Electric Vehicle Supply Equipment (EVSE) Market to grow by USD 92.31 Billion from 2024-2028, driven by favorable government policies and AI-powered market evolution
Electric Vehicle Supply Equipment (EVSE) Market to grow by USD 92.31 Billion from 2024-2028, driven by favorable government policies and AI-powered market evolution
NEW YORK, Dec. 5, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global electric vehicle supply equipment (EVSE) market size is estimated to grow by USD 92.31 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 30.8% during the forecast period. Favorable government policies and subsidies is driving market growth, with a trend towards deployment of smart grids for EVS. However, lack of standardization of ev charging poses a challenge. Key market players include ABB Ltd., Alfen NV, Blink Charging Co., BP Plc, ChargePoint Holdings Inc., Chroma ATE Inc., Comeca Group, Delta Electronics Inc., Eaton Corp. Plc, Efacec Power Solutions SGPS SA, Enphase Energy Inc., E.ON SE, Leviton Manufacturing Co. Inc., LS Power Development LLC, Phihong USA Corp., Schneider Electric SE, Shell plc, Siemens AG, Webasto SE, and ZF Friedrichshafen AG.
Technavio has announced its latest market research report titled Global electric vehicle supply equipment (EVSE) market 2024-2028
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Electric Vehicle Supply Equipment (Evse) Market Scope
Report Coverage
Details
Base year
2023
Historic period
2018 – 2022
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 30.8%
Market growth 2024-2028
USD 92309 million
Market structure
Fragmented
YoY growth 2022-2023 (%)
29.01
Regional analysis
APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution
APAC at 46%
Key countries
China, US, France, Germany, and The Netherlands
Key companies profiled
ABB Ltd., Alfen NV, Blink Charging Co., BP Plc, ChargePoint Holdings Inc., Chroma ATE Inc., Comeca Group, Delta Electronics Inc., Eaton Corp. Plc, Efacec Power Solutions SGPS SA, Enphase Energy Inc., E.ON SE, Leviton Manufacturing Co. Inc., LS Power Development LLC, Phihong USA Corp., Schneider Electric SE, Shell plc, Siemens AG, Webasto SE, and ZF Friedrichshafen AG
Market Driver
The Electric Vehicle Supply Equipment (EVSE) market is experiencing significant growth as the shift towards electric vehicles (EVs) continues. Charging stations and docks are essential for EVs, requiring electrical conductors and related equipment to transfer electric power to the vehicle’s batteries. EVSE systems adhere to various communications protocols, such as DC Fast Chargers, and are used by major stakeholders like auto manufacturers, electric utilities, commercial fleets, public transit, retail establishments, seaports, airports, bus depots, hotels, parks, highways, corporate offices, homes, and more. NEMA Members are involved in the development of codes, rating systems, and standards for EVSE infrastructure. Contractors and installers require training programs to ensure proper installation. Incentives like tax benefits and subsidies encourage EV adoption. IEA reports show electric car sales increasing, with passenger car sales from automobile manufacturers being impacted by the shutdown of operations due to liquidity issues and carbon emission concerns. Smart cities aim to reduce reliance on non-renewable sources like crude oil and CO2 emission, leading to the growth of the EVSE market. Charging station finance, types like normal charging, supercharging, and inductive charging, and installation types like fixed chargers and portable chargers, are key areas of focus. The novel coronavirus pandemic has affected import-export and the workforce, leading to a supply-demand gap. Future estimations indicate investment pockets in EVSE market, especially in charging infrastructure development.
The Electric Vehicle Supply Equipment (EVSE) market is witnessing significant growth due to the increasing adoption of electric vehicles (EVs) and the deployment of advanced charging infrastructure, specifically smart grids. Smart grids enable real-time communication between EV charging stations and the power grid, providing crucial information on load requirements and power quality. This data supports the integration of variable generation technologies and serves as a foundation for Vehicle-to-Grid (V2G) infrastructure, which includes grid applications like smart energy meters, SCADA systems, IT, and communication networks. The implementation of smart grids is expanding rapidly in countries such as China, the US, India, Spain, Germany, and France. For instance, in August 2021, Singapore Power initiated a V2G pilot project to explore the potential of EVs as small energy storage systems, addressing renewable energy’s intermittency.
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Market Challenges
The Electric Vehicle Supply Equipment (EVSE) market is witnessing significant growth due to the increasing adoption of electric vehicles (EVs). Challenges in this market include the need for advanced charging stations and docks, reliable electrical conductors, and related equipment. Communication protocols, such as DC Fast Charger and NEMA Members, are essential for seamless integration with EVSE infrastructure. Major stakeholders include auto manufacturers, electric utilities, and charging station installers. Training programs for contractors and installers are crucial to ensure proper installation and maintenance of EVSE systems. Codes, rating systems, and standards play a vital role in ensuring safety and interoperability. Major players in the market include Andrei Moldoveanu and Resources. Commercial fleets, public transit, retail establishments, seaports, airports, bus depots, hotels, parks, highways, corporate offices, and homes are potential customers for EVSE. Batteries, incentives, tax benefits, and subsidies are key factors driving EV sales. The IEA estimates electric car sales to surpass passenger car sales by 2035. However, challenges include the shutdown of operations due to the novel coronavirus, supply-demand gap, and the shift from non-renewable sources like crude oil and fossil fuel. Charging station finance, charging station type (normal charging, supercharging, and inductive charging), installation type (fixed charger and portable charger), and the impact of import-export, workforce, factories, testing of systems, and the supply-demand gap are other critical factors. The future of the EVSE market lies in investment pockets, smart cities, and the transition away from carbon emission, ICE vehicles, and road tax, purchase tax, and registration fees.
The Electric Vehicle Supply Equipment (EVSE) market faces a significant challenge due to the lack of standardization in EV charging infrastructure. Vendors are actively expanding charging networks, but the absence of universal EV charger and installation standards in public places is a concern. Each region or market has distinct charging standards, such as CHAdeMO in Japan, CCS in Europe, the US, and South Korea, and GB/T 20234 in China, which is similar to the IEC 62196 standard in Germany. Standardization is crucial to streamline the EV charging experience and ensure compatibility among various EV models and charging networks.
This electric vehicle supply equipment (evse) market report extensively covers market segmentation by
Type
1.1 Level 2
1.2 Level 1
1.3 Level 3
Application
2.1 Residential
2.2 Commercial
Geography
1.1 Level 2- Level 2 charging refers to the electric vehicle supply equipment that delivers power at a higher voltage (240 volts, AC) and amperage than a standard household power outlet. This infrastructure caters to both residential and commercial applications, providing a convenient and reliable charging solution for electric vehicle owners. Level 2 charging stations are commonly found in parking garages, workplaces, public locations like shopping centers, universities, and hotels. These charging stations offer faster and more efficient charging, enabling EV owners to charge their vehicles while they park, work, or engage in daily activities. Companies and parking garage operators recognize the growing demand for EV charging and are installing level 2 charging stations to accommodate their customers and employees. Homeowners can also install level 2 charging stations in their garages or driveways for a convenient and fast charging solution. The increasing popularity of level 2 charging infrastructure is expected to fuel the growth of the level 2 segment in the global electric vehicle supply equipment market.
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Research Analysis
The Electric Vehicle Supply Equipment (EVSE) market refers to the infrastructure required to charge electric vehicles (EVs), including charging stations, charging docks, and related equipment. These systems facilitate the transfer of electric power from the grid to the vehicle’s batteries. EVSE systems consist of electrical conductors and other necessary components. EVSE is essential for various sectors such as Bus depots, Hotels, Parks, Highways, Corporate offices, Homes, and more. Batteries are an integral part of the EV ecosystem, and EVSE plays a crucial role in their charging. Governments and organizations offer incentives like tax benefits to promote the adoption of EVs and EVSE. EVSE includes different charging technologies like Supercharging, Inductive charging, Fixed chargers, and Portable chargers. The EVSE market has been impacted by the Novel Coronavirus pandemic, with import-export and non-essential items facing disruptions. The workforce involved in EVSE manufacturing and installation has also been affected.
Market Research Overview
The Electric Vehicle Supply Equipment (EVSE) market refers to the infrastructure required to charge electric vehicles (EVs), including charging stations, charging docks, and related equipment. EVSE systems utilize electrical conductors and communications protocols to transfer electric power from the grid to the vehicle’s batteries. DC Fast Chargers are a popular type of EVSE, providing quick charging solutions for long-distance travel. NEMA Members and major stakeholders, such as auto manufacturers, electric utilities, commercial fleets, public transit, retail establishments, seaports, airports, bus depots, hotels, parks, highways, corporate offices, homes, and batteries, are major players in the EVSE infrastructure development. Incentives like tax benefits, subsidies, and codes and rating systems are crucial for the growth of the EVSE market. EVSE standards and training programs for contractors and installers ensure safe and efficient installation and maintenance. Major challenges include the supply-demand gap, liquidity issues, and the shift from ICE vehicles to EVs. The COVID-19 pandemic has impacted the EVSE market, affecting import-export and non-essential items. The future of the EVSE market depends on the continued growth of electric car sales, the transition away from non-renewable sources like crude oil, and the development of smart cities.
7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix
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