Electric Vehicle Supply Equipment Market – Growing Development Of Charging Equipment And Infrastructure At Various Highway And Destination Locations To Drive The Growth | Grand View Research Inc.

February 10 09:14 2021
Electric Vehicle Supply Equipment Market - Growing Development Of Charging Equipment And Infrastructure At Various Highway And Destination Locations To Drive The Growth | Grand View Research Inc.

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Electric vehicles have witnessed a rapid growth in demand over the past few years, even amidst the coronavirus pandemic, and this trend is expected to strengthen over the coming years. A report by Grand View Research has stated that continued efforts by the public and private sectors are anticipated to enhance demand for EV supply equipment in the near future.

The global electric vehicle supply equipment market size is projected to rise to USD 104.3 billion by the year 2025, progressing at a CAGR of 33.1% over the forecast period, as per a study by Grand View Research, Inc. Electric vehicles have witnessed an exponential growth in adoption in recent years, aided by the fast-developing EV infrastructure, coupled with aggressive policies by governments around the globe to push for their adoption. There has been a rapid development of charging equipment and infrastructure at various locations, such as highways, as well as destination locations such as hotels and shopping malls. Growing demand for electric vehicle (EV) charging equipment is prompting manufacturers to initiate innovative product launches, which is another factor positively affecting the industry growth.

There has been a drastic increase in the adoption of electric vehicle supply equipment (EVSE) among logistics operators such as FedEx and FMCG manufacturers such as Frito-Lay North America, Inc., which has had a major impact on the market demand. The latter has installed charging stations at various major locations in New York such as the Bronx, Albany, Rochester, Buffalo, and New Paltz. Various government agencies are providing funding to logistics companies for the development of fleet charging stations. For example, UPS, a notable multinational package delivery company, has invested heavily in the integration of electric vehicles into its service line, and through this has envisaged a reduction in its delivery costs and carbon emissions associated with its fleet of vehicles. These initiatives are expected to drive the demand for EVSE over the next few years.

The electric vehicle supply equipment market is broadly segmented on the basis of power type, charging station, product, and application. AC and DC are the major power types, with each being further segmented into Levels 1,2, and 3. The major products in the industry include portable chargers, charging kiosks, and onboard charging stations, among others. EVs may be charged at three types of charging stations, which are normal, super, and inductive. The application areas for EVSE include commercial and residential. Some of the notable companies involved in the electric vehicle supply equipment market include AeroVironment Inc.; ABB Ltd.; ChargePoint, Inc.; ClipperCreek, Inc.; Chargemaster PLC; Eaton Corporation; Leviton Manufacturing Co., Inc.; Leviton Manufacturing Co., Inc.; Leviton Manufacturing Co., Inc.; and Siemens.

 U.S. Electric Vehicle Supply Equipment (EVSE) market size, by power type, 2014-2025 (USD Million)

Key findings from the report suggest:

1        The EVSE industry has witnessed healthy growth on the back of a continued fall in the price of lithium-ion batteries, which is expected to offer ample opportunities to EV manufacturers to address consumer demands

2        Public transport services, especially in the developed economies of Western Europe and North America, have collaborated with notable bus manufacturers for the development of bus charging stations

3        According to data from the NREL, there was a growth of 7.6% in public EVSE during the first quarter of 2020, with the use of DC fast chargers largely responsible for this growth

4        The NREL report has stated that the number of charging stations have doubled in the period between December 2015 and December 2019, with the states of Vermont, California, and Washington leading in terms of the rate of charging stations per 100,000 people

5        The DC power segment is anticipated to register the fastest growth over the forecast period in the EVSE market as a result of ongoing investments by governments in countries such as U.S., Germany, and France for the development of sustainable electric highways

6        The EV charging kiosk segment is expected to exhibit a high CAGR over the forecast period as a result of technological developments such as Near-Field Communication (NFC) and Radio Frequency Identification (RFID), for the purpose of digital payments at EV charging stations

7        The destination charging application segment in the commercial space is expected to expand at a rapid pace over the coming years as a result of growing focus of automotive manufacturers for the development of electric vehicle charging stations at hotels, shopping malls, and resorts

8        The COVID-19 pandemic had a negative impact on conventional vehicle sales globally; however, as per the IEA, the electric car sales exceeded expectation during this period, aided majorly by the gradual removal of lockdown norms and restrictions during the second half of 2020

9        In November 2020, ChargePoint announced a collaboration with Volvo Car USA LLC, regarding the provision of a seamless charging experience to Volvo Cars retail networks and drivers across the US and Canada

10In April 2020, ClipperCreek announced an economical and reliable home EV charging station, called the AmazingE FAST, which offers a 7-time faster speed than a Level 1 charging station

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Grand View Research has segmented the global Electric Vehicle Supply Equipment market based on power type, product, charging station type, application, and region:

EVSE Power Type Outlook (Volume, Units; Revenue, USD Million, 2014 – 2025)

  • AC Power

    • Level 1

    • Level 2

    • Level 3

  • DC Power

    • Level 1

    • Level 2

    • Level 3

EVSE Product Outlook (Volume, Units; Revenue, USD Million, 2014 – 2025)

  • Portable Charger

  • EV Charging Kiosk

  • Onboard Charging Station

  • Others

EVSE Charging Station Type Outlook (Volume, Units; Revenue, USD Million, 2014 – 2025)

  • Normal Charging

  • Super Charging

  • Inductive Charging

EVSE Application Outlook (Volume, Units; Revenue, USD Million, 2014 – 2025)

  • Commercial

    • Destination Charging Station

    • Highway Charging Station

    • Bus Charging Station

    • Fleet Charging Station

    • Others

  • Residential

EVSE Regional Outlook (Volume, Units; Revenue, USD Million, 2014 – 2025)

  • North America

    • U.S.

    •  Canada

  • Europe

    • Netherlands

    • U.K.

    • France

    • Norway

    •  Germany

  • Asia Pacific

    • China

    • Japan

    • South Korea

  • Latin America

    • Brazil

    •  Mexico

  • Middle East & Africa (MEA)

List of Key Players of Electric Vehicle Supply Equipment Market

  • AeroVironment Inc.
  • ABB Ltd.
  • ChargePoint, Inc.
  • ClipperCreek, Inc.
  • Chargemaster PLC
  • Eaton Corporation
  • Leviton Manufacturing Co., Inc.
  • Siemens.

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