Electric Vehicle Supply Equipment Market size is set to grow by USD 68744.87 mn from 2023-2027, growth in demand for electric vehicles to boost the market growth, Technavio

NEW YORK, May 10, 2024 /PRNewswire/ -- The global electric vehicle supply equipment market size is estimated to grow by USD 68744.87 mn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of 29.9% during the forecast period. 

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Market Driver

The Electric Vehicle Supply Equipment (EVSE) market encompasses various components, including inductive charging, fixed chargers, and portable chargers. These systems utilize advanced technologies like DC Fast Chargers and communicate using specific protocols. The market is driven by the deployment of smart grids for EV charging, which integrates EVSE systems with grid applications such as SCADA and IT networks. Amidst the global shift towards electric vehicles (EVs), the EVSE infrastructure is expanding rapidly in countries like China, the US, India, Spain, Germany, and France. Factors like the import-export of related equipment and investment pockets in EVSE systems are influencing market growth. Despite challenges such as the supply-demand gap and the impact of the Novel Coronavirus on non-essential items, the market is expected to continue its upward trajectory, with EVSE systems playing a crucial role in addressing the transition from fossil fuels like gasoline, petrol, diesel, and oil reserves towards sustainable electric power for vehicle batteries. 

Market Challenges

• The Electric Vehicle Supply Equipment (EVSE) market faces challenges due to the absence of universal standards for EV chargers and installation in public places. Stakeholders include contractors, installers, training programs, auto manufacturers, electric utilities, and major players like Andrei Moldoveanu. Standards vary by region; Japan uses CHAdeMO, Europe and others CCS, China GB/T 20234, and Germany IEC 62196. Commercial fleets, public transit, retail establishments, seaports, airports, bus depots, hotels, parks, highways, corporate offices, and homes require EVSE. Batteries, incentives, tax benefits, subsidies, IEA, car sales, and passenger car sales are also involved. Challenges include shutdowns, liquidity, carbon emission reduction, ICE vehicle replacement, smart cities, and transition from non-renewable sources like crude oil. Key financing considerations include charging station types, normal charging, and supercharging.

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Segment Overview 

This electric vehicle supply equipment market report extensively covers market segmentation by

1. Type 
• 1.1 Level 2
• 1.2 Level 1
• 1.3 Level 3
2. Application 
• 2.1 Residential
• 2.2 Commercial
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Level 2- 

During the forecast period, considerable growth is anticipated in the level 2 segments. Level 2 charging denotes a charging infrastructure that supplies power at higher voltage (240 volts, AC) and amperage compared to standard household outlets, enabling quicker and more efficient charging for electric vehicles. This category offers EV owners a convenient and dependable charging option suitable for both residential and commercial purposes..

The Electric Vehicle Supply Equipment (EVSE) market is experiencing significant growth, driven by the increasing adoption of electric vehicles (EVs) and the need for advanced charging infrastructure. This market encompasses various stakeholders, including contractors, installers, and training programs, who play a crucial role in ensuring the installation and maintenance of EVSE adheres to industry standards. Major stakeholders include auto manufacturers, electric utilities, and government entities such as the International Energy Agency (IEA). Standards are essential to ensure interoperability and safety in the EVSE market. Contractors and installers must undergo rigorous training programs to install and maintain EVSE, including Level 2 and DC Fast Charging (Supercharging) systems. Auto manufacturers, electric utilities, and commercial fleets, such as public transit, bus depots, and commercial establishments like retail, hotels, seaports, airports, and corporate offices, are major consumers of EVSE. Major stakeholders also include battery manufacturers, who provide the necessary energy storage solutions for EVs, and governments, which offer incentives, tax benefits, and subsidies to promote the adoption of EVs and EVSE. The EVSE market is also influenced by factors such as the shutdown of operations in the automobile industry due to the COVID-19 pandemic, which has affected the liquidity of car sales and passenger car sales, leading to a surge in demand for EVSE. The transition to EVs from Internal Combustion Engine (ICE) vehicles is a critical step towards reducing carbon emissions and reliance on non-renewable sources such as crude oil. Governments and private entities are investing in charging infrastructure along highways, in public spaces like parks, and in smart cities to support the growth of EVs. Charging station finance, including charging station type (Normal Charging and Supercharging), and various fees such as road tax, purchase tax, and registration fees, are also essential considerations in the EVSE market.

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Research Analysis

The Electric Vehicle (EV) Supply Equipment (EVSE) market encompasses a range of solutions designed to facilitate the charging of EVs, including charging stations, docks, and related equipment. These systems enable the transfer of electric power from the grid to the vehicle's batteries, utilizing various installation types such as fixed chargers and portable chargers. EVSE systems are essential infrastructure for the widespread adoption of EVs in various sectors, including Bus depots, Hotels, Parks, Highways, Corporate offices, and Homes. The market is driven by incentives and tax benefits, with supercharging and inductive charging technologies gaining significant attention. The COVID-19 pandemic has impacted the import-export landscape and workforce dynamics in the factories producing EVSE systems and related equipment.

Market Research Overview

The Electric Vehicle (EV) Supply Equipment (SE) market encompasses a range of technologies and systems essential for charging and maintaining the operation of electric vehicles (EVs). Key components include charging stations, vehicle-to-grid systems, batteries, and power electronics. The market is driven by increasing demand for sustainable transportation and government initiatives to reduce carbon emissions. Charging stations can be categorized as Level 1, Level 2, DC Fast Charging, and Wireless Charging Systems. The market is expected to grow significantly due to the rising adoption of electric vehicles and advancements in charging technology. Additionally, the integration of renewable energy sources and smart grid technologies is expected to further boost market growth. The market comprises of various stakeholders such as Original Equipment Manufacturers (OEMs), component suppliers, charging infrastructure providers, and government agencies.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Level 2
• Level 1
• Level 3
• Application
• Residential
• Commercial
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio