Global Electric Vehicle Supply Equipment Market Size To Reach USD 398.82 Billion By 2032

22-Apr-2024 | Facts and Factors

During the projected timeline of 2024 to 2032, the global electric vehicle supply equipment market is estimated to grow at a compound annual growth rate (CAGR) of 33.19%. In 2023, the global electric vehicle supply equipment market was estimated at USD 30.24 billion, and by 2032, it is predicted to reach USD 398.82 billion.

An electric vehicle supply equipment (EVSE) is also referred to as a charging station for electric vehicles or an electric charging point. The devices and protocols used to generate them are referred to as EVSE; they increase safety by allowing a two-way connection between the electric vehicle and the charging system. An EVSE's primary role is to provide electric energy for charging electric automobiles. These stations are situated in parking lots and supplied by electric utility providers, as well as by some private enterprises in retail shopping malls. These stations are outfitted with a multitude of connectors to accommodate any sort of EV. 

Browse the full “Electric Vehicle Supply Equipment (EVSE) Market Size, Share, Insights Report By Power Type (AC Power [Level 1, Level 2, Level 3], DC Power), By Product (Charging Stations, Wallboxes, Mobile Chargers), By Application (Public Charging, Private Charging), and By Region – Global Industry Analysis, Emerging Trends, Demand and Forecast Report 2024 – 2032”  report at https://www.fnfresearch.com/electric-vehicle-supply-equipment-evse-market

A growing emphasis on the development of low-emission automobiles is predicted to increase electric vehicle acceptance, consequently increasing equipment adoption. Market development is likely to be aided by zero or low registration costs, road tax, purchase tax, and import tax exemptions. Governments offer advantageous subsidies and policies to encourage the use of electric vehicle supply equipment. Furthermore, growing fuel prices encourage users to purchase electric vehicles. These reasons may promote the growth of the electric vehicle supply equipment market.

However, the high cost of level 3 fast chargers and ultrafast chargers connected to electric vehicle charging equipment is a significant factor threatening market growth. The initial cost of a level-3 charger, on the other hand, can be fairly significant. This works as a deterrent for those who desire to switch to EVs because charging for an extended period of time may interfere with everyone's already stressful lifestyle.

The global electric vehicle supply equipment market is segregated on the basis of type of charging, type of charging station, type of setup, implementation, and region. By type of charging, the market is divided into level-1, level-2, and level-3. Among these, the level-2 type of charging segment holds the major share in the global EVSE market and will record robust gains in the future. By type of charging station, the market is divided into inductive, super, and normal. Normal charging type holds a major share in the global EVSE market however, the inductive charging segment is expected to be the fastest-growing market in the coming years. By type of setup, the market is classified into portable and fixed. The fixed charger segment is projected to be the fastest-growing market during the forecast period. By implementation, the market is segmented into commercial and residential. The commercial segment is estimated to be the fastest-growing market during the forecast period.

Asia Pacific region has the biggest share and is predicted to grow at the fastest CAGR during the projection period. The increasing focus by various agencies on encouraging the use of electric vehicles and providing charging infrastructure has motivated a number of start-ups and major global businesses to work with government agencies to develop unique charging solutions. The European market is predicted to grow rapidly over the forecast period. Growing public-private partnerships (PPP) initiatives for EVSE road extensions are anticipated to augment the European market.

Report Scope

Some of the main competitors dominating the global electric vehicle supply equipment market are ABB Ltd., AeroVironment Inc., BP Chargemaster, BTC Power, ChargePoint, Inc., CIRCONTROL S.A, Delta Electronics, Inc., Eaton Corporation, Ekoenergetyka-Polska Sp. z o.o., EVBox, Leviton Manufacturing Co., Inc., Schneider Electric, SemaConnect, Inc., Siemens AG, Tesla, Tritium Pty Ltd., Webasto Group, and others.

Recent Development:

• May 2023: TurnOnGreen, a provider of EV charging solutions, expanded its network by installing charging stations at 18 hotels across North America. These stations use high-power, networked chargers and offer convenient activation methods via app, RFID cards, or QR code. This caters to the growing demand for EV charging options, especially for travelers.
• May 2023: EnergyHub, a DERMS (distributed energy resource management systems) specialist, partnered with Emporia, a smart home energy management company. This collaboration aims to develop faster and more affordable EV charging technology compatible with various EV models. This benefits both consumers with wider options and utilities with grid stability and cost savings for customers.
• February 2023: EverCharge, a manufacturer of large-scale EV charging equipment, launched a comprehensive suite of services. This includes cost analysis, deployment assistance, and maintenance for their charging systems. This one-stop shop approach simplifies the process for customers, eliminating the need to cobble together services from different providers and ensuring seamless data integration.

The global electric vehicle supply equipment market is segmented as follows:

By Power Type

• AC Power
  • Level 1
  • Level 2
  • Level 3
• DC Power

By Product

• Charging Stations
• Wallboxes (home charging units)
• Mobile Chargers (portable chargers)

By Application

• Public Charging
• Private Charging

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Reunion
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Southeast Asia
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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