Global Electric Vehicle Supply Equipment (EVSE) Market Insights Forecasts to 2032

• The Global Electric Vehicle Supply Equipment (EVSE) Market Size was valued at USD 37.36 Billion in 2022.
• The Market Size is Growing at a CAGR of 29.2% from 2022 to 2032
• The Worldwide Electric Vehicle Supply Equipment (EVSE) Market Size is expected to reach USD 484.18 Billion by 2032
• Europe is expected To Growth the fastest during the forecast period

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The Global Electric Vehicle Supply Equipment (EVSE) Market Size is expected to reach USD 484.18 Billion by 2032, at a CAGR of 29.2% during the forecast period 2022 to 2032.

Electric vehicle supply equipment (EVSE) provides power to a battery-powered electric vehicle (EV) or plug-in electric vehicle, such as an electric car, electric truck, electric bus, neighborhood electric vehicle, or plug-in hybrid. They are also known as charging stations or charging docks since they supply electric power to the car and use it to refuel the vehicle's batteries. EVSE systems comprise the electrical conductors, associated components, application software, and communication channels that transfer energy to the automobile in a safe and effective way.

 

To solve a variety of impediments, public bodies, private companies, and some major businesses provide charging stations. Simple charging stations for curbside usage, charging cabinets for covered parking spaces, and fully automated charging facilities incorporated with power distribution equipment are among the possible solutions. Extended excursions necessitate the establishment of a network of public charging stations. Furthermore, they are necessary for vehicles that do not have access to a personal charging station, which is frequent in multi-family dwellings. Also, costs vary widely depending on the country, the electricity supplier, and the source of electrical power. Some providers bill by the minute of operation, whereas other companies bill by the volume of energy delivered in kilowatt-hours.

 

Battery and charging advancements in technology are poised to alter the global transportation industry. The rising focus on self-driving cars and public transportation, which will result in increased use of electric vehicles, is also a positive trend for the Electric Vehicle Supply Equipment (EVSE) market. However, the hefty expenses associated with building infrastructure may stifle industry expansion.

 

The major companies in the Global Electric Vehicle Supply Equipment (EVSE) Market include Webasto, Tritium Pty Ltd., BTC Power, AeroVironment Inc, ABB Ltd, ChargePoint, Inc, Schneider Electric, Tesla, Eaton Corporation, and Siemens. Major expenditures in R&D for the advancement of innovative products, as well as acquisitions, are some of the market participants' growth tactics. Furthermore, numerous important manufacturers are focusing on obtaining long-term agreements with governments in order to boost their market position in the electric vehicle supply equipment market.

 

For instance, on March 2023, Akima Intra-Data and its collaborator CBRE announced today that the GSA has awarded a design/build and construction Indefinite Delivery Indefinite Quantity (IDIQ) concession to enable EVSE installation and related infrastructure improvements. The contract, which is innovative, adaptable, and simple to use, will streamline EVSE ordering procedures at federal agency facilities across the Western United States.

 

Driving Factors

The products or components deployed in order to securely transmit and control electrical energy between an electric vehicle and an electrical source are referred to as electric vehicle supply equipment or systems. government agencies are supporting the adoption of electric vehicles to combat environmental challenges such as climate change and airborne pollutants caused by the usage of carbon-based fuels. As a result of such factors that encourage the sale of electric vehicles, the demand for the electric vehicle supply equipment market is expected to grow over the forecast period.

 

Furthermore, electric vehicle supply equipment systems comprise communication protocols, software, electrical conductors, and other equipment that securely and economically transfer energy to the automobile. The increasing usage of electric vehicles is one of the primary reasons driving the global market's growth. In addition, the increased emphasis of various automotive companies and governments on enhancing charging infrastructure performance is expected to fuel market growth throughout the forecast period.

 

The skyrocketing price of petrol and diesel and the scarcity of nonrenewable energy sources boost EV adoption in the market. Growing carbon emissions from internal combustion engine (ICE) automobiles have been a major source of concern for government officials over the last decade. Electric vehicles run on battery-generated power and do not require fuel, allowing consumers to transition away from traditional fuel-powered vehicles, owing to the low cost of electric vehicle upkeep. As a result, the growing popularity of electric vehicles is likely to drive growth in the electric vehicle supply equipment market throughout the predicted time frame.

 

Restraining Factors        

However, the costs of electric vehicle charging equipment are emerging as a major constraint limiting industry expansion. The charging infrastructure has numerous costs related to it, including installation, maintenance, and operational costs. Other duties, including as feasibility studies, project management, and consulting, are equally costly. The expense, therefore, becomes the deciding factor, rendering charging station financing untenable. Furthermore, numerous governments have set limitations on the cost per unit paid to the EV driver, hampering the operations of EV charging station proprietors.

 

Market Segmentation

By Product Type Insights

The onboard charging station segment is dominating the market with the largest revenue share over the forecast period.

On the basis of product type, the global electric vehicle supply equipment (EVSE) market is segmented into the portable charger, EV charging kiosks, onboard charging stations, and others. Among these, the onboard charging station segment is dominating the market with the largest revenue share of 38.6% over the forecast period. The installation, development, management, and ongoing upkeep of onboard charging stations are all being prioritized by various city governments as contracts with long-term terms. Furthermore, there has recently been a major increase in demand for onboard charge stations for longer-distance lift trucks. The various advantages of onboard charging stations include faster charging times and less downtime for automobiles.

 

By Charging Type Insights

The level 1 and level 2 segments are witnessing significant CAGR growth over the forecast period.

On the basis of charging type, the global electric vehicle supply equipment (EVSE) market is segmented into level 1, level 2, and level 3. Among these, the level 1 and level 2 segments are witnessing significant CAGR growth over the forecast period. The rising Public-Private Partnerships (PPP) activities focused on creating level 2 and level 1 DC electric car charging infrastructure across commercial sectors are influencing the expansion of level 2 and level 1 segments. In comparison to their AC counterparts, DC charging stations allow for faster EV charging. As a result, level-1 DC chargers are becoming more popular in low-emission zones throughout the continent of North America and Europe.

 

By Application Insights

The commercial segment accounted for the largest revenue share of more than 42.8% over the forecast period.

On the basis of application, the global electric vehicle supply equipment (EVSE) market is segmented into commercial and residential. Among these, the commercial segment is dominating the market with the largest revenue share of 42.8% over the forecast period. This is owing to an increase in the prevalence of electric vehicle charging stations in common spaces such as airports, train stations, parking lots, business buildings, restaurants, and retail malls. Another reason driving the sector's development is the rising focus on the installation of electric vehicle charging stations in parking facilities by hospitality organizations such as Hyatt Corporation and Marriott International, Inc.

 

Regional Insights

Asia Pacific dominates the market with the largest market share over the forecast period.

 

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Asia Pacific is dominating the market with more than 38.7% market share over the forecast period. The priority exerted by many different governments on promoting the use of electric cars and encouraging charging infrastructure has motivated a number of start-ups as well as significant global corporations to collaborate with government agencies to develop novel electric vehicle charging technologies. Furthermore, the governing authorities of China, India, South Korea, and Japan are increasing their emphasis on electric vehicle usage and are encouraging EV charging infrastructure in order to induce a number of major corporations as well as emerging enterprises to design new electric vehicle charging infrastructure in collaboration with regulatory organizations. Furthermore, policymakers in South Korea and Japan are focusing on increasing EV charging infrastructure through major investments.

 

Europe, on the contrary, is expected to grow the fastest during the forecast period. This expansion can be ascribed to expanding collaborations between automobile manufacturers such as Daimler AG, BMW AG, and Volkswagen AG, which are responsible for the construction of rapid charging networks throughout Europe. Furthermore, oil firms such as the British Petroleum Company and Royal Dutch Shell Plc are working with electric car supply equipment suppliers to integrate electric vehicle charging stations at existing gasoline and gas stations. Moreover, expanding public-private partnership (PPP) initiatives for the implementation of electric vehicle supply equipment on roads are likely to fuel the European market.

 

The North America market is expected to register a substantial CAGR growth rate during the forecast period. During the forecast period, the electric vehicle supply equipment market is likely to be driven by factors such as the region's increasing acceptance of electric vehicles, increased investments in electric vehicles, and the development of electric vehicle infrastructure. Furthermore, firms such as Tesla Motors have innovated and boosted industry competitiveness with their leading-edge vehicle and energy technologies. Global corporations such as GM, Ford, and Renault are following suit and launching EV initiatives and investments.

 

List of Key Market Players

• Webasto
• Tritium Pty Ltd.
• BTC Power
• AeroVironment Inc.
• ABB Ltd.
• ChargePoint, Inc.
• Schneider Electric
• Tesla
• Eaton Corporation
• Siemens
• Delta Electronics, Inc.
• Ekoenergetyka-Polska Sp. z o.o.
• Leviton Manufacturing Co., Inc.
• CIRCONTROL S.A
• SemaConnect, Inc.
• EVBox

 

Key Market Developments

• On May 2023, Imperalis Holding Corp., dba TurnOnGreen, Inc., announced the completion and activation of Electric Vehicle (EV) charging stations at 18 hotels across North America, further expanding the Company's EV charging network to service the rapidly developing Electric Vehicle market. Multiple high-power, networked EVP700G Level 2 EV chargers are used in the projects, and they may be activated via the TurnOnGreen App, RFID cards, or a unique QR code displayed on each EV charger.

 

• On May 2023, EnergyHub, known for its distributed energy resource management systems (DERMS), has formed a promising partnership with Emporia, a smart home energy management technology business based in Colorado. This collaboration seeks to provide utility customers with a faster, cost-effective charging technology that is compatible with all EV brands and models. This expansion not only broadens utility consumer options, but it also strengthens utility initiatives that promote grid reliability and customer savings.

 

• On February 2023, EverCharge, a leading producer of large-scale electric vehicle (EV) charging devices and management systems, has launched an end-to-end suite of services to simplify the cost-analysis, deployment, and maintenance of its EV charging systems. The combination of these service offerings, together with its American-made EV charging gear, gives EverCharge consumers a streamlined experience, rather than needing to patch together services, fight to link hardware with software, or work with incomplete data.

 

• In October 2022, With the United States aiming for net-zero emissions by 2050, accelerating the development of electric vehicle (EV) charging infrastructure is critical to meeting decarbonization targets. Eaton said that its contract with the General Services Administration (GSA) has been expanded to include EV supply equipment (EVSE) and services. Eaton's smart breaker chargers and energy storage systems are among the most recent Eaton technologies and services to be included in the GSA blanket purchase agreement (BPA). The GSA contract amendments also provide a framework to enable state and local government EVSE projects, including building energy system improvements and updates.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Electric Vehicle Supply Equipment (EVSE) Market based on the below-mentioned segments:

 

Electric Vehicle Supply Equipment (EVSE) Market, Product Type Analysis

• Portable Charger
• EV Charging Kiosk
• Onboard Charging Station
• Clubs

 

Electric Vehicle Supply Equipment (EVSE) Market, Charging Station Type Analysis

• Normal Charging
• Super Charging
• Inductive Charging

 

Electric Vehicle Supply Equipment (EVSE) Market, Charging Type Analysis

• Level 1
• Level 2
• Level 3

 

Electric Vehicle Supply Equipment (EVSE) Market, Power Type Analysis

• AC Power
  • Level 1
  • Level 2
  • Level 3

• DC Power
  • Level 1
  • Level 2
  • Level 3

 

Electric Vehicle Supply Equipment (EVSE) Market, Application Analysis

• Commercial
• Residential

 

Electric Vehicle Supply Equipment (EVSE) Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa