric Vehicle Supply Equipment Market Regional Insights
North America takes the lead in the EVSE market, with a strong CAGR projection of xx% throughout the forecast period. The United States, in particular, demonstrates a robust connection between EV ownership and the demand for EVSE infrastructure. With ongoing efforts to expand public charging networks and the growing popularity of EVs, the region is poised for significant EVSE adoption.
Electric Vehicle Supply Equipment Market Dynamics
Market Drivers:
The EVSE market is propelled by robust government support for electric vehicle adoption, as countries recognize the need to transition to cleaner modes of transportation. Government initiatives, financial incentives, and the expansion of charging networks contribute to the rapid growth of EVSE infrastructure.
Market Restraints:
High installation costs and the associated challenges of managing and maintaining charging networks present hurdles to the market's growth. Complex regulatory frameworks and per-unit fees on EV users can also hinder the adoption of EVSE.
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What is Electric Vehicle Supply Equipment Market Segmentation?
The dominance of Level 2 chargers, which enable faster charging compared to Level 1, underscores the market's trajectory. Residential and commercial segments play crucial roles, driven by government programs, corporate initiatives, and incentives for both sectors.
Global Electric Vehicle Supply Equipment Market, by Type (2022-2029)
• Level 1
• Level 2
• Level 3
In 2021, Level 2 type held the biggest market share by kind. The most popular chargers are Level 2 chargers, which charge more quickly but cost more than Level 1 ones. There are Level 2 chargers in public spaces, businesses, and private households. Although they are offered separately from the vehicle, residential Level 2 chargers are routinely bought at the same time and typically need professional installation. Because they can take voltages beyond 200 volts and can support currents of 12 to 80 amps (as opposed to Level 1 chargers, which are only capable of 10 to 12 amps), Level 2 chargers can charge batteries more quickly. Due to its quicker charge, they are the most prevalent variety found at public charging stations.
Global Electric Vehicle Supply Equipment Market, by Product Type (2022-2029)
• Residential
• Commercial
• Train stations
• Government buildings
• Other
In terms of product type, the EV charging kiosk category was the market leader in 2022. due to the introduction of self-service charging alternatives like increased intelligence interactive EV kiosks. The effectiveness of digital payments for EV users of the infrastructure has also improved thanks to technological advancements like the deployment of Near Field Communication (NFC) and Radio-Frequency Identification (RFID) in EVSE. Additionally, due to the shortage of additional workers in industrialised nations like the U.S., the U.K., and Germany, it has been difficult for owners of electric vehicle charging stations to assign customer service agents during times of high traffic. This is a major factor driving the market for EV charging kiosks.
Global Electric Vehicle Supply Equipment Market, by Application (2022-2029)
• Portable Charger
• EV Charging Kiosk
• Onboard Charging Station
• Others
Based on the applications, the market has been segmented into commercial and residential segments, with the commercial segment expected to dominate the market in 2022. Beneficial government initiatives like the West Coast Electric Highway (WCEH), the Norway to Italy Electric Highway, and the Trans-Canada Highway Project are driving this segment. Electric car supply equipment manufacturers are also putting a lot of emphasis on building electric vehicle charging stations in hotels, malls and resorts to meet the need for charging stations. The deployment of electric vehicle charging stations by hospitality companies like Hyatt Corporation and Marriot International, Inc. is another factor fueling the segment's growth.
Who are Electric Vehicle Supply Equipment Market Key Players?
1. Liberty Plugins (US)
2. Clipper Creek (US)
3. Coritech (US)
4. EVgo Services LLC (US)
5. Blink Charging Co. (US)
6. BTC Power (US)
7. Chargepoint (US)
8. Tesla Motors (US)
9. Andromeda Interfaces Inc (US)
10.Bosch Automotive Service Solutions Inc (US)
11.BYD Motors (US)
12.Eaton Corporation plc (US)
13.General Electric Company (US)
14.Leviton Manufacturing Co. Inc. (US)
15.Delta Electronics, Inc (US)
16.Webasto Group (Germany)
17.Siemens AG (Germany)
18.FullCharger (France)
19.Schneider Electric SE (France)
20.ABB Ltd. (Switzerland)
21.Circontrol (Spain)
22.Efacec Electric Mobility S.A. (Portugal)
Key questions answered in the Electric Vehicle Supply Equipment Market are:
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Electric Vehicle Supply Equipment Market?
- What major challenges could the Electric Vehicle Supply Equipment Market face in the future?
- What segments are covered in the Electric Vehicle Supply Equipment Market?
- Who are the leading companies and what are their portfolios in Electric Vehicle Supply Equipment Market?
- What segments are covered in the Electric Vehicle Supply Equipment Market?
- Who are the key players in the Electric Vehicle Supply Equipment market?
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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