At 15.6% CAGR, (ESVE) Electric Vehicle Supply Equipment Market Size was worth USD 14.04 Billion in 2020, Says Brandessence Market Research
17 Aug, 2021, 17:00 IST
PUNE, India, Aug. 17, 2021 /PRNewswire/ -- Global Electric Vehicle Supply Equipment (ESVE) Market is valued around USD 14.04 Billion in 2020 with the CAGR of 15.6% over the forecast period.
Global Electric Vehicle Supply Equipment (ESVE) Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2021-2027– Growing adoption of electric vehicles, supportive government policies to promote electric vehicle and rising development in technology are some major factors driving the growth of Global Electric Vehicle Supply Equipment (ESVE) Market.
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Electric vehicle supply equipment (EVSE) supplies power to an electric vehicle (EV). Usually called charging stations or charging docks, they give electric power to the vehicle and utilize that to re-energize the vehicle's batteries. EVSE system incorporate the electrical cathodes, related hardware, programming, and communications methodology that convey energy capability and securely to the vehicle. Electric vehicle supply hardware incorporates an expansive scope of products for conveying power to electric vehicles (EVs) in a protected, controlled way. These reach from the various classes of equipment that fluctuate drastically in power level and features, depending upon use cases, to the product arrangements that work with charging, asset management, access control and energy improvement, to the installation and support administrations expected to continue charging framework working easily. These EVs are named plug-in electric vehicles (PEVs). Vehicles that utilization a mix of electric and internal combustion however without a charging port are named hybrid electric vehicle (HEV).
During COVID-19 pandemic, number of nations had forced a total lockdown which in turn affected electric vehicle charging stations production. Production and transportation are disturbed. Manufacturing units all throughout the globe were closed down, and EV charging deals endured a huge effect in the initial stage of pandemic. In any case, most of the automakers and EV charging suppliers resumed EV chargers manufacturing with restricted creation and important measures. Along these lines, the production suspension during the COVID-19 outbreak and lower demand may phenomenally affected the electric vehicle deals.
Global Electric Vehicle Supply Equipment (ESVE) Market: Market Player Analysis
- Tesla Inc
- Leviton Manufacturing Co. Inc.
- Chargemaster Ltd.
- ChargePoint Inc.
- Efacec Electric Mobility S.A.
- Blink Charging Co.
- Schneider Electric SE
- ev Transportation Services, Inc.
- ABB Ltd.
- Eaton Corporation plc
- Webasto Charging Systems Inc. (Webasto)
News: EvTS Announced Agreement with Blink Charging to Distribute Its Portable EV Charger
On April 20th, 2021; the eV Transportation Services Inc. reported that it has gone into an affiliate contract with Blink Charging, main electric vehicle supply equipment (EVSE) company that designs, fabricates, possesses and works EV charging items and services. The association is blending Blink's new IQ 200-M convenient EV charger with the evTS FireFly and makes a completely electric EV Roadside Assistance Vehicle arrangement. The arrangement calls for evTS to socialize Blink's EV charging tools to fleet clients alongside the Company's FireFly ESV fundamental service vehicle.
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Growing Adoption of Electric Vehicles, Supportive Government Policies to Promote the Adoption of Electric Vehicle and Rising Development in Technology Drive the Market Growth
One of the major factors driving the growth of global electric vehicle supply equipment (ESVE) market is growing adoption of electric vehicles. The air contamination levels rising because of the consuming of petroleum derivatives in traditional vehicles, electric variations are being advanced in various countries. For instance, according to the International Energy Agency reports, about 2 million surge in EV deals, which crossed the 5 million imprints in 2018. These deals are additionally expected to develop at a rate of 30% in the coming years, in this way boosting EVSE deployment. In addition, another major factor for the growth of global electric vehicle supply equipment (ESVE) market is due to increasing investments by governments to develop electric vehicle. To reduce the air pollution governments of various countries provide funding and investments to develop pollution free vehicle. For instance; in South Korea, the government has set objective to introduce 10,000 fast electric vehicle chargers by 2022. Essentially, India is focusing to introduce 2,700 charging stations in urban communities over 4,000,000 inhabitants by 2023, including fast and super-fast charging stations along major highways. Furthermore, rising technological developments are also supplementing the market growth.
However, huge initial cost may hamper the global electric vehicle supply equipment (ESVE) market growth. In spite of that, growing use of electric cars and rising government investments to develop charging infrastructure and incentive can offer more opportunities for the further growth of the global electric vehicle supply equipment (ESVE) market.
Asia Pacific is Expected to Witness the Fastest Growth in Global Electric Vehicle Supply Equipment (ESVE) Market
Asia Pacific is expected to show a fastest growth in the global electric vehicle supply equipment (ESVE) market within the forecast period due to increasing adoption of electric vehicle, rising investment in EV charging infrastructures and increasing funding by governments and growing technological advancement. For instance, in January 2019, the Chinese Electric Vehicle Charging Infrastructure Promotion Agency (EVCIPA) detailed the quantity of public chargers, which remained at around 330,000 stations. The Indian government has additionally declared designs to prepare 69,000 EV charging stations across India as a feature of its first phase of EV framework development, which may have an interest of 4 lakh charging stations by 2026. In August 2020, BYD dispatched mobile charging service to empower clients to charge their EV's in a hurry in crisis conditions.
Europe is projected to capture the significant revenue share in the global electric vehicle supply equipment (ESVE) market due to rising partnership among automakers for the development of fast charging network and growing development in technology. For instance, as per the news published on December 22nd, 2020, Daimler and Infosys declared strategic partnership to drive hybrid cloud-fuelled innovation and IT infrastructure transformation in the automotive sector. In April 2018, Siemens made an inventory agreement to supply EV chargers for E buses in Denmark.
Key Benefits for Global Electric Vehicle Supply Equipment (ESVE) Market Report:
- Global Electric Vehicle Supply Equipment (ESVE) Market report covers in depth historical and forecast analysis.
- Global Electric Vehicle Supply Equipment (ESVE) Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
- Global Electric Vehicle Supply Equipment (ESVE) Market report helps to identify opportunities in market place.
- Global Electric Vehicle Supply Equipment (ESVE) Market report covers extensive analysis of emerging trends and competitive landscape.
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