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The Electric Vehicle Supply Equipment (EVSE) Market is expected to reach USD 228.38 Billion by 2028, according to a new report by Reports and Data. Electric Vehicle Supply Equipment is also known as an electric charging point or electric vehicle charging station. The chargers and the components that are built to create them are known as EVSE. They increase safety by facilitating two-way communication within the electric vehicle and the charging station. Electric buses and other large electric vehicles are growing in demand in this market, respectively. While electric buses are available commercially, larger heavy-duty vehicles are still under development.
Associated charging systems are mostly unique to their designated vehicle or their application. The EVSE’s main function is to supply electric energy to charge electric vehicles. These charging stations are situated in parking locations and are provided by electrical utility organizations or even in retail shopping malls by some private companies. These stations are provided with a variation of connectors, which suit every type of EV or Electric Vehicle.
The demand for EVs is growing due to several factors such as increasing environmental issues and the consumers’ knowledge about the same.
The market in North America region is anticipated to witness the highest CAGR of 34.5% followed by Europe and the Asia Pacific, during the forecast period. The electric vehicle supply equipment manufacturers in the country are shifted toward technology, innovation, and development of high-level charging infrastructure.The accelerating demand for decreasing carbon emission and generating more superior and fast charging stations are anticipated to propel the growth.
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The automotive industry covers manufacturing and production of vehicles including production of their parts such as engines, bodies, tires, and batteries, among others. Original equipment manufacturers (OEMs) and aftermarket suppliers and companies are the key vendors in the industry. Automotive industry primarily includes passenger automobiles, trucks, vans, and sport utility vehicles. Commercial vehicles account for a substantial market share in the overall industry. The OEMs and suppliers are scouting for growth prospects to capitalize on the industry-wide evolution in the automotive sector by investing heavily in manufacturing of vehicles and their body parts.
Key companies operating in the market include: Bosch Automotive Service Solution Inc, Eaton, Liberty Plugins, Chargemaster PLC, ClipperCreek, NRG EVgo, ChargePoint, FullCharger, Elektromotive, Circontrol, Tesla Motors, ABB, Blink Charging, Schneider Electric, Siemens, General Electric, AeroVironment, IES Synergy, Chargemaster, DBT-CEV, Pod Point, BYD, Xuji Group, Potivio, Auto Electric Power Plant, Wanbang, and Qingdao Telaidia.
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Over the recent past, the automotive industry has witnessed massive evolution and transformation owing to the advent of digital platforms and rapid integration of IoT. Growing levels of expendable income and paradigm shift in consumer preference has significantly contributed to development of the automotive sector across the globe. The global Electric Vehicle Supply Equipment market report highlights the recent mergers and acquisitions, collaborations, and partnerships that have contributed to revenue growth of the market. Increasing demand for hybrid and fully-electric vehicles and rising awareness about alternative fuels have also boosted revenue growth of the market.
Based on types, the global Electric Vehicle Supply Equipment market is segmented into Level Outlook (Volume, Thousand Units; and Revenue, USD Million; 2020-2028)
End User Outlook (Volume, Thousand Units; and Revenue, USD Million; 2020-2028)
Equipment Type Outlook (Volume, Thousand Units; and Revenue, USD Million; 2020-2028)
The automotive sector is expected to witness numerous challenges over the forecast period pertaining to increasing efforts required by the OEMs to stay attuned with the digitization and electrification of the industry. Emergence of electric vehicles and growing need for accessible charging stations can be a limiting factor in developing countries due to insufficient resources and lack of standard infrastructure. However, the rapid shift in consumer preference and increasing financial support in the sector can help overcome the barriers.
Regions assessed in the report include:
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