Electric Vehicle Service Equipment (EVSE) Market REPORT OVERVIEW
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The global electric vehicle service equipment market size was USD 5617 million in 2021 and is projected to touch USD 65459 million by 2031, at CAGR of 27.8% during the forecast period.
Electric vehicle service equipment (EVSE) is a gear consisting of cable, pile, metering module, and electric module that is responsible for charging electric vehicles. The rising preference for low emission vehicles is expected to bolster the demand for electric vehicles in the market. The demand for easy rechargeable tools is increasing rapidly as the awareness regarding electric vehicle's benefits is increasing steadily. The emergence of several charging docks and stations is emerging slowly because of the adoption of electric cars. The rising awareness regarding greenhouse gas emissions is responsible for the adoption of electric automobiles and energy resources.
The adoption of (EVSE) is increasing rapidly in residential sectors to provide convenient charging options to consumers. It eliminates the need for a charge station and provides the users with a convenient and uncongested option. The residential charging dock works even after a power outage by providing electricity even after an outage. It is an effective and easy option to recharge vehicles. The tools are extremely cost-effective, low maintenance, energy-saving, and durable to damages. The steady adoption of eco-friendly electric automotive is likely to propel the market growth.
COVID-19 Impact: Lack of Resources and Production Restraints to Stall Industry Growth
The COVID-19 pandemic has negatively affected various markets globally. The alarming spike in COVID-19 infections provoked governments to impose strict lockdown norms to control virus spread. Manufacturing, automotive, transport & travel, and other sectors suffer losses because of stringent regulations. As a result, the industry suffers a shortage of resources or raw materials required to produce electric vehicle supply equipment (EVSE). This factor has led to a steady decline in sales for the product. The supply chain interruptions have negatively affected the demand for the product. The lack of supply leads to the adoption of alternative products. However, governments allow manufacturers to operate under the specified safety norms and reduced capacity. Additionally, manufacturers are adopting advanced machinery to reduce labor costs and speed up their processes. Machinery has enabled companies to enhance their production activities and produce twice the capacity of goods, which, in turn, may support electric vehicle service equipment (EVSE) market growth.
"Increasing Adoption in Commercial and Residential Constructions to Propel Market Growth"
Electric vehicle service equipment (EVSE) is used extensively in commercial and residential construction because of the evolving consumer lifestyle and rising per-capita income. Increasing electric vehicle sales lead to the implementation of level 1, level 2, and level 3 EVSE charging stations in several housing societies. The increasing convenience of the charging dock is expected to increase its adoption in the construction industry. It is used in commercial applications for charging electric vehicles easily and efficiently. It stores electric signals even after an outage. The level 3 charger, also known as a DC charger, is capable of providing up to 800 volts of power to vehicles, which, in turn, enhances its adoption in several commercial buildings and homes. Electric vehicle service equipment (EVSE) provides excellent convenience and cost-effectiveness. Manufacturers such as JuiceBox provide excellent EVSE products that can supply several all three levels of electricity in commercial buildings, residential buildings, and houses. Therefore, these factors can foster the electric vehicle service equipment (EVSE) market in the upcoming years.
Electric Vehicle Service Equipment (EVSE) Market SEGMENTATION
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- By Type Analysis
By type, the market is segmented into level 1, level 2, and level 3
The level 2 segment is expected to lead the market because of its rising adoption in several commercial and residential sectors. It is estimated to provide approximately 240 volts which are efficient for a lot of electric vehicles. It is effective as compared to the level charger and charges a vehicle faster. It is extremely cost-efficient and can be easily installed for several household applications. It is most effective for daily use. It can provide power for a drive till offices and return to home. Therefore, the benefits of Level 2 are expected to boost the electric vehicle service equipment (EVSE) market. For example, JuiceBox reported that the customers preferred its JuiceBox level 2 over level 1 and level 3.
- By Application
Based on application, the market is bifurcated into Home, Public Parking, Shopping Mall, Office Parking, Hotels and Other.
The residential sector is estimated to be the leading segment because of the adoption of advanced electric vehicles globally. The increasing electric vehicle sales are responsible for driving the market growth. The convenience of electric charger is expected to boost the demand from the residential sector. Therefore, this factor can influence industry growth.
"Strong Demand for High Voltage Charging Stations in Commercial Buildings to Fuel Market Growth"
The adoption of a DC charger or level 3 electric vehicle service equipment (EVSE) is essential because of its adoption in commercial buildings. It is capable of delivering upwards of 880 volts of electricity to the users. It is an extremely efficient tool because of its ability to provide electricity to two-wheelers, cars, or SUVs. It is capable of storing electricity in case of an outage situation. Electric vehicle sales are increasing rapidly among consumers because of their increasing spending capacity and adoption of low emission vehicles. Manufacturers are focusing on developing cost-effective solutions for different types of vehicles. The incorporation of level 1, level 2, and level 3 in electric vehicle service equipment (EVSE) can enable commercial buildings to choose the amount of electric power as per requirement. This can boost the industry growth.
"Emergence of Major Electric Vehicle Manufacturers to Augment Charging Stations"
Major electric automobile manufacturers such as Tesla enter new regional markets such as Asia Pacific. The company announced its launch in India with novel product launches. For example, In December 2021, Tesla announced the launch of its Tesla Model 3 in India. It would be the first electric car to be launched in India. The company has priced the automobile around INR 60 Lakhs. The emergence of several electric vehicles is expected to fuel the demand for electric docking stations. Governments are focusing heavily on promoting electric vehicles to lower emission rates and control pollution. For example, The Karnataka state is the first state in India to launch electric vehicle policies in 2017. The state has implemented several policy changes to provide a 15% capital subsidy to investors. The adoption of Level 3 charging stations is used extensively in several charging stations to power several electric vehicle types. Therefore, these factors can drive the growth of the market.
"Financial Challenges Regarding Adoption of EVSE to Impede Market Growth"
Financial challenges such as limited funding from investors, high investment costs, and high insurance rates are estimated to affect the growth negatively. As fuel vehicles dominate the market, the capital investment is unfavorable for EVS equipment. The installation of electric charging stations faces a huge challenge because of a level 3 electric vehicle service equipment (EVSE). The installation cost of level 3 electric vehicle supply equipment (EVSE) reaches approximately USD 50,000. This, in turn, can hamper the industry growth.
Electric Vehicle Service Equipment (EVSE) Market REGIONAL INSIGHTS
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"Increasing Adoption of Electric Cars to Foster Market Growth in Asia Pacific "
Asia Pacific is expected to dominate the electric vehicle service equipment (EVSE) market share because of the increasing sales of electric vehicles. Increasing per-capita income and adoption of low emission vehicles in China is expected to foster market growth. Further, the emergence of policies and subsidies in the Karnataka state of India is expected to boost the demand for EVSE. Additionally, the launch of electric vehicles by manufacturers such as Tesla is expected to foster the market's growth.
North America is the second-largest shareholder because of the rising automobile sales. This rise in sales is attributable to the evolving consumer lifestyle and increasing spending capacity. Further, rising awareness regarding pollution leads to the adoption of low emission electric vehicles, thereby fueling demand for EVSE. Additionally, the emergence of electric stations and the presence of major manufacturers such as Tesla, Ford, Chevrolet, and others are expected to bolster industry growth.
In Europe, rising demand for eco-friendly vehicles and stringent government regulations regarding emissions is expected to generate huge demand for electric vehicles. The investments in renewable energy resources have led to the emergence of charging stations, which, in turn, can enhance demand for electric vehicle service equipment (EVSE). Therefore, these factors can escalate the growth of the electric vehicle service equipment (EVSE) market.
In Latin America and the Middle East & Africa, increasing buying power and rising incomes are expected to spike the demand for EVSE. Additionally, the rising awareness regarding emission rates leads to the adoption of electric vehicles, thereby bolstering the growth of the market.
KEY INDUSTRY PLAYERS
"Incorporation of Better Components in EVSE to Help Companies in Reinforcing their Stance"
The prominent companies operating in the market devise certain key strategies to enhance their performance in the global market. Companies utilize better quality components in their products to improve electric vehicle’s response time and convenience. The use of better components is expected to speed up the charging process and increase its sustenance. It enables companies to overcome hurdles regarding installation cost and voltage differences. This strategy can enable companies to attract consumer demand and reinforce their stance globally.
Furthermore, the incorporation of innovative technologies aids in improving the operational efficiency of the product. The launch of innovative products can enable companies to capture consumer demand and fuel competition in the market. Additionally, strategies such as partnerships, the study of the latest trends, SWOT analysis, and other strategies can enable companies to enhance their market position.
List of Market Players Profiled
- Toyota Industries
- IES Synergy
- Auto Electric Power Plant
- Pod Point
- Clipper Creek
- Xuji Group
- Schneider Electric
- June 2021: Coolisys Technologies Corp. and ChargeLab Inc. partnered with each other to announce 'Scalable Electric Vehicle (EV)' smart charging solutions.
The report offers the readers about the recent market trends and the top segments. It comprehensively studies the COVID-19 impact and the driving and restraining factors. It observes strategies undertaken by companies to tackle shortcomings and the latest regional developments. It informs readers regarding the prospects of the market.
Market Size Value In
US$ 5617 Million in 2021
Market Size Value By
US$ 65458.89 Million by 2031
CAGR of 27.8% from 2021 to 2031
Historical Data Available
Type and Application
Frequently Asked Questions
What will be the electric vehicle service equipment (EVSE) market Size by the end of 2031?
The electric vehicle service equipment (EVSE) market size will touch USD 65458.89 million by 2031.
What CAGR is the electric vehicle service equipment (EVSE) market expected to exhibit by 2031?
The electric vehicle service equipment (EVSE) market is expected to exhibit a CAGR of 27.8% by 2031.
What Are the electric vehicle service equipment (EVSE) market Dynamics of the Industry?
The electric vehicle service equipment (EVSE) market is expected to grow progressively during the upcoming years because of the rising demand for renewable emission-free energy resources.
What Are the Challenges and Opportunities?
Emergence of high voltage electric vehicle chargers in commercial sectors and the emergence of charging stations are some of the opportunities, andthe high installation cost of EVSE is arestraining factor in the global electric vehicle service equipment (EVSE) market.
Which are the top companies operating in the electric vehicle service equipment (EVSE) market?
BYD, Shinry, Tccharger, Panasonic, Webasto, Toyota Industries, Nichicon, Leviton, IES Synergy etc are the top companies operating in the electric vehicle service equipment (EVSE) market.