19 March 2021
Visiongain has published a new report on Electric Vehicle Supply Equipment (EVSE) Market Report to 2031: Forecasts by By Power Type (AC Power and DC Power) By Product Type (Portable Charger, Onboard Charging Station, Charging Kiosk, Others) By Application (Residential and Commercial) By Charging Station Type (Normal Charging, Super Charging, and Inductive Charging). PLUS Profiles of Leading Electric Vehicle Supply Equipment Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global Electric Vehicle Supply Equipment market was valued at US$ xx billion in 2019 and is projected to reach at a market value of US$ xx billion by 2031. The market is anticipated to witness positive growth over the forecast period, despite the disruptions created by COVID-19 in the year 2020. The growth of the market can be attributed to the increasing support from the regional governments through incentives, loans and subsidies.
COVID-19 Impact on Electric Vehicle Supply Equipment Market
COVID-19 negatively impacted the electric vehicle segment due to restricted public movement and limited economic activities in first few months after the spread of the virus. This in turn led to downturn in the demand for Electric Vehicle Supply Equipment. However, electric vehicle and related equipment market remained resilient in the second half. Resumption of economic activities, opening of international borders and exports, growing awareness among customers and government support in the form of demand incentives and investment for enhancing charging infrastructure in turn increased the demand for Electric Vehicle Supply Equipment.
Increasing charging infrastructure across countries and launch of new EV products by OEMs at an affordable price are two main demand-side drivers for the electric vehicle supply equipment. Additionally, heavy investments by government across the key markets in world in electric vehicle charging infrastructure, so as to meet their electrification targets also acts a factor pushing the demand for electric vehicle supply equipment market.
Significant opportunity exists in the new technology Electric Vehicle Supply Equipment, major players compete on technology and cost as key differentiation product to win the market. Electric equipment is one such area of opportunity. Many EV supply equipment manufacturers are investing significantly in R&D of fast charging stations. Growth opportunities also exist in the developing part of the world, i.e. regions such as Asia Pacific where countries such as Thailand, Malaysia, Indonesia and India are striving hard to achieve major electrification in near term.
Some of the company’s profiled in this report include Liberty Plugins, NRG EVGo, ClipperCreek, Chargemaster PLC, Robert Bosch GmbH, Tesla Inc., Elektromotive, ChargePoint, and Circontrol SA hicle Supply Equipment Limited), and ABB Ltd. Players in the EV supply equipment market have been observed forming alliances with OEMs and other mobility players to co-develop new technologies related to EV supply equipment. For instance, ChargePoint formed an alliance with EV charging infrastructure companies Allego and EVBox for forming consumer-centric EV policies in Europe.
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