The Electric Vehicle Supply Equipment (EVSE) Market is expected to reach USD 228.38 Billion by 2028, according to a new report by Reports and Data. Electric Vehicle Supply Equipment is also known as an electric charging point or electric vehicle charging station. The chargers and the components that are built to create them are known as EVSE. They increase safety by facilitating two-way communication within the electric vehicle and the charging station. Electric buses and other large electric vehicles are growing in demand in this market, respectively. While electric buses are available commercially, larger heavy-duty vehicles are still under development.
Associated charging systems are mostly unique to their designated vehicle or their application. The EVSE’s main function is to supply electric energy to charge electric vehicles. These charging stations are situated in parking locations and are provided by electrical utility organizations or even in retail shopping malls by some private companies. These stations are provided with a variation of connectors, which suit every type of EV or Electric Vehicle.
The demand for EVs is growing due to several factors such as increasing environmental issues and the consumers’ knowledge about the same.
The market in North America region is anticipated to witness the highest CAGR of 34.5% followed by Europe and the Asia Pacific, during the forecast period. The electric vehicle supply equipment manufacturers in the country are shifted toward technology, innovation, and development of high-level charging infrastructure. The accelerating demand for decreasing carbon emission and generating more superior and fast charging stations are anticipated to propel the growth.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/electric-vehicle-supply-equipment-market
key findings from the report suggest
- Based on the End User, the market is segmented into residential, commercial, train stations and government buildings.
- The commercial end user segment is expected to witness the highest CAGR of 34.1% during the forecast period.
- The commercial segment is expected to adopt EVs as many actions like implementing fast charging points have been offered by the manufacturers to improve the existing EVs and to make the EVSE more suitable for long-distance travel.
- The Governments of Germany, USA, and Russia have also provided subsidies to execute the same.
- Growing technological advancement is assumed to drive the growth in the next few years.
- The cost of installing charging infrastructure and performance of vehicles is also expected to drive the growth during the forecast period.
- The equipment type can be segmented based into portable charger and fixed charger.
- The portable charger segment is anticipated to be the fastest growing market and is anticipated to witness the highest CAGR of 33.9% during the forecast period.
- By using portable chargers, EV drivers can carry the charger with them that lets them charge the car according to their need.
- Portable chargers initially offered as small and slender chargers that could produce enough power for short journeys.
- Based on Level the market is classified into Level 1, Level 2 and Level 3 respectively.
- The Level 1 segment accounts for the largest share of 35.6% of the market in 2018.
- It is ranged between110 to 120 V and can be a good fit for various workplace charging programs.
- The stations can operate by using any standard household outlet; there are no additional costs involved.
- The only drawback of this level is its prolonged charging time. Several electric vehicle owners are working on the implementation of battery that can be recharged overnight using a primary 120V connection.
- Other regions such as APAC accounts for the largest share of 31.3% of the market in 2018.
- The rising concerns for carbon emission due to existing vehicles and performance in the transport industry have driven the authorities to promote a charging support network that has influenced the growth of this market in this region.