According to Custom Market Insights (CMI), The Global EVSE Electric Vehicle Supply Equipment Market size was estimated at USD 25 Billion in 2021 and is expected to hit around USD 210 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 30% from 2022 to 2030.
The report examines the Electric Vehicle Supply Equipment market’s drivers and restraints and their impact analysis. Also, the report mentions global opportunities prevailing in the Electric Vehicle Supply Equipment market.
EVSE Electric Vehicle Supply Equipment Market: Overview
A charging station for electric vehicles, also known as an EV charging station, EV charging system, electric charging point, or charging point, is also known as an electric vehicle supply equipment (EVSE). By enabling a two-way link between the electric car and the charging infrastructure, EVSE—the equipment and protocols that produce them—increases safety. The critical function of an EVSE is to supply electric power for charging electric vehicles. Electric utility companies and certain private businesses supply these stations, which are located in parking lots and in retail shopping malls. These stations provide various connectors to support any EV.
Browse the full “Electric Vehicle Supply Equipment Market Size, Trends and Insights By Power (AC, DC), By Product (Portable Charger, Onboard Charging Station, EV Charging Kiosk, Others), By Charging Station (Normal Charging, Inductive Charging, Super Charging), By Application (Residential, Commercial), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/electric-vehicle-supply-equipment-market/
Growth Factors
Governments are encouraging the use of electric vehicles to combat environmental issues, including global warming and air pollution brought on by the use of carbon-based fuels. Therefore, several governments have established various incentives for exemptions from paying automobile taxes to ensure that more and more people purchase electric vehicles. On the other hand, manufacturers are working extra hard to lower the cost of producing electric cars and release more advanced models at competitive pricing. Therefore, the market for the equipment used to supply electric vehicles will grow due to these factors, which encourage the sale of electric cars.
Segmental Overview
The global Electric Vehicle Supply Equipment market is categorized into power, product, charging station, and application. Based on the applications, the market has been categorized into commercial and residential segments, with the retail segment dominating the market in 2021.
The component is driven by benevolent government programs like the Trans-Canada Highway Project, Norway to Italy Electric Highway, and the West Coast Electric Highway (WCEH). To meet the need for charging stations, electric car supply equipment manufacturers also strongly emphasize the construction of electric vehicle charging stations in hotels, malls, and resorts. Another element driving the segment’s growth is an increasing focus on implementing electric vehicle charging stations by hospitality organizations like Hyatt Corporation and Marriot International, Inc.
The market has been classified into AC power and DC power segments based on the kind of power. The market’s dominant DC power sector is anticipated to expand significantly throughout the forecast period. The increase in Public-Private Partnerships (PPP) for constructing level-1 and level-2 DC charging stations in commercial areas substantially contributes to the segment’s growth. In addition, compared to AC chargers, DC chargers enable users to assign electric vehicles more quickly. The adoption of level-1 DC chargers in low-emission areas of North America and Europe is increasing, accelerating the segment’s growth even further.
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Regional Overview
Over the projection period, the European market is anticipated to experience spectacular expansion. This might be ascribed to expanding collaborations between automakers like Volkswagen Group, BMW Group, and Daimler AG for constructing rapid charging networks throughout Europe. Additionally, with the aid of electric vehicle supply equipment producers, oil firms like BP Plc and Royal Dutch Shell Plc are concentrating on integrating electric car charging stations at present gas and fueling stations. The European market is also anticipated to be driven by expanding Public-Private Partnerships (PPP) projects for constructing EVSE on roads.
Key Players Insights
Our market analysis includes a section specifically devoted to key players operating in the Electric Vehicle Supply Equipment market. Our analysts overview each player’s financial statements, product benchmarking, and SWOT analysis. In addition, the competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of globally mentioned competitors.
Prominent Players
- Siemens AG
- Delta Electronics Inc
- BP Chargemaster
- Schneider Electric
- Tesla
- Chargepoint Holdings Inc
- Webasto Group
- Leviton Manufacturing Co. Inc.
- Eaton Corporation Plc
- Abb Ltd
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