NEW YORK, Jan. 26, 2023 /PRNewswire/ — From $3,897.5 million in 2022, the electric vehicle supply equipment market value is projected to rise by 11.7% from 2022 to 2030, ultimately reaching $9,426.2 million, forecasts P&S Intelligence.
The growth can be credited to the increasing need for e-vehicles, government initiatives to fuel EVSE installation, and rising pollution levels. For example, China set up approximately 87,000 electric vehicle charging stations in May 2022 alone, driven by the need to clean up the air.
AC Chargers Are More Common Globally
The alternating current charger category is leading the industry. Such chargers are extensively accepted for day-to-day charging as they are less costly during installation, operation, and production.
Moreover, since they take 8–9 hours to fully charge an average EV battery, AC chargers are widely preferred by individuals for the overnight charging of their automobiles at their homes.
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Number of Public Charging Stations To Grow at Higher Pace
On the basis of application, the public category is projected to grow with the higher CAGR, of approximately 12%, in the years to come. This can be ascribed to the strong commitments by governments, manufacturers, and automakers to enhance the EV charging infrastructure in numerous countries.
Currently, private chargers outnumber those accessible to the general public. This is because most EV owners prefer to have chargers, majorly the slow AC variants, at their homes, partially because the number of publicly accessible chargers is grossly low compared to the demand.
APAC Is Largest Revenue Generator
APAC is the biggest revenue contributor to the market, and it is projected to continue its dominance, with a worth of $4 billion by 2030. This is due to the increasing pace of technological enhancements and snowballing government and private expenditure for charging infrastructure betterment in the region.
Furthermore, the growing environmental concerns and declining TCO of EVs are propelling the demand for electric vehicle supply equipment in the region.
Browse detailed report on Electric Vehicle Supply Equipment Market Trends, Development and Demand Forecast Report 2030
EVSE Installation Booming in North America
North America is expected to be the market that witnesses the fastest growth in the coming years. The Federal Government already plans to ban vehicles operating on fossil fuels by 2035, in a bid to cut down emissions.
Snowballing Demand for Electric Vehicles Boosts Industry
The demand for EVs has grown extensively in recent years. In the first six months of 2022, around 4.3 million electric vehicles were bought worldwide. The increasing awareness regarding environmental protection and the aim to decrease the utilization of gasoline and diesel are the main factors fueling the sales of these vehicles.
Electric Vehicle Supply Equipment Market Report Coverage
- Alternating Current (AC)
- Direct Current (DC)
- Combined charging system (CCS)
- Tesla supercharger (SC)
- North America
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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