Electric Vehicle Supply Equipment (EVSE) Market Analysis APAC,North America,Europe,South America,Middle East and Africa - US,China,Germany,France,The Netherlands - Size and Forecast 2023-2027

Electric Vehicle Supply Equipment Market Forecast 2023-2027

The Global Electric Vehicle Supply Equipment Market size is forecast to increase by USD 68.74 billion at a CAGR of 29.9% between 2022 and 2027. The growth of the market depends on several factors such as the growth in demand for electric vehicles, the favorable government policies and subsidies, and the growing environmental concerns. China, US, Germany, France, and the Netherlands are the top countries contributing to the market growth. China held the largest market share in 2021 projecting an outstanding revenue of USD 4.70 billion. Enphase is one of the prominent vendors in the market offering electric vehicle supply equipment such as green motion building, green motion fleet, and green motion EV smart breaker chargers. Besides analyzing the current market scenario, our market growth analysis report examines historic data from 2017 to 2021.

What will be the Size of the Electric Vehicle Supply Equipment Market During the Forecast Period?

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Market Segmentation

The Electric Vehicle Supply Equipment (EVSE) Market is experiencing exponential growth, driven by the rapid adoption of electric vehicles (EV) worldwide. Charging docks play a pivotal role in facilitating the transition to electric power, providing essential infrastructure for recharging vehicle batteries. EVSE systems encompass a range of related equipment, including charging stations and electrical conductors, supported by sophisticated software for efficient operation. The innovations like Supercharging and Inductive charging, offer rapid and wireless solutions. Installation type preferences vary, with options like Fixed charger setups gaining prominence. Different Charging station types, including Normal charging, cater to diverse needs. Policies on Import-export influence market dynamics, shaping the transition from Gasoline vehicles to electric ones. With the rise of Supercharging and Inductive charging technologies, consumers have access to faster and more convenient charging options. Installation type varies from fixed chargers at locations like bus depots and hotels to portable chargers for flexibility in various settings such as parks. Despite challenges posed by the novel coronavirus, the market continues to expand, driven by growing demand for electric vehicles and supportive policies. Importantly, ensuring a skilled workforce and efficient factories is crucial to meet the escalating demand for EVSE and sustain the market's growth trajectory.

Market Type Analysis

The level 2 segments are estimated to witness significant growth during the forecast period. Level 2 charging refers to the charging infrastructure that delivers power at a higher voltage (240 volts, AC) and amperage than a standard household power outlet, resulting in faster and more efficient charging for these vehicles. This category provides EV owners with a convenient and reliable charging solution for both residential and commercial use.

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The level 2 segment was the largest segment and was valued at USD 4.86 billion in 2017. Level 2 charging equipment is also becoming increasingly popular among residential users.  A Level 2 charging station can be installed by homeowners in their garages or parking lots, providing an efficient and quick recharging solution for EVs. In order to ensure that they are prepared for their daily commutes without any trouble, this allows them to charge their vehicles on a night basis. Such factors are expected to fuel the growth of the level 2 segment in the global market during the forecast period. 

Market Application Analysis 

Based on application, the market is fragmented into residential and commercial. The residential segment dominates the market based on the application segment. The residential segment is accounted for the highest volume and attracted many new entrants during the forecast period. Market players catering to this segment generally follow the approach of economies of scale. However, AC chargers dominate the market. The residential end-user segment includes the installation of EV chargers or EV charging stations that are used in homes, multi-dwelling buildings, and workplaces. The infrastructure for EV charging is developing. 

Market Region Analysis

APAC is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The high sales of BEVs and PHEVs in China, Singapore, Japan, and South Korea are contributing to the growth of the EVSE market. China, the single largest contributor to the regional EV market, is the largest seller of EVs across the world. The growing focus on alternative fuel vehicles in emerging markets in Asia is acting as an enabler for the growth of the regional market. The increasing stringency of emission norms in emerging markets is pushing OEMs to expand their portfolio of BEVs and PHEVs and driving the installation of EV charging stations in the region.

Market Dynamics

The market is rapidly evolving, driven by the surging demand for electric vehicles (EV). Diverse communications protocols and DC Fast Charger technologies are enhancing charging infrastructure. Collaboration among NEMA Members ensures adherence to standardized codes and rating systems, fostering widespread EV and EVSE adoption. Contractors and installers play vital roles, supported by comprehensive training programs. Major stakeholders, including auto manufacturers and electric utilities, are investing heavily, recognizing the imperative to reduce carbon emissions from ICE vehicles and non-renewable sources. Governments incentivize adoption through measures like road tax exemptions and subsidies for EVs and charging station finance. The shutdown of operations underscores the urgency to transition, with investments focusing on enhancing liquidity and mitigating CO2 emissions while boosting car sales and driving the EVSE market forward.Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Drivers

The increased demand for electric vehicles is driving the growth in the market. The main drivers of the market's growth are government financing, incentives, and subsidies aimed at developing and expanding EV recharging infrastructure. Government bodies have taken several initiatives and have increased subsidies and incentives such as e-AMRIT for developing EV charging infrastructure. Likewise, standards for fuel efficiency of vehicles, recharging infrastructure, consumer tax credits, and substantial R&D support are also driving the growth of such vehicles in the United States.

However, government support is crucial for driving the sales of new energy vehicles such as BEVs and PHEVs. With growing concerns over environmental pollution and the depletion of conventional sources of energy, government bodies are promoting the use of EVs. For the use of EV chargers, EV batteries  subsidies and incentives are provided by government authorities in different EVSE markets in order to increase sales of BEVs and PHEVs. The support from governments is expected to drive the growth of the global EV charging station, in turn, creating demand for electric vehicle supply equipment and fueling the growth of the market during the forecast period.

Key Market Trends and Analysis

The deployment of smart grids for EVs is a primary trend in the market.  The smart grids for electric vehicles also form part of the Advanced EV Charging Infrastructure. They support the wider deployment of variable generation technologies by providing real-time information on load requirements and power quality to the operators. They are also a foundation for V2G infrastructures, as they involve grid applications such as Smart Energy Metering, Supervisory Control, and Data Acquisition Systems in the area of SCADA Networks, Information Technologies, or any Communication Network.

Although there are no established smart grid standards, international agencies such as the International Electromechanical Commission (IEC) and the Institute of Electrical and Electronics Engineers (IEEE) have developed many standards, including those for EVs. Many countries are actively investing in smart grid technology. The expansion of electric vehicle charging stations will probably be driven by these developments, which, in turn, will drive the growth of the global EVSE market during the forecast period.

Major Market Challenges

The lack of standardization of EV charging is a major challenge in the market. One of the main challenges in the EVSE market has arisen in terms of the standardization of infrastructure for electric vehicles. The lack of common standards for EV chargers and their deployment in open areas is a concern despite the fact that EVSE Market participants are working towards increasing the network of electric vehicle recharging points. Each country or market has its own standards for EV charging infrastructure. The presence of different standards for EV charging infrastructure leads to a lack of uniformity in EV charging infrastructure and challenges the growth of the market in focus.

However, with the fast pace of adoption of EVs, public charging station networks need to expand quickly.  It is very costly to build a charging station for electric vehicles due to the large installation cost and specialized equipment. This is a major challenge that will restrain the growth of the EV charging station, which, in turn, will hamper the growth of the electric vehicle supply equipment market during the forecast period.

Key Market Companies

Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.

Blinkcharging-  The company offers electronic vehicle supply equipment such as EVlink parking, EVlink wallbox, EVlink smart wallbox.

This market research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including: 

ZF Friedrichshafen AG, Webasto SE, Siemens AG, Shell plc, Schneider Electric SE, Phihong USA Corp., LS Power Development LLC, Leviton Manufacturing Co. Inc., Enphase Energy Inc., E.ON SE, Delta Electronics Inc., Comeca Group, Chroma ATE Inc., ChargePoint Holdings Inc., BP Plc, Blink Charging Co., Alfen NV, ABB Ltd., Efacec Power Solutions SGPS SA, and Eaton Corp. Plc

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Analyst Overview

The Electric Vehicle Supply Equipment (EVSE) market is witnessing robust growth as EVs become increasingly popular. EVSE infrastructure is being deployed in various locations, including bus depots, hotels, parks, highways, corporate offices, and homes, to support the growing adoption of EVs. Governments worldwide are incentivizing EV adoption through initiatives such as tax benefits, subsidies, and communication protocols. The International Energy Agency (IEA) is actively promoting EVs to reduce carbon emissions and dependence on crude oil. Smart cities are implementing regulations and policies to encourage EV usage, with European countries like Germany and Norway leading the way. Charging infrastructure, including wireless charging, fixed charger, and portable charger, is being installed in residential and commercial spaces, public areas, and along highways like the West Coast Electric Highway and the Norway to Italy Electric Highway. 

Diverse communications protocols and DC Fast Charger technologies cater to evolving needs. Collaboration among NEMA Members ensures adherence to codes and rating systems. Contractors and installers are vital in deploying infrastructure, supported by comprehensive training programs. Major stakeholders, including auto manufacturers and electric utilities, invest in bolstering the EVSE market and meeting carbon emission targets. Standards ensure interoperability and safety across EVSE infrastructure. Analyzing investment pockets is crucial for future growth, with a focus on addressing the supply-demand gap. Market size estimations highlight potential opportunities, especially in bus depots and other transit hubs. The transition from fossil fuel ,Petrol, diesel to renewable energy sources underscores the importance of EVSE in reducing CO2 emission and reshaping the automotive industry.

Segment Overview

This electric vehicle (EV) market research and growth report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Type Outlook
  • Level 2
  • Level 1
  • Level 3
• Application Outlook
  • Residential
  • Commercial
• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Chile
    • Argentina
    • Brazil

 

Market Scope
Report Coverage	Details
Page number	163
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 29.9%
Market growth 2023-2027	USD 68.74 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	28.11
Regional analysis	APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution	APAC at 44%
Key countries	US, China, Germany, France, and The Netherlands
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	ZF Friedrichshafen AG, Webasto SE, Siemens AG, Shell plc, Schneider Electric SE, Phihong USA Corp., LS Power Development LLC, Leviton Manufacturing Co. Inc., Enphase Energy Inc., E.ON SE, Delta Electronics Inc., Comeca Group, Chroma ATE Inc., ChargePoint Holdings Inc., BP Plc, Blink Charging Co., Alfen NV, ABB Ltd., Efacec Power Solutions SGPS SA, and Eaton Corp. Plc
Market dynamics	Parent market analysis, Market Forecasting ,Market Growth and Trends, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2023 and 2027
• Precise estimation of the size of the market  size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across APAC, North America, Europe, South America, and Middle East and Africa
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of the key market companies

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