Electric Vehicle Supply Equipment Market Insights, 2030
The global electric vehicle supply equipment (EVSE) market was valued at USD 2,12 billion in 2020, and is projected to reach USD 20.84 billion by 2030, registering a CAGR of 25.9%. during the forecast period Electric vehicle supply equipment (EVSE) supplies electricity to an electric vehicle (EV). ). Commonly called charging stations or charging docks, they provide electric power to vehicles and to recharge batteries. EVSE systems include electrical conductors, related equipment, software, and communications protocols that deliver energy efficiently and safely to vehicles.
The COVID-19 pandemic proved quite detrimental for the automotive sector. It had a sudden impact on the global unified automotive industry. Indications include interruption in export of Chinese automotive parts, huge manufacturing disruptions across Europe, and shutting down of assembly plants in the U.S. This placed an extreme pressure on the industry that is already managing a downshift in the global demand.
The widespread outbreak of the novel coronavirus led to sudden drop in import-export of non-essential items and only a small fraction of workforce was allowed to function in the factories. Further, testing of systems was also impacted by strict pandemic regulations. This caused a large supply-demand gap in products and services related to electric vehicle supply equipment. Sales of automotive industry witnessed a drop after a miserable year for automotive industry (2019), which already witnessed a significant drop of approximately 5% in global auto production and that ended the upward trend of 10 years of progress, the global auto industry encountered a new, unique situation in 2020 owing to the COVID pandemic. Over the first half of 2020, global electric car sales were considerably lower than over the same period in 2019. The prominent exception was Europe where electric car sales were considerably higher due to existing policy support schemes. Global market trends were noticeably different in the second half of year 2020, when lockdowns were relaxed for some time, and the automotive market started to recover. For electric cars, monthly sales surpassed those between July and December in 2019 in every month in all large markets including China, India, the European Union, South Korea, the U.S. and the UK. However, some countries such as Canada and Japan witnessed drop in figures as both demand for new vehicles and their production was impacted severely.
By Type
Level 2 segment is projected as the most lucrative segment
The global electric vehicle supply equipment market is segmented on the basis of application, type, and region. By application, the market is classified into residential and commercial. By0 type, it is divided into level 1, level 2, and level 3. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players analyzed in the electric vehicle supply equipment (EVSE) market include Abb Ltd, BP Chargemaster, Chargepoint Holdings, Inc, Delta Electronics, Inc, Eaton Corporation Plc, Leviton Manufacturing Co., Inc., Schneider Electric, Siemens AG, Tesla and Webasto Group.
By Application
Residential application segment is projected as the most lucrative segment
Government initiatives for development of electric vehicle charging infrastructure
Electric vehicle charging infrastructure plays a vital role in mass adoption of electric vehicles, which results in growing support from governments of different countries. Governments of various countries have also recognized the need to go electric to reduce rise in pollution from automobiles and taken several initiatives to provide EV charging stations across the world. For instance, the Automotive Research Association of India (ARAI) planned to deploy more than 200 EV charging stations across the country. In addition, Tata Power (Tata Group (India)), an Indian electric utility company supports the Indian Government's National Electric Mobility Mission, the Tata Power established first set of electric vehicles charging stations in Mumbai (India) for India’s growing EV ecosystem, and provides customers access to energy-efficient options with ease. Moreover, developed countries such as U.S., UK, and China have taken initiatives to improve the charging network across their states for ease for switching to electric vehicles. Also, the government of Japan prepared a policy for electric vehicles in August 2018 for better cooperation and smooth transition in the automotive industry. In addition, it has started an initiative named Faster Adoption and Manufacturing of hybrid and Electric Vehicles II (FAME). According to this, incentives will be provided to promote local manufacturing of electric vehicle. Thus, such government initiatives are expected to drive growth of the electric vehicles and electric vehicle supply equipment market.
Increase in demand for low-emission and fuel-efficient vehicles
Gasoline being a fossil fuel is not a renewable source of energy and is projected to exhaust in the future. Hence, to support sustainable development, it is important to develop and use alternative sources of fuel. This involves use of electric vehicles that do not use gas and are more economical than conventional vehicles. An electric vehicle converts over 50% of electrical energy from grid to power at the wheels, whereas gas-powered vehicles only manage to convert about 17%–21% of the energy stored in gasoline. The demand for fuel-efficient vehicles has increased recently, owing to rise in price of petrol and diesel. This is attributed to depleting fossil fuel reserves and growth in tendency of companies to gain maximum profit from these oil reserves. Thus, these factors give rise to the need for electrically powered vehicles for travel, which, in turn, is anticipated to propel growth of the electric vehicle supply equipment market.
By Region
North America would exhibit the highest CAGR of 29.9% during 2021-2030.
Key Benefits For Stakeholders
- This study presents analytical depiction of the electric vehicle supply equipment market analysis along with the current trends and future estimations to depict the imminent investment pockets.
- The overall market potential is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities of the market with a detailed impact analysis.
- The current electric vehicle supply equipment market size is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the electric vehicle supply equipment industry.
Electric Vehicle Supply Equipment (EVSE) Market Report Highlights
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Analyst Review
According to insights of the CXOs of leading companies, the electric vehicle supply equipment market is expected to grow at a remarkable rate in the future, owing to increase in adoption of electric vehicles and government initiatives to boost penetration of electric vehicles.
Factors such as growth in production of electric vehicles and rise in adoption of electric vehicles, owing to government initiatives drive the market growth. In addition, increase in demand for low-emission and fuel-efficient vehicles is anticipated to propel growth of the market. However, factors such as high cost of electric vehicles and high cost of electric vehicle charging infrastructure hamper growth of the market. Further, development of wireless charging technology and incorporation of vehicle-to-grid (V2G) EV charging stations is expected to create numerous opportunities for growth and expansion of the market.
The leading market players operating in the electric vehicle supply equipment market include Abb Ltd, BP Chargemaster, Chargepoint Holdings, Inc, Delta Electronics, Inc, Eaton Corporation Plc, Leviton Manufacturing Co., Inc., Schneider Electric, Siemens AG, Tesla, and Webasto Group
The global electric vehicle supply equipment (EVSE) market was valued at USD 2,12 billion in 2020, and is projected to reach USD 20.84 billion by 2030.
The global electric vehicle supply equipment market is projected to grow at a compound annual growth rate of 25.9% from 2020-2030 to reach USD 20.84 billion by 2030.
The key players that operate in the electric vehicle supply equipment market such as Abb Ltd, BP Chargemaster, Chargepoint Holdings, Inc, Delta Electronics, Inc, Eaton Corporation Plc, Leviton Manufacturing Co., Inc., Schneider Electric, Siemens AG, Tesla and Webasto Group.
Factors such as growth in production of electric vehicles and rise in adoption of electric vehicles, owing to government initiatives drive the market growth. However, factors such as high cost of electric vehicles and high cost of electric vehicle charging infrastructure hamper growth of the market.
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