Electric Vehicle Supply Equipment Market

Electric Vehicle Supply Equipment Market

Growth Factors of Electric Vehicle Supply Equipment Market

The electric vehicle supply equipment market size was valued at USD 52.49 billion in 2023, and the market is now projected to grow from USD 68.72 billion in 2024 to USD 658.02 billion by 2032, exhibiting a CAGR of 32.6% during the forecast period of 2024-2032.

Pandemic disrupted the worldwide electric automobile delivery equipment, disrupting production, delivery networks and purchaser demand. Lockdown measures, monetary uncertainty, and constrained vehicle production have brought on a transient pause in market growth. As economies recover and governments aid efficient measures, the marketplace for electric vehicle supply gadget is projected to rebound post-pandemic.

Governments and corporate corporations are investing in charging stations to house the growing number of electrical motors on the street. Industry facts display a consistent boom of public charging stations in key EV markets, along with China, Europe, and North America. By 2023, China had over 800,000 public charging shops, at the same time as Europe had more than 250,000 stations. The use of electric vehicles by means of fleet operators and commercial groups is growing the need for EV charging solutions. Companies across sectors are investing in charging infrastructure to help their electric car fleets, riding the electric vehicle supply equipment market growth.

The high cost of crude oil, together with the lack of non-renewable energy assets, increases marketplace penetration for electric automobiles. Governments were involved about the developing carbon emissions from internal combustion engine (ICE) motors during the last decade. Smart cities are the use of the usage of eco-friendly transportation due to their attention on sustainability. Electric vehicles (EVs) use battery-generated power and do not require fuel, making them an appealing opportunity to conventional fuel-based definitely motors because of their low protection expenses. As EV automobile penetration rises, the EVSE corporation is likely to grow in the coming years.

Comprehensive Analysis of Electric Vehicle Supply Equipment Market

The electric automobile supply system market is split into three segments: level 1, level 2, and level 3. The level 2 phase is expected to grow extensively thru 2032 due to Public-Private Partnerships (PPP) efforts to broaden DC charging infrastructure. The marketplace is likewise segmented into normal charging, supercharging, and inductive charging. The inductive charging phase is expected to develop because of wireless charging technology and the adoption of electrical automobiles. The normal charging section is growing because of government investments and multiplied demand for EVs with integrated charging stations. The fixed charger segment is anticipated to grow due to lengthy-time period contracts and increased demand for charging stations. The business phase is anticipated to develop due to growing electric automobile charging stations in public areas.

The Asia Pacific region lead the electric vehicle supply equipment market share by benefitting a market size of USD 20.25 billion in 2023 due to increasing government financing, technical advancements, and investment in electric car charging infrastructure. Governments in China, India, South Korea, and Japan are promoting EV adoption and charging infrastructure, encouraging major players and startups to collaborate with regulatory bodies.

The EVSE market is highly competitive, with key players like Siemens, Leviton Manufacturing, Eaton Corporation, Chargemaster PLC, ClipperCreek, ChargePoint, and ABB Ltd. investing heavily in R&D and adopting acquisition strategies. Some manufacturers are also focusing on acquiring long-term contracts with governments to increase their share. Key corporations encompass ABB Ltd., ChargePoint, ClipperCreek, bp pulse, Eaton Corporation, Leviton Manufacturing, SemaConnect, Schneider Electric, Siemens, and EVgo Services LLC.

In April 2024, Atom Power's Electric Vehicle Supply Equipment (EVSE) product received FedRAMP authorization from America General Services Administration. Atom Power's EV charging infrastructure era has received FedRAMP accreditation, indicating a entire protection assessment.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 32.6% (2024-2032)

Unit Value (USD Billion)

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 (By Charging Type, By Charging Station Type, By Installation Type, By Application)

• U.S. (By Application)
• Canada (By Application)
• Mexico (By Application)

- Europe (By Charging Type, By Charging Station Type, By Installation Type, By Application)

• U.K. (By Application)
• Germany (By Application)
• France (By Application)
• Rest of Europe (By Application)

- Asia Pacific (By Charging Type, By Charging Station Type, By Installation Type, By Application)

• China (By Application)
• India (By Application)
• Japan (By Application)
• South Korea (By Application)
• Rest of Asia Pacific (By Application)

- Rest of the World (By Charging Type, By Charging Station Type, By Installation Type, By Application)


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