psalexa
SearchBar Icon

Propelled by Government Push for Deploying Charging Stations, Global Electric Vehicle Supply Equipment (EVSE) Market to Surpass $2.7 Billion by 2025

Published Date:   January 2020

Valued at $1.5 billion in 2019, the global electric vehicle supply equipment (EVSE) market is projected to reach $2.7 billion by 2025, growing with a CAGR of 10.7% between 2020 and 2025. The alternating current (AC) charger category dominated the market in 2019. This is attributed to the preferred usage of AC chargers for day-to-day charging, due to low costs for installation and operation.

Increasing Penetration of DC Fast Chargers Is a Trend Observed in EVSE Market

Increasing usage of direct current (DC) fast chargers for electric vehicles is a trend observed in the EVSE market. Through these chargers, vehicles are charged at rapid pace. 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 at public and commercial places. Furthermore, electric vehicle manufacturers are also installing DC fast charging points at their point-of-sale places. For instance, in November 2019, MG Motor India launched and installed four 50 kW DC public fast-charging stations in Gurugram, India. Hence, rising penetration of DC fast chargers globally is seen as major trend in the EVSE industry.

Government Push for Deploying Charging Stations Is Boosting EVSE Market Growth

Across the world, the governments are playing a major role in the growth of the EVSE market by mandating policies and setting targets related to the adoption of electric vehicles and charging infrastructure. Also, the range anxiety of electric vehicle owners is further leading to the installation of more public fast chargers, which require huge investments for robust charging infrastructure by the governments. For instance, in the U.S., the California’s Executive Order includes the proposal to invest $900 million for deploying 250,000 charging points by 2025. These huge investments and targets set by countries are boosting the growth of the EVSE industry.

Segmentation Analysis of EVSE Market

Electric Vehicle Supply Equipment (EVSE) Market

  • The demand for DC chargers is projected to grow at a faster rate in the EVSE market during the forecast period. Due to its capability of fast charging as compared to AC charger, the DC charger is expected to be more preferred for charging electric vehicles. These chargers are mostly found along highways, rather than at business locations or at homes.
  • The private charger category dominated the EVSE market during the historical period. This is majorly due to larger utilization of home chargers globally and more installation of private chargers in China. Electric vehicles take considerable time in charging. Thus, most customers prefer home charging or private charging points as these can be installed easily and used overnight.

Geographical Analysis of EVSE Market

In 2019, Europe and APAC held the cumulative share of over 65% in terms on value, in global EVSE market. Among these, APAC generated the highest revenue in the global EVSE market in 2019. This is majorly due to the high adoption of plug-in electric vehicles (PEVs) in China. In 2018, the electric vehicle market in China grew by 85% over 2017. Standing at 1.13 million units (around 51%) of global electric vehicle sales, the Chinese electric vehicle market is now around three times the size of the U.S. market and the European market each. Owing to this, the county has built the world’s largest electric vehicle charging infrastructure network.

During the forecast period, North America is estimated to witness the fastest growth in the EVSE market. The sustainable market growth depends on the support provided by the government in the form of tax credits, incentives, and subsidies. Besides, California contributes almost half to the U.S. electric vehicle sales, due to local and state incentives and zero-emission vehicle (ZEV) policy, which mandates significant sales percentage of electric vehicles.

Competitive Landscape of EVSE Market

The EVSE market is consolidated in nature with major players, including Qingdao TGOOD Electric Co. Ltd., ChargePoint Inc., State Grid Corporation of China, and Star Charge.

Browse report overview with detailed TOC on "Electric Vehicle Supply Equipment (EVSE) Market Research Report: By Type (AC, DC), Application (Public, Private) – Industry Size, Share and Demand Forecast to 2025" at:https://www.psmarketresearch.com/market-analysis/electric-vehicle-charging-station-market

In recent years, the key players in the EVSE market have taken several strategic measures, such as product launches, partnerships, and client wins. For instance, six charging stations have been installed at MG Motor India dealership places in Mumbai, Bengaluru, Hyderabad, and Ahmedabad. The charging stations were installed in partnership with Finland-based clean energy organization Fortum. Also, in the same month, BMW South Africa collaborated with Airports Company South Africa (ACSA) to launch BMW ChargeNow electric vehicle charging stations at three South African airports, namely, Cape Town International Airport, O.R. Tambo International Airport, and King Shaka International Airport.

Other significant players in the market include Shanghai Anrui, China Putian Information Industry Group Co. Ltd. (Potevio), China Southern Power Grid Company Ltd., EVgo Services LLC, Blink Charging Co., Wanbang NE, Tesla Inc., Leviton Manufacturing Co. Inc., Webasto Charging Systems Inc. (Webasto), Chargemaster Ltd., Efacec Electric Mobility S.A., ABB Ltd., BYD Co. Ltd., and Eaton Corporation plc.