The global EV charging equipment market is expected to witness significant demand over the forecast period. EV charging equipment is an element which supplies electricity for the recharging of the electric vehicles including electric cars, plug-in hybrids, and neighborhood electrics vehicles. EV charging equipment is also known as EV supply equipment (EVSE). EV charging equipment is extensively used to charge battery electric vehicle and plug-in hybrid electric vehicle. Need of EV charging equipment is growing and it is widely distributed so that public can access efficiently. This equipment has residential and on-street facilities which is provided by the electric utility firms or operated by private firms.EV charging equipment market is driven by a number of factors including increasing need of a reduction in the carbon emitted from the vehicles and rising adoption of electric vehicles.
Increasing use of electric vehicles will result in a rise in the use of EV charging equipment for recharging the electric vehicles. Furthermore, government initiatives to spread awareness regarding carbon emission and to use electrical vehicles are driving the market growth. In addition to this, government subsidies and incentives are also propelling the growth of the market. However, the short range of vehicles and high prices of electrical vehicles along with the lack of standardization in EC charging is restraining the growth of the market over the recent years. Heavy investments from the automotive industry players in electrical vehicles are creating an avenue for the EV charging equipment growth.
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EV charging equipment market is segmented on the basis of vehicle type into battery electric vehicle (BEV), and plug-in hybrid electric vehicle (PHEV). PHEV is further classified into parallel and series PHEV. Battery electric vehicles were estimated as the largest market and are expected to dominate over the forecast period. On the basis of charging station, the market is segregated into three sectors including AC charging station, DC charging station, and inductive charging station. AC charging segment is expected to be the largest segment over the projected period. On the basis of connector type, the market is classified into chademo, CCS and others. EV charging equipment is the market is segmented on the basis of location into public and private locations.
North America was estimated as the largest market for EV charging equipment market in 2015, followed by Asia-Pacific and Europe. Owing to the influx of plug-in vehicles and active involvement of deployment in the infrastructure for EV charging equipment’s, this market has witnessed significant growth in the market. However, Europe is expected to experience significant growth over the forecast period especially demand from western European countries such as France. Germany and others. Asia-Pacific will be the fastest-growing market for EV charging equipment’s, as government initiatives for an adoption of electric vehicles due to growing environmental issues and incentives & subsidies are given by the government. The presence of powerhouses such as China, Japan, and India is expected to contribute to the growth of the market.
Some of the key players in the market are ABB Ltd., Eaton Corporation PLC., Semaconnect Inc., Aerovironment, Inc., Siemens AG, POD Point Ltd., Elektromotive Limited, Leviton Manufacturing Co., Inc., Delphi Automotive PLC. , Tesla Motors Inc., Schneider Electric SE , Chargepoint Inc., General Electric Company and others. Innovative designs and equipment are being introduced in the market, as the players are focusing on R&D activities for overcome standardization in EV charging. Some of the key players are also entering into mergers & acquisitions, collaborations, and agreements to strengthen their market position and enhance their market presence globally.
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