The global electric vehicle supply equipment market was valued at $2.13 billion in 2020, and is projected to reach $20.84 billion by 2030, registering a CAGR of 25.9% from 2021 to 2030.
Asia-Pacific dominates the market presently, followed by Europe, North America, and LAMEA. In Asia-Pacific, China dominated the electric vehicle supply equipment market in 2020, and is expected to maintain its dominance during the forecast period. Key factors that drive the growth are growth in production of electric vehicles, rise in adoption of electric vehicle owing to government initiatives, and increase in demand for low-emission and fuel-efficient vehicles are expected to boost the growth of the electric vehicle supply equipment market.
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However, high cost of electric vehicles and high cost of electric vehicle charging infrastructure restrains the growth of the market. Furthermore, development of wireless charging technology and incorporation of Vehicle-To-Grid (V2g) EV Charging Stations provide lucrative growth opportunity for the players operating in the electric vehicle supply equipment market.
Electric vehicles offer multiple advantages such as low operating cost compare to conventional gasoline engine, implementation of stringent government regulations to limit environment pollution, and decreased emissions from tailpipes, which significantly boost their demand across the globe. For instance, electric vehicle sales have surged, owing to growth in China, the US, and Europe markets. The sales of electric vehicles increased by 160% in the first half of 2021 from a year earlier, to 2.6 million units, representing 26% of new sales in the global automotive market. Further, this in turn is expected to escalate the need for electric vehicle supply equipment for electric vehicles during the forecast period.
๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ : https://www.alliedmarketresearch.com/electric-vehicle-supply-equipment-market/purchase-options
In addition, key players operating in the electric vehicle supply equipment market are adopting various strategic moves such as product development and product launch, to tap the business potential. For instance, ABB Ltd. has launched all-in-one electric vehicle charger, which provides the fastest charging experience on the market. The new electric vehicle charger is worldโs fastest charger that can deliver 100 km of range in less than three minutes. Further, the new charger is designed explicitly to charge up to four vehicles at once. Therefore, factors such as increasing charging stations in public places and highways, low operating cost, and implementation of stringent government regulations to limit environment pollution expected to spur the electric vehicles across the globe.
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In 2020, by application, the residential segment generated the highest revenue.
In 2020, by type, the level 2 segment was the highest revenue contributor.
In 2020, region-wise, Asia-Pacific contributed the highest revenue, followed by Europe, North America, and LAMEA.
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The key players analyzed in the electric vehicle supply equipment market include Abb Ltd, BP Chargemaster, Chargepoint Holdings, Inc, Delta Electronics, Inc, Eaton Corporation Plc, Leviton Manufacturing Co., Inc., Schneider Electric, Siemens AG, Tesla and Webasto Group
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