The electric vehicle supply equipment market size is expected to surpass at USD 212 billion by 2030 and is anticipated to grow at a CAGR of 36% from 2021 and 2030.
Ottawa, Sept. 16, 2021 (GLOBE NEWSWIRE) -- The global electric vehicle supply equipment market size was valued at USD 25.7 billion in 2020. Electric vehicle supply equipment is used for charging EVs in various commercial and residential locations that includes homes, highways, corporate offices, hotels, parks, and bus depots. The market growth of electric vehicle supply equipment is mainly favored by the initiatives taken by private and public sector to spur the rate of adoption of electric vehicles across the world. In accordance to the same, government bodies of various nations have also started offering different types of benefits such as subsidies &tax benefits and financial incentives to encourage people for buying electric vehicles. This in turn contributes significantly for the market growth of electric vehicle supply equipment.
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Countries that are the largest producers of electricity such as USA and China charge lower tariffs for the electricity consumed by electric vehicle supply equipment (EVSE), this again drives the EVSE market. Further, increasing initiatives by the government of different countries for signing contracts with the EVSE market participants for the development of charging infrastructure in their region again thrives the market growth for EVSE. Apart from government bodies, private companies are taking keen interest in signing contract with the EVSE players to deploy EV charging station for their customers and employees. For instance, General Motors Company and the Coca-Cola Company have signed a partnership agreement for the development of charging stations for Coca-Cola employees.
With the prolonged effect of coronavirus several industries have witnessed a decline in their sales and production due to broken supply chain, automotive industry is among them. Market players for electric vehicle supply equipment have also witnessed slow growth in the sale of electric vehicles and thus slow growth of EVSE market. However, rising concern for environment protection is likely to propel the demand for electric vehicle supply equipment over the upcoming years.
DC power type segment led the global electric vehicle supply equipment market in the year 2020 and anticipated to grow at a rapid rate during the forecast period. The prominent growth of the segment is majorly attributed to the significant rise in the amount of Public-Private Partnerships (PPP) primarily for the advancement of level-1as well as level-2 DC charging stations mostly in the commercial locations. Further, DC charging stations help to charge electric vehicles faster compared to AC chargers.
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However, AC power segment also witness prominent growth over the analysis period because of increasing emphasis by leading EV manufacturers such as General Motors, BMW of America, Tesla to provide AC-powered portable chargers as a complimentary feature in electric vehicles. Further, various contractors that include Joju Solar has increased their emphasis on the installation, operation, and maintenance of electric vehicle charging stations prominently in the residential areas, this results in the accelerating growth of the AC power segment in the global EVSE market.
By geography, the Asia Pacific emerged as the front-runner in the global electric vehicle supply equipment market accounting for a revenue share of more than 50% in the year 2020 and estimated to project the fastest growth over the upcoming years. The accelerating growth of the region is primarily attributed to the increasing emphasis of governments of various countries towards the adoption of electric vehicles as well as supporting infrastructure in order to encourage various globally established players along with startups companies to develop new charging infrastructure in collaboration with the government bodies.
Electric Vehicle Market - The global market surpassed $165 billion in 2020, and is expected to hit around $802.81 billion by 2027, growing at a CAGR of 40.7% over forecast period 2020 to 2027.
Electric Vehicle Charging Station Market - The global market size is expected to surpass over USD 39.2 billion by the end of 2027 and witness a compound annual growth rate (CAGR) of 40.7% from 2020 to 2027.
Vehicle-to-grid Technology Market - The global market is expected to be worth around US$ 17.43 billion by 2027, recording a CAGR of 48% over forecast period 2020 to 2027.
Market players in the global electric vehicle supply equipment are witnessing high degree of competition owing to rapidly increasing investments for the research & development of new, attractive, and innovative products. This has also triggered the race for gaining higher benefit from untapped market in the developing or under developed regions. For the same, industry participants are adopting various growth strategies such as merger & acquisition, regional expansion, partnerships & collaboration, and many others in order to gain maximum competitive advantage as well as to maintain its competitive edge across the globe.
Some of the prominent players covered under the global electric vehicle supply equipment market report include ABB Ltd., AeroVironment Inc., ChargePoint Inc., Chargemaster PLC, ClipperCreekInc., Eaton Corporation, SemaConnect Inc., Leviton Manufacturing Co. Inc., Schneider Electric SE, Tesla Inc., Siemens AG, Webasto SE, EVOTEC AG, Delta Electronics Inc., Ecotap BV, Heliox, and COMECA Group among others.
The global electric vehicle supply equipment market research report classifies the market as follows:
By Power Type
EV Charging Kiosk
Onboard Charging Station
By Charging Station Type
Highway Charging Station
Destination Charging Station
Fleet Charging Station
Bus Charging Station
By Regional Outlook
Rest of North America
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa (MEA)
Rest of the Middle East & Africa
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