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Size of Electric Vehicle Supply Equipment Market Expected 33% CAGR and Will Reach USD 140 Billion by 2026

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Size of Electric Vehicle Supply Equipment Market Expected 33% CAGR and Will Reach USD 140 Billion by 2026

July 13
18:40 2021
Size of Electric Vehicle Supply Equipment Market Expected 33% CAGR and Will Reach USD 140 Billion by 2026
[223+ Pages Report] According to Facts and Factors Market Research, the global electric vehicle supply equipment market in 2019 was approximately USD 18 billion. The market is expected to grow above a CAGR of 33.0% and is anticipated to reach over USD 140 billion by 2026.

According to Facts and Factors, Market Research, the global electric vehicle supply equipment market in 2019 was approximately USD 18 billion. The market is expected to grow above a CAGR of 33.0% and is anticipated to reach over USD 140 billion by 2026.

Electric vehicle supply equipment is widely adopted for used for charging electric vehicles. Electric vehicle supply equipment is also known as electric recharging points and charging stations. Electric vehicle supply equipment is used for charging electric vehicles as well as hybrid vehicles. EV charging is of three types: level 1, level 2, and level 3. Level 1 charging refers to charging via a standard 120V outlet. Level 2 type EV charging is a type of charger that is located in the workplace, public charging location, or home. Level 3 charging or DC fast charging has a strong grid connection as compared to private electric chargers. DC chargers are also considered fast chargers and also have different connecting ports. Electric vehicle supply equipment has basic features such as LED charging indicators and charge restart features. Electric vehicle supply equipment also has features such as timers and programming controllers that help schedule charging starts and ends.

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Industry Major Market Players

  • AeroVironment Inc.
  • ABB Ltd.
  • ChargePoint Inc.
  • ClipperCreek Inc.
  • Chargemaster PLC
  • Eaton Corporation
  • Leviton Manufacturing Co. Inc.
  • Siemens

 

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In recent years, the global EV sector has seen rapid growth owing to technological developments in the global automotive sector. The rising global EV market is a key growth driving factor for the global electric vehicle supply equipment market. Further, favorable government and federal policies and tax benefits offered have also fueled the electric vehicle supply equipment market. Further, various OEMs are also heavily investing in new electric vehicle charging infrastructure has also played a key role in driving the global electric vehicle supply equipment market. In addition, the technological developments of smart charging are likely to create new avenues for the global electric vehicle supply equipment market in the future. However, despite the benefits associated with maintenance and fuel savings offered by EV, there has been slow adoption of EV in developing markets, which in turn has affected the EV market growth. In turn, hampering the market growth.

In terms of power type, the DC power segment held a major share in the global electric vehicle supply equipment market in 2019, accounting for a market share of nearly 65%. Government investment in the developing public EV charging infrastructure is a key growth fueling factor for the global DC-powered EVSE market. On the basis of charging stations, the normal charging segment held a major share of approximately 40% in the global electric vehicle supply equipment market in 2019. The growth in the market is attributable to the increase in the demand for commercial EV charging infrastructure. In terms of application, the commercial segment constituted a dominating share of nearly 70% in the global electric vehicle supply equipment market in 2019. The growing private as well as public investment in expanding EV charging infrastructure has been a key growth fueling factor for the commercial EVSE market.

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The report study further includes an in-depth analysis of industry players’ market shares and provides an overview of leading players’ market position in the electric vehicle supply equipment sector. Key strategic developments in the electric vehicle supply equipment market competitive landscape such as acquisitions & mergers, inaugurations of different products and services, partnerships & joint ventures, MoU agreements, VC & funding activities, R&D activities, and geographic expansion among other noteworthy activities by key players of the electric vehicle supply equipment market are appropriately highlighted in the report.

The electric vehicle supply equipment market research report delivers an acute valuation and taxonomy of the electric vehicle supply equipment industry by practically splitting the market on the basis of different types, categories, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026.

In terms of geography, the North America region dominated the global electric vehicle supply equipment market in 2019, accounting for a market share of around 40% in the global market. The technological developments in the EV sector in the U.S. have contributed to the growth of the North America EV industry, which has driven the North America EVSE market.

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This report segments the electric vehicle supply equipment market as follows:

Global Electric Vehicle Supply Equipment Market: By Power Type Segmentation Analysis

  • AC Power
  • DC Power

 

Global Electric Vehicle Supply Equipment Market: By Product Segmentation Analysis

  • Portable Charger
  • EV Charging Kiosk
  • Onboard Charging Station
  • Others

 

Global Electric Vehicle Supply Equipment Market: By Charging Station Type Segmentation Analysis

  • Normal Charging
  • Super Charging
  • Inductive Charging

 

Global Electric Vehicle Supply Equipment Market: By Application Segmentation Analysis

  • Commercial
  • Residential

 

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