The global electric vehicle supply equipment (EVSE) market size is projected to attain USD 104.3 billion, by the end of 2025, and is anticipated to grow at a CAGR of 33.1% over the forecast period, between 2019 and 2025, according to a new report by Million Insights. The market is driven by development in charging infrastructure and equipment at different locations like national parks, shopping malls and hotels. In addition, increasing demand for EV equipment along with advanced technological innovation in charging solutions is projected to boost the market growth. For example, in 2017, Qualcomm Inc. has developed a wireless EV charger.
FMCG and logistics companies are highly adopting EV supply equipment which includes Frito-Lay and FedEx. Frito-Lay has built charging solutions across Albany, New Paltz, Rochester, and Bronx. In addition, rising investment support from government agencies into a logistics company for better fleet management is expected to boost the market growth. Moreover, the rising adoption of electric vehicles for high mobility and the development of automated cars are expected to positively impact on market growth.
Declining prices of lithium-ion battery is also projected to create huge opportunities for market growth. For example, in 2018, united parcel services have increased its number of EVs to 170 from 65. This growth is supported by smart grid technology development in charging solutions. The project is developed by the partnership between the UK power network and cross river partnerships. These initiatives are anticipated to bolster the demand for supply equipment in electric vehicles (EVSE).
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Further key findings from the report suggest:
• Based on power type, DC power is anticipated to grow at the fastest CAGR during the forecasted period. This growth is attributed to favorable government initiatives such as investment and funding for developing electric highways.
• Electric vehicle charging kiosks are projected to propel at significant rate due to the technological development like RFID and NFC.
• Super charging stations segment is projected to grow at substantial pace due to rising number of initiatives for development of charging solutions.
• Destination charging station applications are anticipated to exceed at considerable rate in the coming few years.
Million Insights has segmented the electric vehicle supply equipment market based on power type, product, charging station type, application, and region:
EVSE Power Type Outlook (Volume, Units; Revenue, USD Million, 2014 - 2025)
• AC Power
• Level 1
• Level 2
• Level 3
• DC Power
• Level 1
• Level 2
• Level 3
EVSE Product Outlook (Volume, Units; Revenue, USD Million, 2014 - 2025)
• Portable Charging
• EV Charging Kiosk
• Onboard Charging Station
EVSE Charging Station Type Outlook (Volume, Units; Revenue, USD Million, 2014 - 2025)
• Normal Charging
• Super Charging
• Inductive Charging
EVSE Application Outlook (Volume, Units; Revenue, USD Million, 2014 - 2025)
• Destination Charging Station
• Highway Charging Station
• Bus Charging Station
• Fleet Charging Station
EVSE Regional Outlook (Volume, Units; Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• South Korea
• Latin America
• Middle East & Africa