Fort Collins, Colorado, April 18, 2024 (GLOBE NEWSWIRE) --
The growing adoption of electric vehicles drives the need for electric vehicle supply equipment.
The electric vehicle supply equipment (EVSE) market is witnessing substantial growth, propelled by the rising adoption of electric vehicles (EVs) globally. Governments worldwide are implementing policies and incentives to promote EV usage, including tax credits, subsidies, and grants, incentivizing consumers to transition to electric mobility. For example, the infrastructure bill passed by the Biden administration in November 2021 allocated USD 7.5 billion to establish a nationwide network of 500,000 EV chargers by 2030. Furthermore, the decreasing costs of EVs and advancements in battery technology enhance affordability and appeal to consumers, further stimulating the demand for EVSE.
Integrating renewable energy sources such as solar and wind power presents a significant opportunity for key players in the EVSE market. By merging EV charging infrastructure with renewable energy generation, businesses and organizations can reduce their carbon footprint and electricity costs. For example, Tesla's Supercharger network has already started incorporating solar panels at select charging stations, enabling EVs to be charged using clean energy. As the demand for sustainable and eco-friendly solutions increases, integrating renewable energy sources with EVSE is anticipated to gain momentum. Additionally, advancing universal charging standards and interoperable technologies and incorporating innovative charging technologies will drive market growth during the forecast period.
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Segmentation Overview:
The electric vehicle supply equipment market has been segmented into charging type, charging station, installation, application, and region.
The normal charging accounted for a significant share in 2023.
- Based on the market segmentation by charging station, the normal charging segment held the largest market share in 2023. This is attributed to its relative affordability and ease of installation, providing a balance between charging speed and installation costs. It is suitable for residential and commercial applications, such as homes, workplaces, and public parking areas.
The demand for commercial fleets has soared in the past few years.
- Based on the market segmentation by application, the commercial segment registered a massive growth in 2023. Factors such as fleet electrification, investment & partnerships, and evolving consumer preferences drive the segment growth. Companies across various industries are transitioning to electric vehicle fleets for sustainability and cost-efficiency.
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Electric Vehicle Supply Equipment Market Report Highlights:
- The electric vehicle supply equipment market growth is anticipated at a CAGR of 29.9% by 2032.
- The growing adoption of electric vehicles has triggered the need for relevant infrastructure and is projected to foster market growth in the coming years.
- Asia Pacific is projected to be the largest electric vehicle supply equipment market in the forthcoming years, owing to the presence of auto manufacturers, distributors, and vendors in the region.
- Some prominent players in the electric vehicle supply equipment market report include ABB Ltd., ChargePoint, Inc., Eaton Corporation plc, Siemens AG, Tesla, Inc., Schneider Electric SE, Leviton Manufacturing Co., Inc., EVBox Group, Blink Charging Co., Webasto Group, Enphase Energy, Inc. and Allego.
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