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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