“Demand for electric vehicles and subsidies provided by governments are significant factors for the growth of the electric vehicle supply equipment market globally”
The global electric vehicle supply equipment market is estimated to grow from USD 2.54 billion in 2019 to reach USD 27.61 billion by 2027, at a CAGR of 34.7% during the forecast period. Increased emphasis on reduction in carbon emissions is expected to boost the market. However, high overhaul and maintenance costs for charging infrastructure can create a hurdle for its growth.
“Installation cost of charging infrastructure and efficiency of vehicles are likely to propel the growth of portable chargers during the forecast period”
The portable charger segment is expected to be the fastest growing market. With portable chargers, EV drivers could carry the charger with them and charge the car whenever needed. In addition, a portable charger eliminates the need to develop a charging infrastructure for installing a stationary charging station. Initially, portable chargers were introduced as small and light chargers that could generate sufficient power for short journeys. However, new advanced portable chargers are expected to generate the same power as stationary charging stations.
“The North American market is expected to register the fastest growth during the forecast period”
The North American market is expected to witness the fastest growth, followed by Europe and Asia Pacific. The electric vehicle supply equipment industry in the country is inclined toward innovation, technology, and development of advanced charging infrastructure. The increasing demand for reducing carbon emission and developing more advanced and fast charging stations are expected to propel the growth. Tesla, Leviton, and ChargePoint are some of the key players in the US electric vehicle supply equipment industry.
“Asia Pacific is expected to be the largest market during the forecast period”
Asia Pacific is expected to be the largest market, followed by Europe. The increasing concerns of carbon emission due to existing vehicles and efficiency in this mode of transport have led the authorities to develop a charging infrastructure network that has propelled the growth of this market. Government initiatives have encouraged the key players to develop the infrastructure for charging network.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
- By Company Type: Tier I - 38%, Tier II - 37%, and Tier III - 25%
- By Designation: C Level - 30%, D Level - 50%, and Others - 20%
- By Region: North America - 31%, Europe - 32%, and Asia Pacific - 37%
The electric vehicle supply equipment market comprises major manufacturers such as Tesla (US), ABB (Switzerland), Siemens (Germany), and Bosch (Germany).
The market study covers the electric vehicle supply equipment across segments. It aims at estimating the market size and future growth potential of this market across different segments such as the application type, charging station type, charging infrastructure type, electric bus charging type, installation type, charging level, and region. The study also includes an in-depth competitive analysis of the key players in the market along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall electric vehicle supply equipment market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.