Global Demand of Electric Vehicle Supply Equipment Market Size & Share to Surpass USD 210 Billion by 2028, at a 33.2% CAGR | EVSE Industry Trends & Forecast Report by Facts & Factors
TOKYO, JAPAN, March 22, 2022 (GLOBE NEWSWIRE) — Facts and Factors has published a new research report titled “Electric Vehicle Supply Equipment Market By Type Of Charging (Level-1, Level-2, and Level-3), By Type Of Charging Station (Inductive, Super, and Normal), By Type Of Setup (Portable and Fixed), By Implementation (Commercial and Residential), and By Region-Global and Regional Market Overview, Market Insights, Holistic Analysis, Historical Data, and Forecast 2022–2028” in its research database.
“According to the latest research study, the demand of global Electric Vehicle Supply Equipment (EVSE) Market size & share was valued at approximately USD 32.5 billion in 2021 and is projected to reach a value of around USD 210 billion by 2028, at a compound annual growth rate (CAGR) of about 33.2% during the forecast period 2022 to 2028.”
What is Electric Vehicle Supply Equipment (EVSE)? How big is the Electric Vehicle Supply Equipment (EVSE) Market?
EVSE Market Overview:
An electric vehicle supply equipment (EVSE) is also referred to as a charging station for electric vehicles or EV charging stations, EV charging systems, electric charging points, or charging points. The devices and protocols used to generate them are referred to as EVSE; they increase safety by allowing a two-way connection between the electric vehicle and the charging system. An EVSE’s primary role is to provide electric energy for charging electric automobiles. These stations are situated in parking lots and supplied by electric utility providers, as well as by some private enterprises in retail shopping malls. These stations are outfitted with a multitude of connectors to accommodate any sort of EV.
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Electric Vehicle Supply Equipment (EVSE) Market: Growth Factors
- Initiatives by the government to build charging infrastructure for electric vehicles (EVs)
A growing emphasis on the development of low-emission automobiles is predicted to increase electric vehicle acceptance, consequently increasing equipment adoption. Market development is likely to be aided by zero or low registration costs, road tax, purchase tax, and import tax exemptions. Governments offer advantageous subsidies and policies to encourage the use of electric vehicle supply equipment. Furthermore, growing fuel prices encourage users to purchase electric vehicles. These reasons may promote the growth of the electric vehicle supply equipment market.
- Increasing demand for fuel-efficient and lower-emission automobiles
However, the high cost of level 3 fast chargers and ultrafast chargers connected to electric vehicle charging equipment is a significant factor threatening market growth. The initial cost of a level-3 charger, on the other hand, can be fairly significant. This works as a deterrent for those who desire to switch to EVs because charging for an extended period of time may interfere with everyone’s already stressful lifestyle.
- High cost of installation may limit the market’s growth
The expense of building charging infrastructure for electric vehicles is relatively significant. High costs and a lack of charging infrastructure are important impediments to the expansion of the electric car charging infrastructure market. Charging electric vehicles necessitates a permanent location as well as a person to manage the charging network and charging points. This expense becomes the deciding factor, rendering charging station financing untenable. Furthermore, numerous governments have imposed limitations and per-unit charges on electric vehicle drivers, complicating the operations of EV charging point owners. This factor may stifle the expansion of the global electric vehicle supply equipment market.
- Efforts by the government to improve access to charging stations are expected to result in significant market growth
The growing number of charging stations around the country stimulates the electric vehicle market because charging stations are now available everywhere, allowing electric vehicles to be used for longer trips. Many governments are pushing for electric vehicles since they are both cost-effective and environmentally friendly. As a result, there will be plenty of exciting opportunities in the electric vehicle supply equipment market in the near future.