Global Electric Vehicle Supply Equipment Market is Predicted to Reach USD 94.05 Billion by 2027

The latest market report published by Credence Research “Global Electric Vehicle Supply Equipment Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The global market has acquired a market size of around USD 16.10 billion in 2020 and expected to reach a healthy CAGR of over 34.2% during the forecast period from 2021 to 2027 to reach around USD 94.05 billion in 2027.

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EVSEs are charging stations for electric vehicles that can be found in a variety of residential and commercial settings, including residences, corporate offices, highways, parks, hotels, and bus depots. Increased public and private sector efforts to promote the introduction of electric vehicles are boosting market growth (EVs). Several governments have begun to provide financial incentives, such as discounts and tax breaks, to enable citizens to purchase electric cars, which is driving up demand for electric vehicle supply equipment.

Key Trends in Global Market

Measures Taken by Government for Curbing Pollution

Internal combustion engine (ICE) vehicles use a combustion chamber to burn fuel and generate power, which emits greenhouse gases such as carbon dioxide, methane, and others, resulting in contamination of the atmosphere. Electric cars, on the other hand, use an electric motor that runs on battery power and does not emit carbon emissions. Furthermore, governments all over the world have enacted a slew of strict policies and legislation aimed at reducing emission levels.

Rise in Market Penetration of EV

The limited supply of non-renewable energy sources and the high cost of crude oil are boosting electric vehicle market penetration (EV). EVs run on non-fuel and battery-generated current, allowing consumers to switch from internal combustion engine (ICE) vehicles due to EVs’ low maintenance costs. As a result, growth in the electric vehicle supply equipment market is expected to be supported by increased market penetration of electric vehicles over the forecast period.

Global Market by Charging Station Type Insights

Super Charging, Normal Charging, Inductive Charging, are the three Charging Station Type of this market. As a result of favorable government policies for the construction of public charging networks in cities such as Melbourne, Beijing, and Amsterdam, the normal charging segment led the market in 2020. In addition, there has been a major increase in demand for vehicles with onboard charging stations that use AC voltage to charge them. In addition, the segment is being driven by rising demand for electric vehicles that are used for shorter commutes and require only a few hours of regular charging.

Inductive Charging Segment to Dominate the global market

Global Market by Application Insights

Global market is segmented based on Application as Commercial and Residential. Over the forecast period, the residential segment is projected to rise significantly. This can be due to numerous government incentives and tax credits for the purchase of electric vehicles, which are often charged at home.

Global Market by Regional Insights

European countries have high adoption of EV due to the rising partnerships among firms like BMW AG, Daimler AG in order to develop fast charging networks across this region. This has led to the high growth rate of the market. Additionally, firms like Royal Dutch Shell Plc and BP Plc are emphasizing on the incorporation of EV charging station at previously existing gas and fuel stations by with the support of supply equipment suppliers.

Furthermore, Asia-Pacific had the highest share in previous years as the governments have focused on infrastructure required for EV. This, in turn, helped supply equipment market to propel. In terms of value, North has set healthy CAGR and seen as the most attractive market.

Global Market Competitive Landscape

Most prominent players in the global market include ClipperCreek, Liberty Plugins, NRG EVgo, FullCharger, Chargemaster PLC, Bosch Automotive Service Solutions Inc., ChargePoint, Elektromotive, Circontrol SA and Tesla Inc. The report covers very detailed profiles of these key players.

Market Segmentation

Global Electric Vehicle Supply Equipment Market by Charging Station Type, 2015 – 2027

· Normal Charging

· Super Charging

· Inductive Charging

Global Electric Vehicle Supply Equipment Market by Application, 2015 – 2027

· Commercial

· Residential

Global Electric Vehicle Supply Equipment Market by Region, 2015 – 2027

· North America

· Europe

· Asia Pacific

· Latin America

· Middle East and Africa

Global Electric Vehicle Supply Equipment Market: Key Players

· Liberty Plugins

· Chargemaster PLC

· ClipperCreek

· NRG EVgo

· ChargePoint

· FullCharger

· Elektromotive

· Bosch Automotive Service Solutions Inc.

· Circontrol SA

· Tesla Inc.