Electric Vehicle Supply Equipment Market 2020-2030: Electric vehicle (EV) supply equipment is an assembly installed in order to safely deliver the electrical energy to the electric vehicle for the purpose of recharging batteries. Such types of assemblies are also known as an electric vehicle charging station and electric recharging point. The EV supply equipment transfers electricity for the purpose of recharging electric vehicles such as plug-in electric vehicles, electric cars and hybrid vehicles. Furthermore, the traditional internal combustion engine (ICE) vehicles are refilled at traditional gas stations whereas EV’s can be recharged at multiple locations such as residence, commercial areas and at highway charging stations. Furthermore, the maintenance cost of EV’s is lower than conventional ICE vehicles. EV’s reduce the carbon discharge levels into the atmosphere. Therefore, increase in demand for reducing the carbon emission level is expected to drive the growth of the global electric vehicle supply equipment market in the near future.
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Market scope and structure analysis:
|Market size available for years||2020–2027|
|Base year considered||2019|
|Forecast units||Value (USD)|
|Segments covered||Power Type, Product Type, Charging Station Type, Application, and Region|
|Regions covered||North America (the U.S. and Canada), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and The Middle East and Africa|
COVID-19 scenario Analysis:
- Electric vehicle supply equipment industry is an evolving sector; however, due to the major shutdown of all operations in the manufacturing of electric vehicle supply equipment a devastating struggle is observed to survive in the market during the pandemic.
- The electric vehicle supply equipment manufacturers are unable to achieve the deadline for the electrification of the automotive vehicles due to the disruption in the investments and liquidity for the electric vehicle supply equipment segment owing to Corona virus.
- As the government all over the world have declared lockdowns over the past few months due to Corona virus, the need for liquidating the assets is required in order to optimize the production of electric vehicle supply equipment.
- Majority of electric vehicle supply equipment manufacturers are facing issues such as security risks and workforce unavailability due to the government declared lockdowns owing to the pandemic.
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Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Stringent government regulations to limit environment pollution levels, increase in market penetration of electric vehicles, and demand for increasing vehicle range per charge are driving the growth of the market. However, lack of standardization in charging infrastructure is expected to hamper the growth of the market. On the contrary, usage of vehicle-to-grid electric vehicle supply equipment is expected to create an opportunity for the market investments.
The global electric vehicle supply equipment market trends are as follows:
Government regulations to limit environmental pollution levels
The internal combustion engine (ICE) vehicles make use of a combustion chamber to burn fuel and generate power, which in turn produces greenhouse gases such as carbon dioxide, methane & others; thus, leading to environmental pollution. Whereas, electric vehicles (EV) uses an electric powered motor operating on battery supplied current which does not produce carbon pollutants. Furthermore, several stringent policies & regulations have been introduced by the governments across the globe to control the environmental pollution levels. For instance, regulations such as Bharat Stage Emission Standards (BSES), United Nations Framework Convention on Climate Change (UNFCCC), and others are imposed by the government to help control the environmental pollution. Therefore, the government policies to limit environmental pollution levels is expected to boost the growth of the electric vehicle supply equipment market in the coming years.
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Increase in market penetration of electric vehicles
Limited availability of non-renewable sources of energy and the high cost of crude oil is enhancing the market penetration for the electric vehicles (EV). EVs operate on battery generated current and non-fuel, which allows the consumer to shift from internal combustion engine (ICE) vehicles mainly due to economical maintenance of EVs. Therefore, increase in market penetration of electric vehicles is anticipated to boost the electric vehicle supply equipment market growth during the forecast period.
Key segments covered:
|Charging Station Type||
Key benefits of the report:
- This study presents the analytical depiction of the electric vehicle supply equipment industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the electric vehicle supply equipment market.
- The current market is quantitatively analyzed from 2019 to 2027 to highlight the electric vehicle supply equipment market growth scenario.
- We can also determine EV supply equipment will remain a significant revenue shareholder in the global electric vehicle supply equipment market through the predictable future.
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Questions answered in the global electric vehicle supply equipment market research report:
- Which are the leading market players active in electric vehicle supply equipment market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
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