The electric vehicle supply equipment market is projected to reach USD 27.7 billion by 2027 from an estimated USD 2.5 billion in 2019, at a CAGR of 34.7% during the forecast period. Increasing investments made by governments across the globe to develop charging infrastructure creates opportunities for OEMs to expand their revenue stream and geographical presence.
The report "Electric Vehicle Supply Equipment Market by Charging Level (Level 1, Level 2 & Level 3), Application (Public, Private), Charging Infrastructure, Electric Bus Charging, Installation (Portable Charger, Fixed Charger), Charging Station, and Region - Global Forecast to 2027" The global electric vehicle supply equipment market is projected to grow from USD 2.5 billion in 2019 to reach USD 27.7 billion by 2027, at a CAGR of 34.7% during the forecast period
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Asia Pacific region is expected to lead the market during the forecast period.
Asia Pacific is expected to be the largest market. The market growth in the region can also be attributed to the rising demand for greener transportation along with several initiatives by private organizations as well as governments of the countries.
China’s rapidly growing economy is driving the expansion of advanced technology charging network to improve electric transport in the country.
China is expected to spend approximately USD 2.4 billion by 2020 to improve the EV charging station infrastructure. India’s economic growth and rapidly growing population have made it imperative for the country to electrify vehicles in the future.
Portable charger market is expected to grow at the highest CAGR.
The portable charger segment is expected to be the fastest growing market. The electric vehicle portable chargers are easy to use and can be used in offices, homes, malls, and hotels.
Earlier, EV drivers had to go to the charging point location to charge the vehicle. Hence, the charging process was time consuming and inconvenient.
the distance that can be covered through charging depended on the amount of battery charged through the charging station. To counter this situation, companies such as Tesla and ClipperCreek introduced a portable charger for EVs.
With these portable chargers, EV drivers could carry the charger with them and charge the car whenever needed. In addition, a portable charger eliminates the need to develop a charging infrastructure for installing a stationary charging station.
North America: The US is expected to lead the North American market.
The North American region is estimated to be the fastest growing market. North America comprises developed economies such as the US and Canada.
North America is home of many leading players such as Tesla, ChargePoint, Leviton, and Car Charging Group. Infrastructural developments and industrialization in the developed economies have opened new avenues, creating several opportunities for OEMs.
The implementation of new technologies and the establishment of new government regulations are driving this market in this region. The major players in this market are Tesla (France), ABB (Switzerland), BYD Auto (China), Siemens (Germany), and Bosch (Germany).
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