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The EV supply equipmentmarket research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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 solutions such as EV charging stations for both residential and commercial use.
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The level 2 segment was the largest and was valued at USD 6.11 billion in 2018. 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 solutions and 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. These factors are expected to fuel the growth of the level 2 segment in the global EV supply equipment market during the forecast period.
APAC is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional EV supply equipment market trends and analysis 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.
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 electric vehicle supply equipment market growth in the US.
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, subsidies for EV batteries along with 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 electric vehicle supply equipment market during the forecast period.
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 IT systems. The expansion of electric vehicle charging stations will probably be driven by these developments, which, in turn, will drive electric vehicle supply equipment market growth and trends during the forecast period.
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 toward 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 electric vehicle supply equipment market.
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 high 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 EV supply equipment market growth during the forecast period.
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 EV supply equipment 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 EV supply equipment 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.
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, and diesel to renewable energy underscores the importance of EVSE in reducing CO2 emission and reshaping the automotive industry.
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Market Scope |
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Report Coverage |
Details |
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Page number |
170 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 30.8% |
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Market Growth 2024-2028 |
USD 92.31 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
29.01 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 46% |
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Key countries |
China, US, France, Germany, and The Netherlands |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., Alfen NV, Blink Charging Co., BP Plc, ChargePoint Holdings Inc., Chroma ATE Inc., Comeca Group, Delta Electronics Inc., Eaton Corp. Plc, Efacec Power Solutions SGPS SA, Enphase Energy Inc., E.ON SE, Leviton Manufacturing Co. Inc., LS Power Development LLC, Phihong USA Corp., Schneider Electric SE, Shell plc, Siemens AG, Webasto SE, and ZF Friedrichshafen AG |
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Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
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Customization purview |
If our EV supply equipment market analysis and report have not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this electric vehicle supply equipment market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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