Market Overview:
Global Electric Vehicle (EV) Charging Equipment Market was valued at USD 38.27 Billion in 2022 and is expected to reach USD 291.45 Billion by the year 2030, at a CAGR of 28.89%
EV charging equipmentis an electronic device that provides electric energy from a power source to recharge an electric vehicle, such as a plug-in electric vehicle such as a passenger electric car, or a light commercial vehicle. Furthermore, EV Charging equipment serves as a vital link between an electrical source and an electric vehicle with depleted battery power. EV charging equipment is typically in the form of a fixture that is directly connected to an electrical distribution panel or, in some cases, an electrical outlet. Furthermore, EV charging equipment is eco-friendly and simple to use, protecting against sparks and shocks while plugging in or charging the vehicle. The environment is being harmed by increased emissions and foul gas discharge from vehicles.
Top Key Players in Electric Vehicle (EV) Charging Equipment Market:
Blink Charging Co., NEMA, ABB, General Electric, Siemens Corporation, Etrel, TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION, Garo, Liquid Sky Technologies, Qualcomm Halo, Leviton Manufacturing Co. Inc., Eaton Corporation, and Other Major Players.
Market Dynamics and Factors for Electric Vehicle (EV) Charging Equipment Market:
Drivers:
Increase in EV sales Worldwide
The adoption of residential charging stations has been a significant driver for the growth of the Electric Vehicle (EV) Charging Equipment Market. As more and more people are transitioning to electric vehicles, the need for convenient and accessible charging solutions has become paramount. Residential charging stations play a crucial role in supporting this transition by providing a convenient and reliable way for EV owners to charge their vehicles at home. Residential charging stations offer EV owners the convenience of charging their vehicles overnight or whenever they are parked at home. This eliminates the need to visit public charging stations frequently, making EV ownership more practical and hassle-free. This convenience factor encourages more individuals to switch to electric vehicles, driving demand for EV charging equipment.
Opportunities:
Plans For Smart City Deployment
A smart city uses technology and data to improve the quality of life for its citizens. This includes using advanced technologies to manage resources efficiently, provide public services, and enhance communication and connectivity. The EV charging station market is one area where smart city deployment presents an opportunity. Electric vehicles are becoming increasingly popular as people seek ways to reduce their carbon footprint and lower transportation costs. However, one of the major challenges facing EV adoption is the availability of charging infrastructure. Smart city infrastructure can also support the growth of the EV charging station market by providing a platform for new business models.
Segmentation Analysis of the Electric Vehicle (EV) Charging Equipment Market:
By Charger Type, the DC Charger segment is Anticipated to Dominate the Market Over the Forecast period. The DC-DC Battery Charger is the brain that tells your alternator how to properly charge your house batteries. A DC-DC charger can maximize charging to 100% and optimize your auxiliary battery's life.
By Application, the BEV segment is Anticipated to Dominate the Market Over the Forecast period. An all-electric vehicle is powered exclusively by a battery-operated electric motor, which is charged via the power grid, i.e. it does not require any fossil fuel. This means that, locally, the vehicle is 100% emission-free. BEV stands for Battery Electric Vehicle.
Regional Analysis of the Electric Vehicle (EV) Charging Equipment Market:
Asia Pacific region is expected to dominate the Electric Vehicle (EV) Charging Equipment market over the forecast period. China is estimated to account for the largest market share by 2027, followed by Europe and Asia Pacific. China's EV charging station market has experienced remarkable growth due to the government's push for electric vehicle adoption. This has led to a surge in demand for charging infrastructure, resulting in China with the largest network with over 1.8 million charging points, controlled by leading players such as State Grid, China Southern Power Grid, and Star Charge. The government aims to deploy 4.8 million charging points by 2025, implementing EV charging infrastructure requirements in new buildings.
Key Industry Development:
In January 2023, ABB E-mobility revealed its innovative Terra Home charging solution at CES 2023, the world's foremost technology event held in Las Vegas. It is set to be available for purchase around mid-2023. With its unique design, Terra Home empowers users to optimize their renewable energy usage, ultimately reducing their carbon impact.
In August 2021, Siemens announced its intention to invest in and expand its U.S. manufacturing operations to support America's electric vehicle infrastructure. The VersiCharge Level 2 AC series product line of commercial and residential EV chargers will be added to the company's existing EV infrastructure manufacturing footprint.
