About EV Charging Equipment
The key factors driving the growth of the EV charging equipment market include government subsidies, incentives, & investment, increasing demand of electric vehicles, rising concern toward environmental pollution, and increasing investment by automakers in electric vehicles. Moreover, increasing demand for the low emission vehicle expected to drive the product demand during the forecasted period.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 33.3% |
Market players are focusing on partnerships, collaborations, and new product launches in order to increase their offerings in the EV charging equipment market. In addition, companies are focusing on increasing their client base to strengthen market position and to enhance product offerings. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global EV Charging Equipment market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Delta Electronics, Inc. (Taiwan), Schneider Electric (France), EATON (Ireland), Tesla (United States), Delphi Technologies (United Kingdom), Siemens (Germany), ClipperCreek (United States), General Electric Company (United States), Evatran Group, Inc. (United States) and Robert Bosch GmbH (Germany) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global EV Charging Equipment market by Type (DC Charging and AC Charging), Application (Residential Charging and Public Charging) and Region.
On the basis of geography, the market of EV Charging Equipment has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Electric Vehicle , the sub-segment i.e. Hybrid Electric Vehicle will boost the EV Charging Equipment market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-Use, the sub-segment i.e. Residential Charging Station will boost the EV Charging Equipment market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Demand for Residential Charging Station and Increasing Production of Electric Vehicles
Market Growth Drivers:
Supportive government initiatives to meet fuel consumption standards driving the adoption of electric vehicles globally. For instance, as of September 2018, aggregate sales in the United States calculated to 1 Million highway-legal plug-in electric vehicles. Additionally, according to the International Energy Agency (IEA) in 2018, sales of electric cars increased by 68%.
Challenges:
High Cost of Electric Vehicle Charging Equipment and Installation
Restraints:
High Cost of Electric Vehicles and High Cost Associated With Charging Infrastructure of Electric Vehicle
Opportunities:
Increasing Investment from Automobile Manufactures in Electric Vehicle and Rising Demand from the Developing Economies
Market Leaders and their expansionary development strategies
In August 2023, ChargePoint, a leading EV charging network operator in North America, acquired Nuvve, a company specializing in vehicle-to-grid (V2G) technology. This move strengthens ChargePoint's position in the EV charging market and opens up new opportunities for grid integration and energy management.
In September 2023, Tesla unveiled the Cybercharger V3, its next-generation fast-charging station capable of delivering up to 250 kW of power. This significantly reduces charging times for Tesla vehicles and further enhances the company's charging network advantage.
Key Target Audience
EV Charging Equipment Manufacturers, Government Agencies, Commercial Research & Development Institutions, Government Organizations, Research Organizations, and Consulting Firms, Trade Associations and Industry Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.