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The Electric Vehicle Supply Equipment (EVSE) market is expected to continue its growth during the forecast period. The growth will be driven by increasing demand for electric vehicles, improvements in EVSE technology, government initiatives and regulations promoting electric vehicles, and investments in charging infrastructure. Additionally, the decreasing cost of batteries and other EV components is expected to make electric vehicles more affordable and attractive to consumers, further driving the EVSE market growth.
Globally, the number of public chargers installed has been on the growth path due to government initiatives to develop a favorable ecosystem to encourage citizens to adopt electric vehicles.
Electric Vehicle Supply Equipment (EVSE), also called EV charging stations, electric charging points, EV charging systems, or just charging points, perform the function of supplying electric energy to charge the EV. EVSE systems include electric conductors, software, and communication protocols that deliver energy efficiently and safely to the electric vehicle.
The other significant functions performed by EVSE are
Growing public awareness of the need for action on climate change and the overuse of resources has driven sustainability to the top of the agenda for governments, investors, corporations, and multilateral organizations. Decarbonization of transportation is considered a major step in mitigating climate change, and electric vehicles are being viewed as the visible solution to achieve it.
The global EV sales share increased by 4.7% in 2022 relative to 2021, and the global electric car registrations increased by 36% in 2022 relative to 2021, despite the pandemic-related worldwide downturn in car sales in which global car sales dropped 16%.
The global EV stock across passenger and commercial vehicle modes (except two/three-wheelers) is expected to reach 145 million in 2030, which offers an excellent opportunity for the rapid growth of EV charging infrastructure.
The recent developments appear promising for increasing the adoption of electric vehicles. Major countries have planned to phase out conventional vehicles entirely. China, the United States, and Europe, which account for 90% of the global electric vehicle sales, have set ambitious EV targets.
Many other countries are following the same path to phase out conventional vehicles. For instance, Costa Rica and Columbia have set targets to make the majority of their vehicles zero-emission by 2050.
The combined goals of OEMs exceed those of official statements in several markets. A number of significant automakers have stated that they intend to convert existing manufacturing capacity and establish new product lines in 2021 in order to hasten the transition to electric. For instance:
Many other major automakers have announced intentions to increase the number of available models and boost the production of light-duty electric vehicles (LDVs). In addition, more than 10 OEMs have announced their electrification target for 2030 and beyond.
Some other drivers are:
Standardization is critical to ensure that new technologies grow and develop unhindered by the manufacturer-led standard. The lack of standardization is a vital issue that can have a detrimental effect on EV adoption.
The major issue with the existing charging network and vehicles is the design parameters between the charger and the car maker. While some nations such as China and the European Union have suggested uniformity in charging infrastructure nationwide, the issue is still disputed in other parts of the world.
The major problems in standardization are, pioneer auto manufacturers have invested heavily in charging solutions in order to build (IP) intellectual property rights on charging technology to gain a competitive advantage.
Carmakers are devising their charging devices in such a way that distinguishes unique brands; unique charging parameters such as voltage and current are set with their own charge port design depending on the battery chemistry of the vehicle to extend battery life.
The prolonged effects of the pandemic slowed down the global EV market due to supply chain interruption and thus resulting in the slow growth of the EVSE market. Covid19 and associated issues such as shelter-in orders by the government have limited residential EV chargers installations and resulted in installation delays. The instability in global trade is a major uncertainty looming over the global EVSE market players. Post lockdown-related restrictions were lifted, the EVSE market has once again picked up the pace.
Other Key Restraints to the EVSE Market
In America, 81% of the population lives in urban areas. The EV owners living in multi-family dwellings and apartments rely on public charging stations. With the addition of around 54,000 Level 2 and 10,000 Level 3 chargers in 2022, there were more charging ports in the United States than in the previous three years put together. As electric vehicle adoption increases, the demand for a robust charging infrastructure is expected to scale up.
In 2020, Europe overtook China as the biggest EV market. Even though the car market contracted by 22% in 2020. Nearly 2.2 million new plug-in electric passenger vehicles were registered in Europe in 2022. With the increasing EV fleet, the EV charging infrastructure market is also advancing at a fast pace. The Netherlands, Germany, and France account for the majority of all EV charging stations in Europe.
China is already the country with the most EV charging stations in the world. According to China's electric vehicle charging alliance, 650,000 public chargers were deployed in 2022, bringing the country's total to 1.8 million. There are 383,000 public chargers in Guangdong province alone, which is more than twice as many as there are in the entire United States.
The AC power charger (level 1 and level 2) market segment, though slowed down due to Covid19 restrictions, is expected to grow as restrictions are lifted. The DC fast charger, which is widely used in public charging points, is anticipated to grow rapidly due to legislation mandating EV charging infrastructure.
The development of smart charging technologies such as V1G, V2G, and V2X, which aim to reduce the EV ownership cost by turning electric vehicles from unreliable resources into reliable, dispatchable, and monetizable assets, is anticipated to increase the adoption of EVs in the future.
EVSE Industry in India
The government of India has decided to ensure that 30% of the vehicles on road are electric by 2030. As a result, India’s EV market in FY 2021 comprised 61% electric two-wheelers, 37% electric three-wheelers and light commercial vehicles, 2% electric four-wheelers, and 0.2% E-buses.
As of Dec 2022, there are about 5,151 public electric vehicle chargers were installed throughout the country.
According to the Ministry of Road Transport and Highways, India's EV sales topped one million units for the first time in 2022, setting a record growth rate of 206% year over year over the 2021 EV sales figures and the number is expected to rise. To meet the growing demand, India will need to deploy a robust electric vehicle charging infrastructure across geographies.
Faster Adoption and Manufacturing of Electric Vehicles (FAME II) scheme is India’s key national policy to promote EVs. It allocated USD 1.4 billion over three years from 2019 for 1.6 million hybrid and electric vehicles (including two and three-wheelers, buses, and cars). The scheme also encourages the domestic manufacturing of EVs and their parts.
The government of India, through FAME, is pushing the deployment of EV charging stations by providing capital subsidies. Further, the government has delicensed the activity of setting up charging stations to increase private sector investments and facilitate market adoption.
In order to facilitate mass adoption and awareness of the charging stations, the government of India directed all commercial and institutional buildings such as shopping malls, hospitals, offices, hotels, movie theatres, educational institutions, etc- with a parking capacity of more than 100 vehicles to set aside 5% of their parking spaces for EV charging.
In Oct 2021, the National Highways Authority of India (NHAI) announced its plans to cover 40,000 kilometers of highways in the country with an EV charging facility spread across 40 to 60 kilometers apart.
Indian State and urban have also started efforts to fast track the electrification of road transport. In Feb 2021, New Delhi announced a Switch Delhi awareness campaign to highlight the state government’s EV ambitions and stimulus to the EVs and charging infrastructure. Delhi has the highest number of charging stations in the country.
Many private partnerships to establish charging stations are also underway. In Feb 2022, Tata Power and Apollo Tyres joined forces to build public EV charging stations in India. Through the partnership charging stations will be deployed at Apollo tyre zones across the country.
With all the developments and roadmaps to deploy EV charging stations, the Indian market offers a great opportunity for EVSE OEMs to enter the market and expand their presence.
Electric bus adoption in public transport urban fleets is growing globally. Setting up an adequate and efficient electric bus charging infrastructure is a prerequisite to establishing the ecosystem of electric buses as part of public transportation. The government incentives and regulatory support offer a secure and profitable business for the electric bus charging infrastructure market players.
Many countries are promoting the development of EV charging infrastructure by budget allocations, which offer a great opportunity for EVSE OEMs to explore different markets.
EU member states are implementing the European Energy Performance of Buildings Directive (EPBD III). This sets the requirement for residential and non-residential buildings to improve EV charging point access. The Recovery and Resilience Facility, a EUR 672.5 billion fund in this regard, includes fund to support charging stations deployment in the European market.
In Canada, the Zero Emission Vehicle Infrastructure program (iZEV) received an additional fund of USD 112 million for the deployment of level 2 chargers at multi-unit residential buildings and workplaces.
The major automobile companies have already put forward their plan to shift towards electric vehicles, which opens up the opportunity for the EVSE market players to associate with various automobile brands to establish proper charging solutions and networks. For instance, Volkswagen announced that in 2025, it would have 80 electrified models; Porsche stated that by 2023, 50% of its models would be electric, in addition to many other examples.
In the present market scenario, the industry participants are adopting various growth strategies such as mergers and acquisitions, partnerships, and collaborations to gain maximum competitive advantage. The acquisition of EVSE operators such as BlueLA, Ugo, and Bluecorner by Blink is one such example.
California electricity interconnection rules open up for flexible solar storage and vehicle-to-grid charging. This move is expected to allow distributed energy systems to play a dominant role in California’s grid.
Increasing focus on renewable energy sources and decarbonization efforts, creating demand for sustainable and green EV charging solutions.
Blackridge Research's Global Electric Vehicle Supply Equipment (EVSE) market report provides insights into the current global and regional market demand scenario and its outlook.
The study offers a detailed analysis of various factors instrumental in affecting the global EVSE market's growth. The study also comprehensively analyses the EVSE market by segmenting it based on geography (North America, Europe, Asia-Pacific, Rest of the World), and by Charging Type (AC Charging and DC Charging).
The report also addresses present and future market opportunities, market trends, developments, and the impact of Covid-19 on the EVSE market, important commercial developments, trends, regions, and segments poised for the fastest-growth, competitive landscape.
Further, Electric Vehicle Supply Equipment (EVSE) market size, demand forecast, growth rates, and trade will also be provided in the report.
The new report from Blackridge Research on Global EVSE Market provides comprehensive qualitative and quantitative analyses along with a deep insight into the current and future of the market.
The study covers all the major underlying forces that help the market develop and grow and the factors that constrain the growth.
The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.
Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.
This report discusses the overview of the market, latest updates, important commercial developments and structural trends, and government policies and regulations.
This section also provides an assessment of COVID-19 impact on EVSE Market demand.
The report provides the Global EVSE Market size and demand forecast until 2028, including year-on-year (YoY) growth rates and CAGR.
The report examines the critical elements of the EVSE industry supply chain, its structure, and the participants.
Using Porter's five forces framework, the report covers the assessment of the electric vehicle industry's state of competition and profitability.
The report dissects the Global EVSE Market into various segments based on Charging Type (AC Charging and DC Charging). A detailed summary of the current scenario, recent developments, and market outlook will be provided for each segment.
Further, market share, size, and demand forecasts will be presented, along with various drivers and barriers for individual market segments.
Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for a "bespoke" market segmentation to better align the research report with your requirements.
The report covers detailed profiles of major countries across the world. Each country's analysis covers the current market scenario, market drivers, government policies & regulations, and market outlook.
In addition, market size, demand forecast, and growth rates will be provided for all regions. Following are the notable countries covered under each region.
North America - United States, Canada, Mexico, and Rest of North America
Europe - Germany, France, United Kingdom (UK), Russia, and the Rest of Europe
Asia Pacific - China, India, Japan, South Korea, Australia, Rest of APAC
Rest of the world - Saudi Arabia, Brazil, Nigeria, South Africa, and other countries
This report presents detailed profiles of Key companies in the Electric Vehicle Supply Equipment industry such as Tesla Inc, ABB Ltd, Eaton Corporation PLC, Schneider Electric SE, ChargePoint, Inc., Blink Charging Co., etc. In general, each company profile includes - an overview of the company, relevant products and services, a financial overview, and recent developments.
The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.
The study also discusses the strategies adopted by leading players in the industry.
The Executive Summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.
The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.
Analysis of the impact of Covid-19 on the electric vehicle market is an integral part of the report, which helps companies navigate a rapidly changing market landscape.
Get a free sample copy of the Global EVSE Market report by clicking the "Download a Free Sample Now!" button at the top of the page.
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1. Executive Summary
2. Research Scope and Methodology
3. Market Analysis
4. Industry Analysis
5. Market Segmentation & Forecast
6. Regional Market Analysis
7. Key Company Profiles
8. Competitive Landscape
9. Conclusions and Recommendations
List of Tables & Figures
Abbreviations
Additional Notes
Disclaimer
Report - Global Electric Vehicle Supply Equipment (EVSE) Market Outlook to 2028.pdf
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