DUBLIN--(BUSINESS WIRE)--The "Electric Vehicle Supply Equipment Market by Charging Level, Application, Charging Infrastructure, Electric Bus Charging, Installation, Charging Station, and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Electric Vehicle Supply Equipment Market is Estimated to Grow from USD 2.54 Billion in 2019 to Reach USD 27.61 Billion by 2027, at a CAGR of 34.7%
Increased emphasis on reduction in carbon emissions is expected to boost the market. However, high overhaul and maintenance costs for charging infrastructure can create a hurdle for its growth.
The installation cost of charging infrastructure and efficiency of vehicles is likely to propel the growth of portable chargers during the forecast period
The portable charger segment is expected to be the fastest growing market. With portable chargers, EV drivers could carry the charger with them and charge the car whenever needed. In addition, a portable charger eliminates the need to develop charging infrastructure for installing a stationary charging station. Initially, portable chargers were introduced as small and light chargers that could generate sufficient power for short journeys. However, new advanced portable chargers are expected to generate the same power as stationary charging stations.
The North American market is expected to register the fastest growth during the forecast period
The North American market is expected to witness the fastest growth, followed by Europe and the Asia Pacific. The electric vehicle supply equipment industry in the country is inclined toward innovation, technology, and development of advanced charging infrastructure. The increasing demand for reducing carbon emission and developing more advanced and fast charging stations are expected to propel the growth. Tesla, Leviton, and ChargePoint are some of the key players in the US electric vehicle supply equipment industry.
The Asia Pacific is expected to be the largest market during the forecast period
The Asia Pacific is expected to be the largest market, followed by Europe. The increasing concerns of carbon emission due to existing vehicles and efficiency in this mode of transport have led the authorities to develop a charging infrastructure network that has propelled the growth of this market. Government initiatives have encouraged the key players to develop the infrastructure for charging network.
The electric vehicle supply equipment market is dominated by globally established players such as Tesla (US), ABB (Switzerland), Siemens (Germany), and Bosch (Germany).
Global Electric Vehicle Supply Equipment Market
- Electric Vehicle Supply Equipment Market, By Charging Station and Application
- Electric Vehicle Supply Equipment Market, By Charging Station
- Electric Vehicle Supply Equipment Market, By Charging Infrastructure
- Electric Vehicle Supply Equipment Market, By Level of Charging
- Electric Vehicle Supply Equipment Market, By Application
- Electric Vehicle Supply Equipment Market, By Installation
- Heavy Investments From Automakers in EVs
- Government Policies and Subsidies
- Environmental Pollution Treated as an Alarming Issue
- Demand for Increasing Vehicle Range Per Charge
- Lack of Standardization in Charging Infrastructure
- Use of Vehicle-To-Grid (V2G) EV Charging Stations for Electric Vehicles
- EV Charging Stations Powered By Renewable Sources
- High Initial Cost of EVs in Comparison With Ice Vehicles
- Stringent Rules for Installation of Charging Stations
- BYD Auto
- Schneider Electric
- Efacec Power Solutions
- Mitsubishi Electric
Other Key Players
- Blink Charging
- EV Safe Charge
- Pulse Charge
- New Motion B.V
- Spark Horizon
- Bp Chargemaster
- Pod Point
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