Market Insights
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 for the purpose of charging its batteries. Electric vehicle charging stations and electric recharging points are examples of these types of assemblies. Electric vehicles, such as plug-in electric vehicles, hybrid vehicles, and electric cars are recharged using EV supply devices. Credence Research is offering holistic information and absolute accuracy on the report titled “Global Electric Vehicle Supply Equipment Market”.
Key Market Drivers and Restraints
Factors that have high impact on the market growth of industrial electric vehicles will be covered her. Also, covers factors that may challenge or act as opportunity for market will be discussed in order to identify the revenue generation.
Substitutes that May Affect the Market Growth
The high costs of electric vehicle charging equipment are a major factor that threatens to stymie market expansion. Hydrogen fuel vehicles have also emerged as a result of 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 geographic front, the global market comprises six regions with all key economies pertaining to it. Credence Research is providing in-depth insight on prominent regions of global market. Europe dominated with over 41.23% share in 2020.
Global Market is led by the Super Charging
Normal Charging, Super Charging, and Inductive Charging are the three Charging Station Types of global market. Due to ongoing research and development activities in the field of 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, 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, 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 continue to dominate the global market in terms of Application
Commercial and Residential are the two applications of this market. 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, due to advantages such as cost-effectiveness and comfort, overnight charging at homes or residential complexes is the preferred method of charging.
Frequently asked questions about global industry
- Which are the different Charging Station Types of this industry?
Ans: Super Charging, Inductive Charging, and Normal Charging are the different Charging Station Types available in the market
- Who are the key players in the global industry?
Ans: 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
- Which is the fastest growing Application segment for global industry?
Ans: Residential Application offers tremendous opportunities to players
- Which is the leading regional market for global industry?
Ans: Europe has the largest share owing to various developments happening in this space
- What will be the CAGR (2021 - 2027) of in global industry?
Ans: The market is anticipated to grow at a CAGR of 34.2% throughout the forecast period
