The global electric vehicle supply equipment market is projected to grow 33.2% between 2022 and 2028. The global electric vehicle supply equipment market was worth USD 32.5 billion in 2021 and predicted to reach USD 210 billion by 2028. The research examines factors affecting the electric vehicle supply equipment market.
Market Overview
EVSE powers EVs. Since they charge the vehicle’s batteries, they’re called charging docks or stations. EVSE systems reliably send energy to the grid via electrical cables, supporting equipment, software, and communication protocols.
Electric vehicle supply equipment assembles charging components in hotels, depots, roadways, parks, households, and corporate headquarters. Public and commercial efforts to promote electric vehicle adoption are helping the market. Subsidies and tax concessions support electric vehicle adoption in some nations.
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Growth Drivers
Electric car production relies on charging stations, which has garnered global official support. Many nations have established global electric vehicle charging station programmes to combat automobile pollution. ARAI wants to build over 200 electric vehicle charging stations nationwide. Indian utility Tata Power also supports the government’s National Electric Mobility Mission. Tata Power built India’s first electric vehicle charging stations in Mumbai to provide consumers with energy-saving alternatives.
The US, UK, and China have also improved charging infrastructure to help electric vehicle adoption. In August 2018, the Japanese government established an electric car policy to boost cooperation and ease the auto industry’s transition. It also debuted FAME II. This would incentivize domestic electric vehicle production. Thus, government actions should boost the electric vehicle and supply equipment industries.
The global electric vehicle supply equipment market is segmented as follows:
By Type of Charging Segment Analysis
- Level-1
- Level-2
- Level-3
By Type of Charging Station Segment Analysis
- Inductive
- Super
- Norma
By Type of Setup Segment Analysis
- Portable
- Fixed
By Implementation Segment Analysis
- Commercial
- Residential
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Regional Insight by FnF Research
Asia Pacific holds the highest market share and is predicted to grow at the quickest CAGR over the forecast period. The emphasis placed by various governments on promoting the use of electric vehicles and supporting charging infrastructure has prompted a number of start-ups as well as significant global corporations to collaborate with government agencies to develop novel charging solutions. Furthermore, governments in countries such as Japan and South Korea are making significant investments in expanding EV charging infrastructure. For example, the city administration of Beijing (China) intends to establish 1,628 public charging stations in hotels, retail malls, and parks spread throughout more than ten districts.
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