The global electric vehicle supply equipment market size was valued at USD 25.7 billion in 2020 and is expected to be valued at USD 212 billion by 2030, growing at a CAGR of 36% between 2021 and 2030. With the rising concern for environment protection along with alarming rate of rise in pollution primarily from the passenger vehicles have promoted the adoption of electric vehicles across various countries in the world, this in turn, anticipated to drive the market growth for global electric vehicle supply equipment over the upcoming years.
In support of the rising adoption of electric vehicles, various public transport agencies that include GöteborgEnergi of Sweden, the Warsaw Public Transport Authority of Poland, and GVB of the Netherlands focus largely on signing collaboration agreement with different bus manufacturers such as AB Volvo, VDL Bus & Coach, and Mercedes Benz in order to develop charging stations for buses. Besides this, government of various countries are also investing significantly for the fast development of charging stations. For example, in June 2019,MIEJSKI ZAKŁAD KOMUNIKACJI SP. Z O.O. W KUTNIE signed a contract with Ekoenergetyka - Polska S.A. for installing 20 fast-charging stations for electric buses across the city of Warsaw, Germany.
In addition, several hotel management companies are also collaborating with electric vehicle supply equipment (EVSE) players for the deployment of electric vehicle charging stations for their guests. For instance, Tesla Inc. had deployed over 3,137 electric vehicle charging stations for various hotels that were owned by Marriot International, Inc.
On the other hand, sudden outbreak of COVID-19 in the early 2020 has disrupted the operation of various industries including automotive industry. Slow sales growth in the automotive sector has also impacted the market for electric vehicles and thus a steep decline has been registered in the growth of electric vehicle supply equipment in the year 2020. However, the market expected to grow gradually during the upcoming years owing to rising preference for green mobility solutions across the world.
|Market Size||USD 212 Billion by 2030|
|Growth Rate||CAGR of 36% From 2021 and 2030|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Produc, Charging Station, Application, Power|
|Regional Scope||North America, Europe, Asia Pacific, Middle East & Africa, South America|
|Companies Mentioned||ABB Ltd., AeroVironment Inc., ChargePoint Inc., Chargemaster PLC, ClipperCreek Inc., Eaton Corporation, SemaConnect Inc., Leviton Manufacturing Co. Inc., Schneider Electric SE,Tesla Inc., Siemens AG, Webasto SE, EVOTEC AG, Delta Electronics Inc.|
On the basis of application, commercial segment led the global electric vehicle supply equipment market in terms of revenue in the year 2020 and exhibits gradual growth during the forecast time period. This is mainly because of favorable government initiatives that include the Norway to Italy Electric Highway, Trans-Canada highway project, and West Coast Electric Highway (WCEH), and many others.
Based on product, EV charging kiosk segment dominated the global electric vehicle supply equipment market in the year 2020 owing to increasing demand for self-service charging stations such as advanced, interactive and intelligent kiosks for EV charging. Moreover, technological advancement in the charging kiosks for example integration of Near Field Communication (NFC) and Radio-Frequency Identification (RFID) in the electric vehicle supply equipment has enhanced and upgraded the performance of digital payments for customers using EV charging infrastructure.
The onboard charging stations witness the fastest growth in the global electric vehicle supply equipment market over the upcoming years owing toincreasing emphasis of various government bodies of different countries on long-term contracts for the development, operation, installation, and maintenance of onboard charging stations. Further, their increasing demand in lift trucks as they cover long distances estimated to proliferate the market growth.
Charging Station Analysis
By charging station type, normal charging dominated the global electric vehicle supply equipment market with a share of more than 50% in the year 2020 and anticipated to rise at a significant rate during the forthcoming years. This is mainly attributed to the increasing installation of public charging station across various cities some of them include Melbourne, Amsterdam, and Beijing.
However, inductive charging segment exhibit the fastest growth during the forecast period because of increasing research & development activities for wireless charging technologies. In addition, increasing adoption of ridesharing, driverless, and electric vehicles are expected to flourish the growth of inductive charging technology during the upcoming time frame.
Based on region the electric vehicle supply equipment market is segmented into North America, Asia Pacific, Europe, Latin America, and MEAN.
The Asia Pacific emerged as the leader in the global electric vehicle supply equipment market capturing more than 50% of revenue share in the year 2020 and predicted to grow at a prominent rate during the upcoming years. Increasing adoption of electric vehicles across various Asian countries such as Japan, China, Australia, India, and many others is one of the most supporting factors that trigger the market growth in the region. For instance, the government of China planned to convert its mobility into green mobility by the end of year 2030. Besides this, the government of other countries such as Japan and South Korea are investing significantly for the installation of electric vehicle charging infrastructure. This results in the prominent growth of electric vehicle supply equipment market over the analysis time frame.
Key Companies & Market Share Insights
Industry participants in the global electric vehicle supply equipment experience intense competition in the market owing to significant dependence of market growth on research & development. In addition, the market offers prominent opportunity for the new entrants to grab the market in under-developed and developing regions.
Some of the prominent players operating in the global electric vehicle supply equipment market include ABB Ltd., AeroVironment Inc., ChargePoint Inc., Chargemaster PLC, ClipperCreek Inc., Eaton Corporation, SemaConnect Inc., Leviton Manufacturing Co. Inc., Schneider Electric SE,Tesla Inc., Siemens AG, Webasto SE, EVOTEC AG, Delta Electronics Inc., Ecotap BV, Heliox, and COMECA Group among others.
By Power Type
By Charging Station Type
By Regional Outlook
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