EVSE Market to Grow at 24.9% CAGR by 2030
Increase in demand for electric vehicles coupled with colossal investments made towards building the charging infrastructure are factors driving the electric vehicle supply equipment market growth.
The Electric Vehicle Supply Equipment market is expected to grow at a CAGR of 24.9 % from 2020-2030, according to a new research report by Next Move Strategy Consulting.
Electric Vehicle Supply Equipment is are defined as charging equipment used to supply power to electric vehicles. Key factors including surging fuel prices, rising environmental concerns, government’s encouragement and ease of charging are accountable for the electric vehicle supply equipment market growth. However, limited battery performance and high cost of ownership are the factors restraining the market growth. On the other hand, shift of the automobile industry towards electric vehicles has paved the way for electric vehicle supply equipment market players to exploit new opportunities in the coming years.
Based on power type, the electric vehicle supply equipment market is segmented into alternating current power and direct current power. Based on product type, the electric vehicle supply equipment market has been segmented into portable charger, electric vehicle kiosk, on-board charging station and others. Based on type of charging station, the electric vehicle supply equipment market has been segmented into normal charging, super charging and inductive charging. On the basis of application, the market is segmented into commercial and residential. Commercial has been further sub segmented into, destination charging station, highway charging station, bus charging station, fleet charging station and other charging station. Based on geography the market is segmented into North America, Europe, Asia Pacific and RoW.
At present, due to the flourishing automobile industry and improved infrastructure, North America possesses the lion share of the electric vehicle supply equipment market. However, Asia Pacific is expected to show exponential growth within the forecast period due to the massive hike in fuel prices and emission norms set forth to reduce air pollution.
According to the report, some the key players in the market are AeroVironment Inc., ABB Ltd., ChargePoint Inc., Clipper Creek Inc., Chargemaster PLC, Eaton Corporation, Leviton Manufacturing Co. Inc., Liberty Plugins, NRG EVgo, and Siemens and more.
Browse key industry insight from the report, “Electric Vehicle Supply Equipment Market by Power Type (Alternating Current (AC) Power, and Direct Current (DC) Power), Product Type (Portable Charger, Electric Vehicle Kiosk, Onboard Charging Station, and Others), Charging Station Type (Normal Charging, Super Charging, and Inductive Charging), and Application (Commercial, and Residential): Global Opportunity Analysis and Industry Forecast, 2020–2030”
Key Insights from the Electric Vehicle Supply Equipment Market Report:
Current emerging trends and opportunities are extensively analysed in electric vehicle supply equipment market report.
The forecast of the electric vehicle supply equipment market comes along with additional information associated with opportunities, restrains and key drivers in the market.
The report electric vehicle supply equipment Market – is segmented by power type, product type, charging station type, application and geography.
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