The electric vehicle supply equipment market is being positively impacted by the increasing sale of electric vehicles, investments being poured in by manufacturers, and government support for installing such charging stations. The market is predicted to witness a 10.7% CAGR during the forecast period (2020–2025) to see an increase in its revenue to $2.7 billion in 2025, from $1.5 billion in 2019. A charging point can have numerous connections, only one of which can be used at any particular time.
Based on type, the EVSE market is bifurcated into direct current (DC) and alternating current (AC) chargers. Of these, AC chargers held the larger share during the historical period (2014–2019), as they are cost-effective in their operation, installation, and manufacturing. During the forecast period, DC chargers will witness swifter growth, owing to their faster charging ability, which is also why they are mostly installed along highways, rather than at homes.
The major driving factor for the EVSE market growth is the rapid adoption of EVs, which is resulting in the increasing need for electricity supply infrastructure. With the air pollution levels increasing due to the burning of fossil fuels in conventional vehicles, electric variants are being promoted in numerous nations. The International Energy Agency reports a 2 million surge in EV sales, which crossed the 5 million mark in 2018. These sales are further expected to grow at a rate of 30% in the coming years, thereby boosting EVSE deployment.
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The government of several countries are taking efforts to install EV charging stations. For instance, the South Korean government has targeted the deployment of 10,000 fast chargers by 2022. Similarly, India has plans to install 2,700 charging stations by 2023, in cities with more than 4 million residents. In the same vein, Canada sanctioned $4.6 million in 2019 for the installation of 92 DC chargers, while the Californian government has proposed a funding of $900 million for the deployment of 250,000 charging points by 2025.
Hence, with the growing adoption of EVs, the demand for equipment to supply electricity will keep increasing.
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| EVSE Market Report |
The major driving factor for the EVSE market growth is the rapid adoption of EVs, which is resulting in the increasing need for electricity supply infrastructure. With the air pollution levels increasing due to the burning of fossil fuels in conventional vehicles, electric variants are being promoted in numerous nations. The International Energy Agency reports a 2 million surge in EV sales, which crossed the 5 million mark in 2018. These sales are further expected to grow at a rate of 30% in the coming years, thereby boosting EVSE deployment.
Request to Get the Sample Report@ https://www.psmarketresearch.com/market-analysis/electric-vehicle-charging-station-market/report-sample
The government of several countries are taking efforts to install EV charging stations. For instance, the South Korean government has targeted the deployment of 10,000 fast chargers by 2022. Similarly, India has plans to install 2,700 charging stations by 2023, in cities with more than 4 million residents. In the same vein, Canada sanctioned $4.6 million in 2019 for the installation of 92 DC chargers, while the Californian government has proposed a funding of $900 million for the deployment of 250,000 charging points by 2025.
Hence, with the growing adoption of EVs, the demand for equipment to supply electricity will keep increasing.
