NEW YORK, United States, Oct. 02, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Electric Vehicle Supply Equipment Market By Power (DC Power and AC Power), By Station Type (Super Charging, Normal Charging, and Inductive Charging), By Application (Commercial Charging Systems and Residential), By Product (Onboard Charging Station, Portable Charger, EV Charging Kiosk, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global Electric Vehicle Supply Equipment Market size & share in terms of revenue was valued at USD 34.72 billion in 2022 and it is expected to surpass around USD 220.36 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 26.13% during the forecast period 2023 to 2030.”
Electric Vehicle Supply Equipment Report Overview:
An electric vehicle supply equipment, often referred to as an electric vehicle (EV) charging station, comprises two key components. In technical terminology, EVSE functions as an electric charger, primarily responsible for providing electrical energy or charging capabilities to an electric vehicle. The charger typically incorporates at least one socket per electrical circuit, and the number of electric circuits may vary depending on the specific model. Usually, a single socket suffices to charge an EV. However, EVSE encompasses not only the charger itself but also the associated accessories and equipment essential for EV charging, including the electrical circuit.
In its essence, an EVSE serves as the control unit responsible for delivering power to a vehicle during the charging process when it is connected to a charger. It's important to distinguish EVSE from physical electric charging stations or locations where vehicle owners can charge their EVs. EVSE focuses on the constituent parts that enable the charging of an electric vehicle, encompassing elements such as communication protocols, electrical conductors, software, and related equipment. These components collectively ensure the safe transfer of energy from the charging points to the EV.
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Global Electric Vehicle Supply Equipment Market: Growth Dynamics
- Rising Demand for Electric Vehicles to Fuel Market Expansion
The global electric vehicle supply equipment market is poised for growth due to the increasing demand for electric vehicles (EVs). Several factors are contributing to the surging popularity of EVs, especially in the realm of electric cars and bikes. Recent geopolitical tensions between Western countries and others have indirectly impacted fuel prices, underscoring the limited supply of essential fuels such as petrol, diesel, and gas. Moreover, the excessive consumption of petrol and diesel is having a long-lasting detrimental effect on the environment, making them a leading contributor to global warming. Consumers are increasingly conscious of the environmental impact of burning fossil fuels and are calling for more eco-friendly solutions, with EVs emerging as the most fitting contemporary solution. Notably, in 2022, Tesla, a prominent EV manufacturer, reported sales of over 1.3 million EVs.
As the sales of EVs continue to climb, the provision of Electric Vehicle Supply Equipment (EVSE) becomes an undeniable imperative. Given that EVs are currently considered high-end in terms of pricing, consumers are expecting superior services and a hassle-free charging experience. Consequently, market players are investing in the development of highly efficient electric vehicle supply equipment to meet these growing demands.
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Report Scope
| Report Attribute | Details |
| Market Size in 2022 | USD 34.72 billion |
| Projected Market Size in 2030 | USD 220.36 billion |
| CAGR Growth Rate | 26.13% CAGR |
| Base Year | 2022 |
| Forecast Years | 2023-2030 |
| Key Market Players | EVBox Group, Tesla Inc., Siemens AG, ChargePoint Inc., ClipperCreek Inc., ABB, Schneider Electric, Blink Charging Co., Delta Electronics, Eaton Corporation, Tritium, Enel X, JuiceBar, EVgo Services LLC, Webasto Charging Systems Inc., and others. |
| Key Segment | By Power, By Station Type, By Application, By Product, and By Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. Explore purchase options |
Electric Vehicle Supply Equipment Market: Segmentation Analysis
The global electric vehicle supply equipment market is categorized into segments based on power, station type, application, product, and region.
In terms of power, the market is divided into DC power and AC power. In 2022, the DC power segment experienced the highest growth, driven by increasing strategic partnerships between private companies and regional governments aimed at constructing an extensive infrastructure of DC charging stations. Direct current (DC) charging allows EVs to charge faster compared to alternating current (AC) charging. The AC power segment may also witness significant growth, as it is known for providing higher performance efficiency for longer-distance driving. As EV manufacturers invest in more energy-efficient vehicles, the demand for AC power solutions is expected to rise. Presently, EVs have varying charging times, ranging from 30 minutes to 12 hours.
The market further classifies station types into supercharging, normal charging, and inductive charging options.
In terms of application, the global market distinguishes between commercial charging systems and residential solutions. The commercial charging segment dominated in 2022, driven by substantial investments in commercial charging infrastructure. Large-scale government initiatives like the West Coast Electric Highway (WCEH), Norway to Italy Electric Highway, and Trans-Canada highway projects have played a pivotal role in bolstering the commercial segment's revenue. EV manufacturers are partnering with public space owners such as hotels, shopping malls, and entertainment centers to establish EV charging infrastructure. The cost of building a Tesla supercharger station typically falls within the range of USD 60,000 to $350,000.
Lastly, based on product types, the electric vehicle supply equipment industry segments encompass onboard charging stations, portable chargers, EV charging kiosks, and other related products.
The global Electric Vehicle Supply Equipment market is segmented as follows:
By Power
- DC Power
- AC Power
By Station Type
- Super Charging
- Normal Charging
- Inductive Charging
By Application
- Commercial Charging Systems
- Residential
By Product
- Onboard Charging Station
- Portable Charger
- EV Charging Kiosk
- Others
Browse the full “Electric Vehicle Supply Equipment Market By Power (DC Power and AC Power), By Station Type (Super Charging, Normal Charging, and Inductive Charging), By Application (Commercial Charging Systems and Residential), By Product (Onboard Charging Station, Portable Charger, EV Charging Kiosk, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/electric-vehicle-supply-equipment-market
Competitive Landscape
Some of the main competitors dominating the global Electric Vehicle Supply Equipment market include -
- EVBox Group
- Tesla Inc.
- Siemens AG
- ChargePoint Inc.
- ClipperCreek Inc.
- ABB
- Schneider Electric
- Blink Charging Co.
- Delta Electronics
- Eaton Corporation
- Tritium
- Enel X
- JuiceBar
- EVgo Services LLC
- Webasto Charging Systems Inc.
Key Insights from Primary Research:
- As per the analysis shared by our research analyst, the global electric vehicle supply equipment market is estimated to grow annually at a CAGR of around 26.13% over the forecast period (2023-2030)
- In terms of revenue, the global electric vehicle supply equipment market size was valued at around USD 34.72 billion in 2022 and is projected to reach USD 220.36 billion, by 2030.
- The electric vehicle supply equipment market is projected to grow at a significant rate due to the growing demand for electric vehicles
- Based on power segmentation, DC power was predicted to show maximum market share in the year 2022
- Based on application segmentation, commercial charging systems was the leading segment in 2022
- On the basis of region, Asia-Pacific as the leading revenue generator in 2022
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Key questions answered in this report:
- What is the market size and growth rate forecast for Electric Vehicle Supply Equipment industry?
- What are the main driving factors propelling the Electric Vehicle Supply Equipment Market forward?
- What are the leading companies in the Electric Vehicle Supply Equipment Industry?
- What segments does the Electric Vehicle Supply Equipment Market cover?
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Key Offerings:
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market
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Regional Analysis:
Asia-Pacific Poised for Market Dominance in the Forecasted Period
The Asia-Pacific region is set to take center stage in the global electric vehicle supply equipment market during the projected period. The burgeoning sales in this region can be attributed to the robust demand for electric vehicles in emerging economies like China and India, as well as in other nations within the region. Notably, China currently stands as the largest consumer of electric vehicles, having achieved impressive domestic sales of nearly 7 million EV units in 2022. Furthermore, China boasts a vibrant EV industry, housing over 100 EV manufacturers offering vehicles across a wide price spectrum. It's worth mentioning that China, with its colossal economy and a population exceeding 1.3 billion, has set ambitious goals for carbon neutrality by 2060, with active participation from regional governments in pursuit of this vision.
In contrast, Japan holds a prominent position in the global automotive sector, having exported over 4.4 million cars to international markets last year. Meanwhile, India, with its expanding middle-income segment and a growing population, is witnessing a surge in demand for electric vehicles. Additionally, North America boasts an extensive infrastructure supporting electric vehicles, and the increasing investments in the deployment of new Electric Vehicle Supply Equipment (EVSE) and EV charging stations indicate the potential for a notable growth trajectory in this region throughout the forecasted period.
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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