Electric Vehicle Supply Equipment Market to grow by USD 68.74 billion from 2022 to 2027|The deployment of smart grids for EVs is an emerging market trend- Technavio
NEW YORK, Nov. 20, 2023
NEW YORK, Nov. 20, 2023 /PRNewswire/ -- The electric vehicle supply equipment market size is estimated to grow by USD 68.74 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 29.9% during the forecast period. However, the growth momentum will progress. The deployment of smart grids for EVs is an emerging trend shaping market growth. The smart grids for electric vehicles also form part of the Advanced EV Charging Infrastructure and by providing real-time information on load requirements and power quality to the operators, they support the wider deployment of variable generation technologies. Also, they are a foundation for V2G infrastructures, as they involve grid applications such as Smart Energy Metering, Supervisory Control, and Data Acquisition Systems in the area of SCADA Networks, Information Technologies, or any Communication Network. Although there are no established smart grid standards, international agencies such as the International Electromechanical Commission (IEC) and the Institute of Electrical and Electronics Engineers (IEEE) have developed many standards, including those for EVs. Furthermore, many countries are actively investing in smart grid technology and the expansion of electric vehicle charging stations will probably be driven by these developments, which, in turn, will fuel the growth of the global electric vehicle supply equipment market during the forecast period. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report
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Electric Vehicle Supply Equipment Market - Segmentation Assessment
Technavio has segmented the market based on type (Level 2, Level 1, and Level 3), application (Residential and Commercial), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
- The level 2 segments are estimated to witness major growth during the forecast period. Level 2 charging refers to the charging infrastructure that offers power at a higher voltage (240 volts, AC) and amperage than a standard household power outlet, leading to faster and more efficient charging for electric vehicles. This category provides EV owners with a convenient and reliable charging solution for both residential and commercial use. Also, Level 2 charging stations can be installed by homeowners in their garages or parking lots, delivering an efficient and quick recharging solution for EVs. This allows them to charge their vehicles on a night basis in order to ensure that they are prepared for their daily commutes without any trouble. Such factors are expected to drive the growth of the level 2 segment in the electric vehicle supply equipment market during the forecast period.
By geography, the electric vehicle supply equipment market is segmented into APAC, North America, Europe, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global electric vehicle supply equipment market.
- APAC is estimated to account for 44% of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The high sales of BEVs and PHEVs in countries such as China, Singapore, Japan, and South Korea are majorly contributing to the growth of the electric vehicle supply equipment (EVSE) market. China is the single largest contributor to the regional EV market and also the largest seller of EVs across the globe. The rising emphasise on alternative fuel vehicles in emerging markets in Asia is acting as an enabler for the growth of the regional electric vehicle supply equipment market in the region. The growing stringency of emission norms in emerging economies is driving OEMs to expand their portfolio of BEVs and PHEVs and driving the installation of EV charging stations in the region.
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Electric Vehicle Supply Equipment Market – Market Dynamics
The increased demand for electric vehicles is driving the market growth. Government financing, incentives, and subsidies aimed at developing and expanding EV recharging infrastructure are the major drivers of the market's growth. Government bodies have taken various reforms and have expanded subsidies and incentives such as e-AMRIT for developing EV charging infrastructure. Similarly, standards for fuel efficiency of vehicles, recharging infrastructure, consumer tax credits, and substantial R&D support are also fueling the growth of such vehicles in the United States. Nevertheless, government help is essential for driving the sales of new energy vehicles such as BEVs and PHEVs. Government bodies are promoting the use of EVs with increasing concerns over environmental pollution and the depletion of conventional sources of energy. For the use of EV chargers, subsidies and incentives are provided by government authorities in different EVSE markets in order to boost sales of BEVs and PHEVs. The aid from governments is anticipated to drive the growth of the global EV charging station, in turn, creating demand for electric vehicle supply equipment market growth during the forecast period.
Major challenges hindering the market growth
The lack of standardization of EV charging is a major challenge hindering market growth. The major challenges in the EVSE market have emerged in terms of the standardization of infrastructure for electric vehicles. The lack of common standards for EV chargers and their deployment in open areas is a concern despite the fact that electric vehicle supply equipment (EVSE) Market participants are working towards expanding the network of electric vehicle recharging points. Each market has its own standards for EV charging infrastructure. However, the presence of different standards for EV charging infrastructure leads to a lack of uniformity in EV charging infrastructure and challenges the growth of the market in focus. Moreover, with the rapid adoption of EVs, public charging station networks need to expand fast. Due to the large installation cost and specialized equipment, It is very costly to build a charging station for electric vehicles. These factors hinder the market growth during the forecast period.
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What are the key data covered in this Electric Vehicle Supply Equipment Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the electric vehicle supply equipment market between 2023 and 2027
- Precise estimation of the electric vehicle supply equipment market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behaviour
- Growth of the electric vehicle supply equipment market across APAC, North America, Europe, South America, and the Middle East and Africa
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of electric vehicle supply equipment market vendors
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The Global Electric Vehicle Test Equipment Market size is estimated to grow by USD 117.98 million between 2022 and 2027 accelerating at a CAGR of 23.11%.
The Global Electric Vehicle (EV) Market size is estimated to grow by 25,927.15 thousand units between 2022 and 2027 accelerating at a CAGR of 37.45% during the forecast period.
Table of contents
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Type
- Market Segmentation by Application
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
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