Electric Vehicle Supply Equipment Market By Charging Station Type (Normal Charging, Super Charging, Inductive Charging) By Application (Commercial, Residential): : Growth, Future Prospects & Competitive Analysis, 2015 - 2027
The global Electric Vehicle Supply Equipment Market is expected to cross-market value of USD 94.05 billion in 2027 from USD 16.10 billion in 2020. It is expected to grow at a CAGR of over 34.2% during the forecast period.
Electric vehicle (EV) supply equipment is a device that safely delivers electrical energy to an electric vehicle to charge its batteries. Electric vehicle charging stations and recharging points are examples of these assemblies. Electric vehicles, such as a plug-in, hybrid, and electric, are recharged using EV supply devices. Credence Research is offering holistic information and absolute accuracy in the report titled “Global Electric Vehicle Supply Equipment Market.”
Key Market Drivers and Restraints
Factors that significantly impact the market growth of industrial electric vehicles will be covered here. Also, covers factors that may challenge or act as an opportunity for the market will be discussed to identify revenue generation.
Substitutes that May Affect the Market Growth
The high electric vehicle charging equipment costs are a major factor that threatens market expansion. Hydrogen fuel vehicles have also emerged due to the advancement of next-generation fuel cell systems and hydrogen storage technologies. The introduction of advanced electric vehicle supply facilities, such as wireless charging stations and onboard pantographs, will, to some degree, mitigate the effects of the above factors.
Europe to Dominate the global market.
On the geographic front, the global market comprises six regions with all key economies pertaining to it. Credence Research provides in-depth insight into prominent regions of the global market. Europe dominated with over 41.23% share in 2020.
Super Charging leads Global Market.
Normal Charging, Super Charging, and Inductive Charging are the three Charging Station Types in the global market. However, due to ongoing research and development activities in wireless charging technologies, the inductive charging segment is expected to grow at the fastest rate over the forecast period. Furthermore, the inductive charging category is expected to be driven by the introduction of driverless, ridesharing, and electric vehicles that are expected to use inductive charging technology in the coming years. Furthermore, the inductive charging category is expected to be driven by the introduction of driverless, ridesharing, and electric vehicles that are expected to use inductive charging technology in the coming years. However, inductive fast-charger issues, such as induction loss, are expected to stymie segment development.
Residential continues to dominate the global market in terms of Applications.
Commercial and Residential are the two applications of this market. However, the later segment is anticipated to dominate the market as residential chargers are now being offered by a number of automakers in conjunction with electric vehicles. Furthermore, overnight charging at homes or residential complexes is the preferred method due to advantages such as cost-effectiveness and comfort.
Frequently asked questions about global industry
Super Charging, Inductive Charging, and Normal Charging are the different Charging Station Types available in the market
ClipperCreek, Liberty Plugins, NRG EVgo, FullCharger, Chargemaster PLC, Bosch Automotive Service Solutions Inc., ChargePoint, Elektromotive, Circontrol SA and Tesla Inc. are the key players operating in this market
Residential Application offers tremendous opportunities to players
Europe has the largest share owing to various developments happening in this space
The market is anticipated to grow at a CAGR of 34.2% throughout the forecast period
