Electric Vehicle Supply Equipment Market to Surpass $9,426.2 Million Revenue by 2030
- Published: December 2022
The electric vehicle supply equipment market size is expected to advance at a CAGR of 11.7% during 2022–2030, to reach $9,426.2 million by 2030. This can be ascribed to the surging adoption of electric vehicles, the increasing deployment of charging stations with enhanced performance, and the improving EV infrastructure.
Government Initiatives for Faster Adoption of Electric Vehicles
Governments are playing a major role in the growth of the EVSE market, as they mandate policies and set targets related to the adoption of electric vehicles and charging infrastructure. For instance, the Indian government launched various policies and incentives for boosting the demand for electric vehicles such as the PLI scheme, special e-mobility zones, and duty reduction on such vehicles. The government is also improving charging infrastructure through the involvement of private and public companies.
Moreover, the range anxiety of electric vehicle owners is leading to the installation of more public chargers, which require huge investments in robust charging infrastructure by governments. For instance, in June 2022, the Canadian government announced funding for 6,000 EV chargers and an investment of $45 million. Whereas, in the U.S., California’s Executive Order B-48-18 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 market.
North American Market To Witness the Fastest Growth
In terms of value, the North American market is expected to grow at the highest rate during the forecast period. This can be ascribed to the rapid adoption of EVs, the existence of various players, and the improvement in charging technologies, in the region. In North America, the U.S. market is holding a larger share because of government initiatives. For instance, in December 2021, the U.S. government planned to end gas-powered vehicles by 2035 and promote the use of electric cars.
Development of V2G Technology Is a Key Opportunity for Industry Players
The V2G technology for charging an electric vehicle presents ample growth opportunities for market players. The technology enables electric vehicles to supply the stored electricity back into the electricity grid to support the supply of energy at times of peak demand. The electricity from such vehicles can be also used to offset the demand surcharge of a building.
The major benefit of this technology can be seen in fleet operators’ vehicles when plugged into V2G bi-directional chargers during their idle time. The integration of this technology in electric vehicles can offset the cost of vehicle ownership by selling power stored in the battery back to the electricity grid. Hence, V2G is being seen as an opportunity area for players operating in the EVSE market.
The most-significant electric vehicle supply equipment market players are AeroVironment Inc., ABB Group, Delta Electronics Inc., Siemens AG, Tesla Inc., ChargePoint Inc., bp Pulse, Schneider Electric SE, Enphase Energy Inc., and Leviton Manufacturing Co. Inc.