Electric Vehicle Supply Equipment Market to grow by USD 68,744.87 million from 2022 to 2027| Increased demand for electric vehicles drives the market - Technavio

NEW YORK, Aug. 2, 2023 /PRNewswire/ -- The electric vehicle supply equipment market size is estimated to grow by USD 68,744.87 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 29.9% during the forecast period. However, the growth momentum will progress. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

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Electric Vehicle Supply Equipment Market - Segmentation Assessment

Segment Overview

Technavio has segmented the market based on type (Level 2, Level 1, and Level 3), application (Residential and Commercial), and geography (APAC, North America, Europe, South America, and Middle East and Africa). 

• The level 2 segments are estimated to witness major growth during the forecast period. Level 2 charging refers to the charging infrastructure that offers power at a higher voltage (240 volts, AC) and amperage than a standard household power outlet, leading to faster and more efficient charging for electric vehicles. This category provides EV owners with a convenient and reliable charging solution for both residential and commercial use. Also, Level 2 charging stations can be installed by homeowners in their garages or parking lots, delivering an efficient and quick recharging solution for EVs. This allows them to charge their vehicles on a night basis in order to ensure that they are prepared for their daily commutes without any trouble. Such factors are expected to drive the growth of the level 2 segment in the electric vehicle supply equipment market during the forecast period. 

Geography Overview

By geography, the electric vehicle supply equipment market is segmented into APAC, North America, Europe, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global electric vehicle supply equipment market.

• APAC is estimated to account for 44% of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The high sales of BEVs and PHEVs in countries such as China, Singapore, Japan, and South Korea are majorly contributing to the growth of the electric vehicle supply equipment (EVSE) market. China is the single largest contributor to the regional EV market and also the largest seller of EVs across the globe. The rising emphasise on alternative fuel vehicles in emerging markets in Asia is acting as an enabler for the growth of the regional electric vehicle supply equipment market in the region. The growing stringency of emission norms in emerging economies is driving OEMs to expand their portfolio of BEVs and PHEVs and driving the installation of EV charging stations in the region.

Insights on the market contribution of various segments, including country and region wise historical data (2017 to 2021) and forecast market size (2023 to 2027) - Download a Sample Report

Electric Vehicle Supply Equipment Market – Market Dynamics

Key factor driving market growth

The increased demand for electric vehicles is driving the market growth. Government financing, incentives, and subsidies aimed at developing and expanding EV recharging infrastructure are the major drivers of the market's growth. Government bodies have taken various reforms and have expanded subsidies and incentives such as e-AMRIT for developing EV charging infrastructure. Similarly, standards for fuel efficiency of vehicles, recharging infrastructure, consumer tax credits, and substantial R&D support are also fueling the growth of such vehicles in the United States. Nevertheless, government help is essential for driving the sales of new energy vehicles such as BEVs and PHEVs. Government bodies are promoting the use of EVs with increasing concerns over environmental pollution and the depletion of conventional sources of energy. For the use of EV chargers, subsidies and incentives are provided by government authorities in different EVSE markets in order to boost sales of BEVs and PHEVs. The aid from governments is anticipated to drive the growth of the global EV charging station, in turn, creating demand for electric vehicle supply equipment market growth during the forecast period.

Leading trends influencing the market 

The deployment of smart grids for EVs is an emerging trend shaping market growth. The smart grids for electric vehicles also form part of the Advanced EV Charging Infrastructure and by providing real-time information on load requirements and power quality to the operators, they support the wider deployment of variable generation technologies. Also, they are a foundation for V2G infrastructures, as they involve grid applications such as Smart Energy Metering, Supervisory Control, and Data Acquisition Systems in the area of SCADA Networks, Information Technologies, or any Communication Network. Although there are no established smart grid standards, international agencies such as the International Electromechanical Commission (IEC) and the Institute of Electrical and Electronics Engineers (IEEE) have developed many standards, including those for EVs. Furthermore, many countries are actively investing in smart grid technology and the expansion of electric vehicle charging stations will probably be driven by these developments, which, in turn, will fuel the growth of the global electric vehicle supply equipment market during the forecast period.

Major challenges hindering the market growth

The lack of standardization of EV charging is a major challenge hindering market growth. The major challenges in the EVSE market have emerged in terms of the standardization of infrastructure for electric vehicles. The lack of common standards for EV chargers and their deployment in open areas is a concern despite the fact that electric vehicle supply equipment (EVSE) Market participants are working towards expanding the network of electric vehicle recharging points. Each market has its own standards for EV charging infrastructure. However, the presence of different standards for EV charging infrastructure leads to a lack of uniformity in EV charging infrastructure and challenges the growth of the market in focus. Moreover, with the rapid adoption of EVs, public charging station networks need to expand fast. Due to the large installation cost and specialized equipment, It is very costly to build a charging station for electric vehicles. These factors hinder the market growth during the forecast period.

Insights on Market Drivers, trends, & Challenges, historic period (2017 to 2021) and forecast period (2023 to 2027) - Request a sample report!

What are the key data covered in this Electric Vehicle Supply Equipment Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the electric vehicle supply equipment market between 2023 and 2027
• Precise estimation of the electric vehicle supply equipment market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behaviour
• Growth of the electric vehicle supply equipment market across APAC, North America, Europe, South America, and the Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of electric vehicle supply equipment market vendors

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Table of contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global electric vehicle supply equipment market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on global electric vehicle supply equipment market 2017 - 2021 ($ million)

• 4.2 Type Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 ($ million)

• 4.3 End-user Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – End-user Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Type

• 6.1 Market segments 
• Exhibit 30: Chart on Type - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Type - Market share 2022-2027 (%)

• 6.2 Comparison by Type 
• Exhibit 32: Chart on Comparison by Type
• Exhibit 33: Data Table on Comparison by Type

• 6.3 Level 2 - Market size and forecast 2022-2027
• Exhibit 34: Chart on Level 2 - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Level 2 - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Level 2 - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Level 2 - Year-over-year growth 2022-2027 (%)

• 6.4 Level 1 - Market size and forecast 2022-2027
• Exhibit 38: Chart on Level 1 - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Level 1 - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Level 1 - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Level 1 - Year-over-year growth 2022-2027 (%)

• 6.5 Level 3 - Market size and forecast 2022-2027
• Exhibit 42: Chart on Level 3 - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Level 3 - Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Level 3 - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Level 3 - Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by Type 
• Exhibit 46: Market opportunity by Type ($ million)
• Exhibit 47: Data Table on Market opportunity by Type ($ million)

7 Market Segmentation by Application

• 7.1 Market segments 
• Exhibit 48: Chart on Application - Market share 2022-2027 (%)
• Exhibit 49: Data Table on Application - Market share 2022-2027 (%)

• 7.2 Comparison by Application 
• Exhibit 50: Chart on Comparison by Application
• Exhibit 51: Data Table on Comparison by Application

• 7.3 Residential - Market size and forecast 2022-2027
• Exhibit 52: Chart on Residential - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Residential - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Residential - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Residential - Year-over-year growth 2022-2027 (%)

• 7.4 Commercial - Market size and forecast 2022-2027
• Exhibit 56: Chart on Commercial - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Data Table on Commercial - Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Chart on Commercial - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Commercial - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Application 
• Exhibit 60: Market opportunity by Application ($ million)
• Exhibit 61: Data Table on Market opportunity by Application ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 63: Chart on Market share by geography 2022-2027 (%)
• Exhibit 64: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 65: Chart on Geographic comparison
• Exhibit 66: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 67: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 North America - Market size and forecast 2022-2027
• Exhibit 71: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027
• Exhibit 75: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 79: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 83: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027
• Exhibit 87: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 US - Market size and forecast 2022-2027
• Exhibit 91: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027
• Exhibit 95: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 France - Market size and forecast 2022-2027
• Exhibit 99: Chart on France - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on France - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on France - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on France - Year-over-year growth 2022-2027 (%)

• 9.12 The Netherlands - Market size and forecast 2022-2027
• Exhibit 103: Chart on The Netherlands - Market size and forecast 2022-2027 ($ million)
• Exhibit 104: Data Table on The Netherlands - Market size and forecast 2022-2027 ($ million)
• Exhibit 105: Chart on The Netherlands - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on The Netherlands - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 107: Market opportunity by geography ($ million)
• Exhibit 108: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 109: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 110: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 111: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 112: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 113: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 114: Matrix on vendor position and classification

• 12.3 ABB Ltd. 
• Exhibit 115: ABB Ltd. - Overview
• Exhibit 116: ABB Ltd. - Business segments
• Exhibit 117: ABB Ltd. - Key news
• Exhibit 118: ABB Ltd. - Key offerings
• Exhibit 119: ABB Ltd. - Segment focus

• 12.4 Alfen NV 
• Exhibit 120: Alfen NV - Overview
• Exhibit 121: Alfen NV - Product / Service
• Exhibit 122: Alfen NV - Key offerings

• 12.5 Blink Charging Co. 
• Exhibit 123: Blink Charging Co. - Overview
• Exhibit 124: Blink Charging Co. - Product / Service
• Exhibit 125: Blink Charging Co. - Key news
• Exhibit 126: Blink Charging Co. - Key offerings

• 12.6 BP Plc 
• Exhibit 127: BP Plc - Overview
• Exhibit 128: BP Plc - Business segments
• Exhibit 129: BP Plc - Key news
• Exhibit 130: BP Plc - Key offerings
• Exhibit 131: BP Plc - Segment focus

• 12.7 ChargePoint Holdings Inc. 
• Exhibit 132: ChargePoint Holdings Inc. - Overview
• Exhibit 133: ChargePoint Holdings Inc. - Product / Service
• Exhibit 134: ChargePoint Holdings Inc. - Key news
• Exhibit 135: ChargePoint Holdings Inc. - Key offerings

• 12.8 Delta Electronics Inc. 
• Exhibit 136: Delta Electronics Inc. - Overview
• Exhibit 137: Delta Electronics Inc. - Business segments
• Exhibit 138: Delta Electronics Inc. - Key offerings
• Exhibit 139: Delta Electronics Inc. - Segment focus

• 12.9 Eaton Corp. Plc 
• Exhibit 140: Eaton Corp. Plc - Overview
• Exhibit 141: Eaton Corp. Plc - Business segments
• Exhibit 142: Eaton Corp. Plc - Key news
• Exhibit 143: Eaton Corp. Plc - Key offerings
• Exhibit 144: Eaton Corp. Plc - Segment focus

• 12.10 Enphase Energy Inc. 
• Exhibit 145: Enphase Energy Inc. - Overview
• Exhibit 146: Enphase Energy Inc. - Product / Service
• Exhibit 147: Enphase Energy Inc. - Key offerings

• 12.11 E.ON SE 
• Exhibit 148: E.ON SE - Overview
• Exhibit 149: E.ON SE - Business segments
• Exhibit 150: E.ON SE - Key news
• Exhibit 151: E.ON SE - Key offerings
• Exhibit 152: E.ON SE - Segment focus

• 12.12 Leviton Manufacturing Co. Inc. 
• Exhibit 153: Leviton Manufacturing Co. Inc. - Overview
• Exhibit 154: Leviton Manufacturing Co. Inc. - Product / Service
• Exhibit 155: Leviton Manufacturing Co. Inc. - Key offerings

• 12.13 LS Power Development LLC 
• Exhibit 156: LS Power Development LLC - Overview
• Exhibit 157: LS Power Development LLC - Product / Service
• Exhibit 158: LS Power Development LLC - Key offerings

• 12.14 Phihong USA Corp. 
• Exhibit 159: Phihong USA Corp. - Overview
• Exhibit 160: Phihong USA Corp. - Product / Service
• Exhibit 161: Phihong USA Corp. - Key offerings

• 12.15 Schneider Electric SE 
• Exhibit 162: Schneider Electric SE - Overview
• Exhibit 163: Schneider Electric SE - Business segments
• Exhibit 164: Schneider Electric SE - Key news
• Exhibit 165: Schneider Electric SE - Key offerings
• Exhibit 166: Schneider Electric SE - Segment focus

• 12.16 Siemens AG 
• Exhibit 167: Siemens AG - Overview
• Exhibit 168: Siemens AG - Business segments
• Exhibit 169: Siemens AG - Key news
• Exhibit 170: Siemens AG - Key offerings
• Exhibit 171: Siemens AG - Segment focus

• 12.17 Webasto SE 
• Exhibit 172: Webasto SE - Overview
• Exhibit 173: Webasto SE - Product / Service
• Exhibit 174: Webasto SE - Key offerings

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 175: Inclusions checklist
• Exhibit 176: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 177: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 178: Research methodology
• Exhibit 179: Validation techniques employed for market sizing
• Exhibit 180: Information sources

• 13.5 List of abbreviations 
• Exhibit 181: List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Website: www.technavio.com

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