Government Policies and Targets related to the Adoption of EVs Propelling EVSE Installation |CAGR: 12%| UnivDatos Market Insights

NOIDA, India, Oct. 6, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the EVSE Market is expected to grow at a CAGR of around 12% from 2022-2028, reaching USD 3.8 billion by 2028. The analysis has been segmented into Type (Alternating Current (AC) {Level 1 and Level 2} and Direct Current (DC) {CHAdeMO, Combined Charging System (CCS), GB/T, and Others}); Application (Public and Private); Region/Country.

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The EVSE market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the EVSE market. The EVSE market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the EVSE market at the global and regional levels.

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Market Overview

Electric vehicle supply equipment (EVSE) is the basic unit of EV charging infrastructure. The EVSE accesses power from the local electricity supply and utilizes a control system and wired connection to safely charge EVs.

The Global Electric Vehicle Supply Equipment (EVSE) Market is expected to witness a significant CAGR of around 12% during the forecast period owing to the increasing demand for electric vehicles and rising incentives and subsidies by governments across the world for mass adoption and domestic production of electric vehicles. For instance, the National Electric Mobility Mission Plan (NEMMP) and Faster Adoption and Manufacturing of Hybrid & Electric Vehicles in India (FAME I and II) helped create the initial interest and exposure for electric mobility. For instance, in phase two of FAME, the government announced an outlay of USD 1.4 billion through 2022. Thus, such government initiatives are expected to drive the growth of the electric vehicles and electric vehicle supply equipment market.

COVID-19 Impact

The global breakout of the COVID-19 epidemic hindered the expansion of the electric vehicle industry. For the first two quarters of 2020, the market size was limited by the global economic crisis and financial instabilities. During this time, severe effects on the automobile industry hampered the EV market as well. Furthermore, the global economic crisis has impacted consumers, resulting in a drop in car sales. However, the COVID-19 pandemic had a moderate impact on the EV charging business in early 2020 due to lockdowns. Due to the growing demand for EVs and related markets during the pandemic owing to incentives from governments around the world, the demand for EV charging stations increased in 2021.

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https://univdatos.com/report/electric-vehicle-supply-equipment-evse-market/

The global EVSE market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

• Based on type, the EVSE market is divided into AC and DC. DC category to witness the highest CAGR during the forecast period. EV fast-charging systems can range from 23KW to more than 200KW. This charging system is mostly found in the public area and charges the vehicle faster than normal chargers. Furthermore, a DC fast charger does not require an onboard converter installed inside the vehicle for current conversion. The rising electrification of vehicles and range anxiety among electric vehicle users are leading both public and private players to install more DC fast chargers in public and commercial places.
• Based on application, the market is divided into public and private. The public category is expected to experience a higher growth rate during the forecast period owing to the implementation of policies to increase the usage of EVs by providing subsidies and reduced taxes across the globe, especially in countries such as India and China. Further, the availability of public EV charging stations is crucial for the purchase of electric vehicles. When choosing an electric vehicle, the availability of quick charging stations and public charging are important considerations. Thus, the governments of these emerging economies have recognized the growth potential of the global electric vehicle charging station market. This is a major factor responsible for the category's growth.

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EVSE Market Geographical Segmentation Includes:

• North America (United States, Canada, and Rest of North America)
• Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
• Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)

·  Rest of the World

APAC grabbed the leading market share of the global market in 2020, and it is expected to grow with considerable CAGR during the forecast period owing to supportive government initiatives and schemes to promote the adoption of sustainable mobility solutions to reduce the pollution level from vehicles will propel the market expansion. Moreover, major OEMs are continuously launching premium EVs as well as investing in EV charging infrastructure to support EV adoption. For instance, in March 2022, BYD and Shell entered into a global strategic cooperation agreement for charging infrastructure. This will start in China and Europe and later be expanded globally.

The major players targeting the market include

• Leviton Manufacturing Co. Inc.
• Webasto Charging Systems Inc. (Webasto)
• Chargemaster Ltd.
• ChargePoint Inc.
• Efacec Electric Mobility S.A.
• Blink Charging Co.
• Schneider Electric SE
• ABB Ltd.
• Tesla Inc.
• BYD Co. Ltd

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the EVSE market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the EVSE market?
• Which factors are influencing the EVSE market over the forecast period?
• What are the global challenges, threats, and risks in the EVSE market?
• Which factors are propelling and restraining the EVSE market?
• What are the demanding global regions of the EVSE market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.

Browse Other Related Research Reports from UnivDatos Market Insights

• Off-Highway Electric Vehicles Market
• Electric Vehicle Battery Market
• Asia Pacific Electric Vehicle Charging Outlets Market
• Smart Electric Drive Market
• Electric Buses and Coaches Battery Market
• Electric Vehicle Supply Equipment (EVSE) Market

 Report Coverage

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