Electric Vehicle Supply Equipment (EVSE) Market: Current Analysis and Forecast (2022-2028)
Emphasis on Type (Alternating Current (AC) {Level 1 and Level 2} and Direct Current (DC) {CHAdeMO, Combined Charging System (CCS), GB/T, and Others}); Application (Public and Private); Region/Country
Electric vehicle supply equipment (EVSE) is the basic unit of EV charging infrastructure. The EVSE accesses power from the local electricity supply and utilizes a control system and wired connection to safely charge EVs.
The Global Electric Vehicle Supply Equipment (EVSE) Market is expected to witness a significant CAGR of around 12% during the forecast period owing to the increasing demand for electric vehicles and rising incentives and subsidies by governments across the world for mass adoption and domestic production of electric vehicles. For instance, the National Electric Mobility Mission Plan (NEMMP) and Faster Adoption and Manufacturing of Hybrid & Electric Vehicles in India (FAME I and II) helped create the initial interest and exposure for electric mobility. For instance, in phase two of FAME, the government announced an outlay of USD 1.4 billion through 2022. Thus, such government initiatives are expected to drive the growth of the electric vehicles and electric vehicle supply equipment market.
Some of the major players operating in the market include Leviton Manufacturing Co. Inc., Webasto Charging Systems Inc., Chargemaster Ltd., ChargePoint Inc., Efacec Electric Mobility S.A., Blink Charging Co., Schneider Electric SE, ABB Ltd., Tesla Inc., and BYD Co. Ltd.
Insights Presented in the Report
“Amongst type, DC to witness significant growth during the forecast period”
Based on type, the market is divided into Alternating Current (AC) and Direct Current (DC). DC category to witness the highest CAGR during the forecast period. EV fast-charging systems can range from 23KW to more than 200KW. This charging system is mostly found in the public area and charges the vehicle faster than normal chargers. Furthermore, a DC fast charger does not require an onboard converter installed inside the vehicle for current conversion. The rising electrification of vehicles and range anxiety among electric vehicle users are leading both public and private players to install more DC fast chargers in public and commercial places.
“Amongst application, public category is expected to experience a higher growth rate during the forecast period”
Based on application, the market is divided into public and private. The public category is expected to experience a higher growth rate during the forecast period owing to the implementation of policies to increase the usage of EVs by providing subsidies and reduced taxes across the globe, especially in countries such as India and China. Further, the availability of public EV charging stations is crucial for the purchase of electric vehicles. When choosing an electric vehicle, the availability of quick charging stations and public charging are important considerations. Thus, the governments of these emerging economies have recognized the growth potential of the global electric vehicle charging station market. This a major factor responsible for category’s growth.
“APAC to hold a significant share in the market”
APAC grabbed the leading market share of the global market in 2020, and it is expected to grow with considerable CAGR during the forecast period owing to the growing working population and expanding middle-class population thus creating demand for new-age electric vehicles. Furthermore, China is one of the largest manufacturers and consumers of electric vehicles in the world. Domestic demand is being supported by national sales targets, favorable laws, and municipal air-quality targets.
In addition, supportive government initiatives and schemes to promote the adoption of sustainable mobility solutions to reduce the pollution level from vehicles will propel the market expansion. Moreover, major OEMs are continuously launching premium EVs as well as investing in EV charging infrastructure to support EV adoption. For instance, in March 2022, BYD and Shell entered into a global strategic cooperation agreement for charging infrastructure. This will start in China and Europe and later be expanded globally.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global EVSE market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Electric Vehicle Supply Equipment (EVSE) Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global EVSE market were the three major steps undertaken to create and analyze the adoption of an EVSE in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global EVSE market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the EVSE market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the EVSE market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the EVSE market. Further, we conducted factor analysis using dependent and independent variables such as various type and application of EVSE. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the EVSE market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global EVSE market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the EVSE market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global EVSE market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Primary research input was consolidated with secondary findings, turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global EVSE market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and application in the global EVSE market.
The main objective of the Global EVSE Market Study
The current & future market trends of the global EVSE market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the EVSE market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type and application analysis of the regulatory framework for the EVSE industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the EVSE market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the EVSE market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
Related Reports
Customers who bought this item also bought
India 3PL Market: Current Analysis and Forecast (2024-2032)
Emphasis on By Services (Domestic Transportation Management, International Transportation Management, Value-Added Warehousing and Distribution); By End User (Automobile, Chemical, Construction, Consumer Retail, Energy, Manufacturing, Life Sciences and Healthcare, Technology, and Others), and Regions (North India, East India, West India, and South India)
November 5, 2024
