The global electric vehicle supply equipment market is witnessing a steady growth because of the ever increasing demand for electric vehicles all over the world. An electric vehicle supply equipment is an assembly that supplies electric energy to the electric vehicles for the purpose of recharging of batteries at home or at public spaces.
Due to the increasing awareness about environmental problems, such as global warming and air pollution because of utilization of the carbon based fuels, governments are encouraging the use of electric vehicles to tackle such problems. Hence, to ensure that more and more people buy electric vehicles, several governments have introduced various subsidies in the form of exemption from paying taxes related to vehicles. On the other hand, manufacturers are working overtime on reducing their cost of production of electric cars, and introducing more sophisticated models of electric vehicles in affordable prices. Due to such factors, which promote the sale of electric vehicles, consequently, the market for electric vehicle supply equipment will also receive a boost due to this.
The electric vehicle supply equipment or systems are the products or assemblies installed in order to safely deliver and manage electrical energy between an electric vehicle and an electrical source.
Such type of assemblies are also known as an electric vehicle charging station, EV charging station, electric recharging point, and charging point. The electric vehicle charging equipment supplies electricity for the purpose of recharging electric vehicles such as plug-in electric vehicles, electric cars, and hybrid vehicles.
According to the assessment of Persistence Market Research, the global electric vehicle supply equipment market is forecasted to reach a figure of about US$ 726 Mn by 2022, and is poised to exhibit a moderate CAGR in the period of assessment.
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- ChargePoint, Inc.
- ABB Ltd
- Tesla Inc.
- Eaton Corporation PLC
- SemaConnect, Inc.
- General Electric Company
- AeroVironment, Inc.
- Car Charging Group, Inc.
- Schneider Electric S.E.
- Robert Bosch GmbH
North America Market Set to Dominate the Global Electric Vehicle Supply Equipment Market in Terms of Revenue
The market in North America is set to dominate the global electric vehicle supply equipment market in terms of value, and this trend is projected to sustain itself throughout the assessment period. North America electric vehicle supply equipment market is the most attractive market, growing at a moderate CAGR over the forecast period.
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Level 1 (3.7 kW) Segment Poised to Touch a Value of Nearly US$ 162 Mn in 2022
According to the projections of Persistence Market Research, the level 1 (≤ 3.7 kW) segment is expected to reach a value of about US$ 162 Mn by the year 2022. This signifies a moderate CAGR during the forecast period of 2017-2022. The level 1 (≤ 3.7 kW) segment is estimated to account for more than one-fifth of the revenue share of the charger type segment by the end of the year 2017 and is expected to lose in market share by 2022 over 2017.
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Residential Segment to Exhibit a CAGR of 5.1% During the Assessment Period
According to the assessment of Persistence Market Research, the residential segment is poised to touch a figure of about US$ 134 Mn in the year 2022. This signifies a CAGR of 5.1% during the assessment period from 2017 till the year 2022. The residential segment is estimated to account for nearly one-fifth of the revenue share of the end-user segment by the end of the year 2017 and is projected to gain a hike in its market share by 2022 over 2017.
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The report also profiles companies that are expected to remain active in the expansion of global electric vehicle supply equipment market through 2022, which include ChargePoint, Inc., ABB Ltd, Tesla Inc., Eaton Corporation PLC, SemaConnect, Inc., General Electric Company, AeroVironment, Inc., Car Charging Group, Inc., Schneider Electric S.E. and Robert Bosch GmbH.