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Electric Vehicle Supply Equipment (EVSE) Market Size, Share & Industry Analysis, By Charging Type (Level 1, Level 2, Level 3), By Charging Station Type (Normal Charging, Supercharging, Inductive Charging), By Installation Type (Portable Charger, Fixed Charger), By Application (Commercial, Residential), and Regional Forecast, 2024-2032

Last Updated: June 03, 2024 | Format: PDF | Report ID: FBI105729

 

KEY MARKET INSIGHTS

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The global electric vehicle supply equipment (EVSE) market size was USD 52.49 billion in 2023. The market is projected to grow from USD 68.72 billion in 2024 to USD 658.02 billion by 2032 at a CAGR of 32.6% over the forecast period.


Electric vehicle supply equipment (EVSE) assembles components to charge EVs in several commercial and residential locations including bus depots, hotels, parks, highways, corporate offices, and homes. Electric vehicle (EV) supply equipment is an assembly installed to securely deliver electrical energy to the EV for recharging batteries. The market development is supported by growing number of private and public initiatives to stimulate EV adoption. Some governments provide incentives, such as tax benefits and subsidies, to encourage EV adoption


Further, EVSE systems include communication protocols, software, electrical conductors, and related equipment that deliver energy safely and efficiently to the vehicle. One of the key factors driving the growth of the global market is the rising adoption of electric vehicles. For instance, according to the International Energy Agency (IEA), global electric vehicles sales increased by 14% to about 35% year on year rise million electric cars in 2020. Despite the


The COVID-19 pandemic impacted the global electric vehicle supply equipment market by causing disruptions in manufacturing, supply chains, and consumer demand. Lockdown measures, economic uncertainties, and reduced vehicle production have led to a temporary slowdown in market growth. However, as economies gradually recover and governments continue to promote electric vehicle adoption as part of their green initiatives, the market for electric vehicle supply equipment is expected to rebound in the post-pandemic period.


Electric Vehicle Supply Equipment (EVSE) Market Trends


Increasing Electric Vehicles Penetration to Drive Market Growth


The high cost of crude oil and limited availability of non-renewable sources enhance market penetration for EVs. Over the past decade, the growing carbon emission by internal combustion engine (ICE) vehicles has been a key concern for government authorities. The sustainability move toward smart cities is one of the major factors responsible for adopting eco-friendly transportation. Electric vehicles operate on battery-generated current and non-fuel, which allows the consumer to shift from traditional fuel-based vehicles mainly due to the economical maintenance of EVs. Thus, an increase in market penetration of electric vehicles is expected to boost the EVSE market growth in the coming years.


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Electric Vehicle Supply Equipment Market Growth Factors


Favorable Government Policies and Expansion of Electric Vehicle (EV) Infrastructure Worldwide Propel Market Growth.


Governments and private entities are increasingly investing in the deployment of charging stations to support the growing number of electric vehicles on the road. According to industry reports, the number of public charging stations has been steadily increasing in recent years, with significant growth observed in key EV markets, such as China, Europe, and North America. For instance, China had over 800,000 public charging points by the end of 2023, while Europe surpassed 250,000 public charging stations during the same period. Additionally, North America saw a substantial increase in charging infrastructure, with over 100,000 public charging points installed by 2023.


The rising adoption of electric vehicles by fleet operators and commercial businesses is driving the demand for EV charging solutions. Companies across various industries are investing in charging infrastructure to support their electric vehicle fleets, contributing to the growth of the EVSE market.


Moreover, government incentives, subsidies, and regulatory mandates aimed at promoting electric vehicle adoption are accelerating the deployment of charging infrastructure. Countries worldwide are implementing policies to phase out internal combustion engine vehicles and transition toward electric mobility, further boosting the demand for EVSE.


Additionally, technological advancements in EVSE, such as fast-charging solutions and smart charging capabilities, are enhancing the convenience and accessibility of electric vehicle charging. These innovations are attracting more consumers to switch to electric vehicles and driving the demand for EV charging infrastructure. Overall, the rapid expansion of electric vehicle infrastructure, driven by government initiatives, corporate investments, and technological advancements, serves as a major driving force for the global electric vehicle supply equipment market in 2024 and beyond.


RESTRAINING FACTORS


High Installation Cost May Restrain Growth


The cost of installing electric vehicle charging infrastructure is quite high. High cost and charging infrastructure limitation are major restrains that hamper the electric vehicle charging infrastructure market growth. Charging electric vehicles require fixed space and an individual to maintain the charging infrastructure and charging point. This cost becomes the key issue, making the charging station finance unfeasible. Also, several governments have imposed certain restrictions on the per-unit price charged to the EV driver, hampering the EV charging point owner’s business. This factor may hamper the electric vehicle supply equipment market growth from 2024 to 2032.


Electric Vehicle Supply Equipment (EVSE) Market Segmentation Analysis


By Charging Type Analysis


Level 2 and Level 1 Segment to Dominate Owing to Increasing Adoption of Chargers


Based on charging type, the electric vehicle supply equipment market share is split into level 1, level 2, and level 3.


In 2023, the level 2 segment held the major share in the global market and will record robust gains through 2032.


The growth of level 2 and level 1 segments is influenced by the increasing Public-Private Partnerships (PPP) efforts aimed towards developing level 2 and level 1 DC electric vehicle charging infrastructure across commercial spaces. In, DC charging stations enable faster EV charging compared to their AC counterparts. As a result, there is growing adoption of level-1 DC chargers across low emission zones in North America and Europe.


By Charging Station Type Analysis


Normal Charging Segment to Dominate Owing to Rising Investments for Development of Public Charging Infrastructure


Based on charging station type, the market is segmented into normal charging, supercharging, and inductive charging.


The inductive charging segment is anticipated to be the fastest-growing market in the coming years due to ongoing research and development (R&D) activities in the field of wireless charging technologies. Furthermore, the adoption of electric vehicles, ridesharing, and driverless cars projected to use wireless charging technology in the forthcoming years is likely to drive the segmental growth.


In 2023, the normal charging segment holds a major share in the global market. The normal charging segment's growth is due to supportive initiatives and investments by governments towards developing new public charging infrastructure across Beijing, Melbourne, Amsterdam, and other major cities. Moreover, there has been a substantial rise in the demand for EVs with in-built onboard charging stations.


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By Installation Type Analysis


Fixed charger Segment to Grow Rapidly Owing to Increasing Demand for Fixed Charger


Based on installation type, the market is segmented into fixed charger and portable charger.


The fixed charger segment is projected to be the fastest-growing market from 2024 to 2032. Several governments are focusing on long-term contracts for the development, installation, maintenance, and operation of fixed charging stations. Moreover, there has been a noteworthy rise in demand for fixed chargers for electric cars and trucks covering longer distances. Fixed charging stations offer benefits such as reduced downtime of vehicles and advanced charging process.


By Application Analysis


Commercial Segment Anticipated to Dominate Owing to Increasing Investment for Development of EV Charging Station in Public Spaces


Based on application, the market is segmented into residential and commercial.


The commercial segment is projected to be the fastest-growing market from 2024 to 2032. This growth is attributable to the increasing number of electric vehicle charging stations in public spaces such as airports, railway stations, parking areas, commercial buildings, restaurants, and shopping malls. Government initiatives such as the West Coast Electric Highway (WCEH), Norway to Italy Electric Highway, and Trans-Canada highway project for the installation of publicly accessible charging stations are driving the segment growth over the forecast period.


REGIONAL INSIGHTS


Asia Pacific Electric Vehicle Supply Equipment Market Size, 2023 (USD Billion)

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Asia Pacific dominated the market with China accounting for most of the market share and valued at USD 20.25 billion in 2023. The region dominates the global market owing to increased government funding and technological advances and increased investment in electric vehicle charging infrastructure. Further, there is increasing emphasis of governments of China, India, South Korea, and Japan toward the adoption of EVs and supporting EV charging infrastructure to motivate several major players along with startup companies to develop new electric vehicle charging infrastructure in partnership with the regulatory bodies.


Europe is expected to be the fastest-growing market over the forecast period. Several European countries such as the Netherlands, Norway, the U.K., Germany, and France have set goals to increase electric car deployment and reduce carbon emissions, thereby driving the deployment of electric vehicle charging stations in the region. Further, growing PPP projects for the development of electric vehicle supply equipment at highways are anticipated to drive the market in Europe.


List of Key Companies in Electric Vehicle Supply Equipment Market


The market is highly competitive, with key market players such as Siemens, Leviton Manufacturing Co., Inc., Eaton Corporation, Chargemaster PLC, ClipperCreek, Inc., ChargePoint, Inc., and ABB Ltd. These market players invest heavily in R&D for the development of innovative products and adopt acquisition strategies to gain traction in the market. Moreover, several key manufacturers are concentrating on acquiring long-term contracts with governments to increase their share in the EVSE market.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS



  • April 2024: Atom Power's Electric Vehicle Supply Equipment (EVSE) product obtained FedRAMP authorization from the U.S. General Services Administration (GSA). This certification assures federal agency partners that Atom Power's EV charging infrastructure platform has undergone a thorough security assessment as part of the FedRAMP process.

  • March 2024: Uno Minda entered into a Technical License Agreement (TLA) with Starcharge Energy Pte. Ltd for the manufacturing and sale of electric vehicle supply equipment (EVSE) in India. This EVSE comprises wall-mounted AC chargers designed for convenient home charging.

  • March 2024: Leviton, a leading provider of residential electric vehicle supply equipment (EVSE) and wireless smart home technology, today announced the launch of a plug-in version of the EV Series Smart Home.

  • July 2023: PowerFlex completed the installation of 415 Electric Vehicle Supply Equipment (EVSE) for DHL Express. The chargers, installed at DHL service center facilities in major U.S. markets, are equipped with PowerFlex X, energy management software that monitors, tracks, and reports on charging activities, integrating with DHL’s telematics platforms to optimize Electric Vehicle Supply Equipment (EVSE) operations.

  • August 2021: Ez4EV Private Limited is an India-based battery storage and charger development company that launched an on-demand mobile charging solution, EzUrja, for electric vehicles. This solution is managed as an Internet of Things (IoT) device and follows an innovative electric vehicle 'Charging-on-Demand' approach, permitting remote condition monitoring and organization of operations.


REPORT COVERAGE


The market research report provides a detailed electric vehicle supply equipment market analysis and focuses on key aspects such as leading EVSE companies, charging types, and leading applications. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the market's growth over recent years.


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Report Scope & Segmentation






















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 32.6% (2024-2032)



Unit



Value (USD Billion)



Segmentation



By Charging Type



  • Level 1

  • Level 2

  • Level 3



By Charging Station Type



  • Normal Charging

  • Supercharging

  • Inductive Charging



By Installation Type



  • Portable Charger

  • Fixed Charger



By Application



  • Commercial

  • Residential



By Geography



  • North America (By Charging Type, By Charging Station Type, By Installation Type, By Application)

    • U.S. (By Application)

    • Canada (By Application)

    • Mexico (By Application)



  • Europe (By Charging Type, By Charging Station Type, By Installation Type, By Application)

    • U.K. (By Application)

    • Germany (By Application)

    • France (By Application)

    • Rest of Europe (By Application)



  • Asia Pacific (By Charging Type, By Charging Station Type, By Installation Type, By Application)

    • China (By Application)

    • India (By Application)

    • Japan (By Application)

    • South Korea (By Application)

    • Rest of Asia Pacific (By Application)



  • Rest of the World (By Charging Type, By Charging Station Type, By Installation Type, By Application)






Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 52.49 billion in 2023. The market is projected to grow to USD 658.02 billion by 2032.

In 2023, the Asia Pacific market value stood at USD 20.25 billion.

The market is projected to grow at a CAGR of 32.6% and will exhibit steady growth over the forecast period (2024-2032).

The normal charging segment is expected to be the leading segment in this market during the forecast period.

Increasing electric vehicles penetration to propel the market growth.

Asia Pacific dominated the market share in 2023.

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