New York, United States, June 19, 2023 (GLOBE NEWSWIRE) -- The Global Electric Vehicle Supply Equipment (EVSE) Market Size is to grow from USD 37.36 Billion in 2022 to USD 484.18 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 29.2% during the projected period.
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A battery-powered electric vehicle (EV) or plug-in electric vehicle (EVSE), such as an electric car, electric truck, electric bus, neighbourhood electric vehicle, or plug-in hybrid, receives power from an EVSE. EVSE systems are made up of electrical wires, accompanying components, application software, and communication channels that safely and effectively send energy to the automobile. Battery and charging technology breakthroughs are poised to change the worldwide transportation business. The growing emphasis on self-driving cars and public transportation, which will lead to higher use of electric vehicles, is another favorable trend for the Electric Vehicle Supply Equipment (EVSE) market. The rising cost of gasoline and diesel, as well as the scarcity of non-renewable energy sources, drive market adoption of electric vehicles. Over the last decade, rising carbon emissions from internal combustion engine (ICE) automobiles have been a major cause of concern for government officials. As a result, the rising popularity of electric vehicles is expected to drive growth in the electric vehicle supply equipment market over the forecast period.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on, "Global Electric Vehicle Supply Equipment (EVSE) Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Portable Charger, EV Charging Kiosk, Onboard Charging Station, Others), By Charging Station Type, By Application (Commercial, Residential), By Charging Type (Level 1, Level 2, Level 3), By Power Type, and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032" Get Detailed Report Description Here:
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The onboard charging station segment is dominating the market with the largest revenue share over the forecast period.
On the basis of product type, the global electric vehicle supply equipment (EVSE) market is segmented into the portable charger, EV charging kiosks, onboard charging stations, and others. Among these, the onboard charging station segment is dominating the market with the largest revenue share of 38.6% over the forecast period. Various city governments are prioritizing the construction, development, maintenance, and continuous upkeep of onboard charging stations as long-term contracts.
The level 1 and level 2 segments are witnessing significant CAGR growth over the forecast period.
On the basis of charging type, the global electric vehicle supply equipment (EVSE) market is segmented into level 1, level 2, and level 3. Among these, the level 1 and level 2 segments are witnessing significant CAGR growth over the forecast period. Rising Public-Private Partnership (PPP) initiatives aimed at developing level 2 and level 1 DC electric car charging infrastructure across commercial sectors are affecting the growth of level 2 and level 1 segments.
The commercial segment accounted for the largest revenue share of more than 42.8% over the forecast period.
On the basis of application, the global electric vehicle supply equipment (EVSE) market is segmented into commercial and residential. Among these, the commercial segment is dominating the market with the largest revenue share of 42.8% over the forecast period. This is due to a growth in the number of electric vehicles charging stations in public areas such as airports, train stations, parking lots, company buildings, restaurants, and shopping malls.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 38.7% market share over the forecast period. Many governments' emphasis on promoting the use of electric vehicles and encouraging charging infrastructure has prompted a number of start-ups and major global corporations to collaborate with government agencies to develop novel electric vehicle charging technologies. Furthermore, governments in South Korea and Japan are focusing large investments on expanding EV charging infrastructure.
Europe is expected to grow the fastest during the forecast period.
Europe, on the contrary, is expected to grow the fastest during the forecast period. This growth might be attributed to increased collaborations between automotive manufacturers such as Daimler AG, BMW AG, and Volkswagen AG, which are in charge of building rapid charging networks across Europe.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Electric Vehicle Supply Equipment (EVSE) Market include Advantech, Inc., Panasonic Corporation, Maple Systems, INC., Pepperl+Fuchs GmbH, LG Display Co., Ltd., Schneider Electric SE, Sharp NEC Display Solutions, Ltd., Rockwell Automation, Inc., Japan Display, Inc., WinMate, Inc., Siemens AG, Innolux Corporation, AU Optronics Corp., NEC Display Solutions, Samsung Display Co., Ltd., Planar Systems, Inc., and among others.
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Recent Developments
On March 2023, Akima Intra-Data and its collaborator CBRE announced today that the GSA has awarded a design/build and construction Indefinite Delivery Indefinite Quantity (IDIQ) concession to enable EVSE installation and related infrastructure improvements. The contract, which is innovative, adaptable, and simple to use, will streamline EVSE ordering procedures at federal agency facilities across the Western United States.
In May 2023, EnergyHub, known for its distributed energy resource management systems (DERMS), has formed a promising partnership with Emporia, a smart home energy management technology business based in Colorado. This collaboration seeks to provide utility customers with a faster, cost-effective charging technology that is compatible with all EV brands and models. This expansion not only broadens utility consumer options, but it also strengthens utility initiatives that promote grid reliability and customer savings.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Electric Vehicle Supply Equipment (EVSE) Market based on the below-mentioned segments:
Electric Vehicle Supply Equipment (EVSE) Market, Product Type Analysis
- Portable Charger
- EV Charging Kiosk
- Onboard Charging Station
- Clubs
Electric Vehicle Supply Equipment (EVSE) Market, Charging Station Type Analysis
- Normal Charging
- Super Charging
- Inductive Charging
Electric Vehicle Supply Equipment (EVSE) Market, Charging Type Analysis
- Level 1
- Level 2
- Level 3
Electric Vehicle Supply Equipment (EVSE) Market, Power Type Analysis
- AC Power
- Level 1
- Level 2
- Level 3
- DC Power
- Level 1
- Level 2
- Level 3
Electric Vehicle Supply Equipment (EVSE) Market, Application Analysis
- Commercial
- Residential
Electric Vehicle Supply Equipment (EVSE) Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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