Pune, India, March 07, 2022 (GLOBE NEWSWIRE) -- Electric Vehicle Supply Equipment market size is projected to reach USD 208.34 billion in 2028, at a CAGR of 31.1%. The global Electric Vehicle Supply Equipment market size was USD 24.52 billion in 2020. Rising initiatives by the governments and increasing focus on the development of charging infrastructure performance are expected to bolster market development.
Electric vehicle supply equipment is used extensively to charge electric vehicles (EVs) in commercial and residential locations. It is installed to charge electric vehicle batteries securely and reduce risks. Furthermore, rising initiatives by governments for the promotion of electric vehicle usage are expected to foster market development. Moreover, increasing focus on developing charging infrastructure performance is expected to boost industry development. These factors may propel the market development during the forecast period.
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| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 31.1% |
| 2028 Value Projection | USD 208.34 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 24.52 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
| Segments covered | Charging Type, Charging Type, Installation Type, Application and Region |
| Growth Drivers | Favorable Government Subsidies and Policies to Drive Market Growth |
| Technological Advances and Rising Investments to Boost Market Development in Asia Pacific |
Market Growth Drivers:
A rising focus on the development of low emission vehicles is expected to boost electric vehicle adoption, thereby increasing the equipment’s adoption. Zero or low registration fees, purchase tax, road tax, and import tax exemption are expected to bolster market development. Further, governments provide favorable subsidies and policies to increase the adoption of electric vehicle supply equipment adoption. For example, the Scottish government invested approximately USD 30 million from 2011 to 2019 for electric vehicle charging station development throughout Scotland. In addition, rising fuel prices lead to the adoption of electric vehicles by consumers. These factors may drive the electric vehicle supply equipment market growth.
However, high installation costs associated with the equipment is expected to impede market development.
Shutdown of All Operations to Foster Market Development
This market is expected to be negatively affected during the COVID-19 pandemic due to the shutdown of all operations globally. The sudden surge in COVID-19 infections and the emergence of new variants are expected to hinder the market progress. Further, restrictions on travel and the imposition of stringent regulations have significantly reduced the equipment’s adoption. However, the adoption of half capacities, production machinery, and social distancing is expected to boost market development. These factors are likely to fuel market development during the forecast period.
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Charging Type, Charging Station Type, Installation Type, Application, and Region are Studied
By charging type, the market is trifurcated into level 1, level 2, and level 3. As per charging station type, it is classified into inductive charging, supercharging, and normal charging. On the basis of installation type, it is bifurcated into fixed charger and portable charger. Based on application, it is divided into residential and commercial. Geographically, it is clubbed into North America, Europe, Asia Pacific, and the rest of the world.
Technological Advances and Rising Investments to Boost Market Development in Asia Pacific
Asia Pacific is expected to dominate the electric vehicle supply equipment market share due to rising investments and technological advances in the product. The market in Asia Pacific stood at USD 9.43 billion in 2020 and is expected to grow progressively in the coming years. Furthermore, the rising emphasis on adopting electric vehicles and electric vehicle charging infrastructure is expected to foster the electric vehicle supply equipment industry.
In Europe, rising focus on reducing carbon emissions and the adoption of electric vehicles is expected to boost the deployment of electric vehicle stations in the region. This factor may propel sales.
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The Report Lists the Key Companies in the Global Market
- ABB Ltd. (Zurich, Switzerland)
- ChargePoint, Inc. (California, U.S.)
- ClipperCreek, Inc. (California, U.S.)
- bp pulse (Milton Keynes, U.K.)
- Eaton Corporation (Dublin, Ireland)
- Leviton Manufacturing Co., Inc. (New York, U.S.)
- SemaConnect, Inc. (Maryland, U.S.)
- Schneider Electric SE (Rueil-Malmaison, France)
- Siemens AG (Munich, Germany)
- EVgo Services LLC (California, U.S.)
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Global Electric Vehicle Supply Equipment Market Segmentation:
By Charging Type:
- Level 1
- Level 2
- Level 3
By Charging Station Type:
- Normal Charging
- Supercharging
- Inductive Charging
By Installation Type:
- Portable Charger
- Fixed Charger
By Application:
- Commercial
- Residential
By Geography
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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Table Of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Electric Vehicle Supply Equipment Market
5. Global Electric Vehicle Supply Equipment Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Charging Type
5.2.1. Level 1
5.2.2. Level 2
5.2.3. Level 3
5.3. Market Analysis, Insights and Forecast – By Charging Station Type
5.3.1. Normal Charging
5.3.2. Super Charging
5.3.3. Inductive Charging
5.4. Market Analysis, Insights and Forecast – By Installation Type
5.4.1. Portable Charger
5.4.2. Fixed Charger
5.5. Market Analysis, Insights and Forecast – By Application
5.5.1. Commercial
5.5.2. Residential
5.6. Market Analysis, Insights and Forecast – By Region
5.6.1. North America
5.6.2. Europe
5.6.3. Asia Pacific
5.6.4. Rest of The World
6. North America Electric Vehicle Supply Equipment Market Analysis, Insights and Forecast, 2017-2028
Analysis, Insights and Forecast, 2017-2028
Continued…
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