The total size of the electric vehicle supply equipment market stood at USD 3,897.5 million in 2022, and it will grow at a rate of 11.7% in the years to come, to reach USD 9,426.2 million by 2030, as per a report by P&S Intelligence.
AC chargers led the industry as AC charging is the utmost common charging technique for e-vehicles with plugs. Charging speed hinge on on the output power of the charge point and the capabilities of the converter to convert the power to DC.
Similarly, these chargers are extensively accepted and more prevalent for general everyday charging, as these have low costs, of production, fitting, and operation. For example, across China, there are around 1.4 million EV charging stations, amongst which 806 thousand are AC charging stations.
The AC chargers are bifurcated into level 1 and 2 chargers. Of these, the former held a larger share, because of the longer charging time of e- vehicles, making these chargers appropriate for overnight charging.
The public category will grow at a higher rate, about 12%, in the years to come. This is because of the robust assurances of administrations, carmakers, and manufacturers for the expansion of e- vehicle infra in numerous countries.
While, the private category had a larger share in the industry. This is because of the larger use of home chargers worldwide. Electric vehicles take substantial time in charging. Therefore, most customers are in favor of private charging or home charging, as they can be connected effortlessly and can be put to use overnight.
Recently, the demand for EV has grown quickly. In the first half of 2022, about 4.3 million EVs were sold worldwide, which was over the sales in the preceding year. The increasing concerns toward ecological protection and the target to decrease the use of diesel fuels and gasoline fuels are the factors boosting the sales of these vehicles. With the increased sales of EV, the rapid disposition of charging stations is observed, worldwide.
