EV Charging Port Equipment Market Size, Share, Growth, And Industry Analysis, By Type (AC Charging Port, DC Charging Port and Combined Charging Port), By Application (Electric Vehicle and Hybrid Electric Vehicle), Regional Forecast By 2032

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EV Charging Port Equipment Market Report Overview

The global EV charging port equipment market size was USD 275.13 billion in 2023 & the market is expected to reach USD 887.67 billion in 2032, exhibiting a CAGR of 13.9% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the EV charging port equipment market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

A plug-in electric vehicle, such as a passenger electric car or a light commercial vehicle, is one instance of an electric vehicle that can be recharged using EV charging port equipment, which is an electrical device. The EV charging apparatus is also a vital interface between an electrical supply and an electric car with drained batteries. In most cases, the charging equipment takes the form of a fixture that is directly connected to an electrical distribution panel, though this can also happen with an electrical outlet. Furthermore, EV charging is eco-friendly, user-friendly, and offers safety against sparks and shocks while charging an EV or plugging in a vehicle.

Electric vehicle adoption is essential due to the rising amounts of carbon emissions and other hazardous pollutants produced by transportation. The need for an electric vehicle (EV) charging infrastructure is thus growing in both commercial and residential applications. The industry is also anticipated to increase as a result of growing agreements amongst auto manufacturers for charging stations that offer a subscription model.

COVID-19 Impact: Abrupt Stop and Enormous Drop in Worldwide Automobile Production was Experience due to the Pandemic

Only a small percentage of the workforce was allowed to work in the factories due to the new coronavirus outbreak, which drastically reduced non-essential import and export. System testing was also impacted by the strict pandemic rules. These led to a substantial supply-demand imbalance for the products and services connected with electric car charging stations. Due to the COVID pandemic, the global auto industry experienced a novel, unique situation in the previous year. This came after a terrible year for the industry, which witnessed an abrupt stop to several years of expansion and an enormous drop in worldwide automobile production. Additionally, due to encouragement from governments around the world and the growing demand for electric vehicles during the epidemic, the market for EV charging port equipment exploded in the most recent year. The number of EV chargers for private and public use has expanded globally thanks to renowned charging station manufacturers.

Latest Trends

"Introduction of Various Charging Ports by Tesla to Serve the North America Region"

Tesla introduced and set up its first Mega Charger in October 2021 so that customers could charge their semi-electric trucks. During the 2017 debut of Tesla's Semi, the idea was first mentioned. In addition, Tesla introduced a new Gen 2 model in November 2021 that uses a J1772 connector. This EV charging port, in contrast to its prior charging ports, works with all EV models offered on the North American market.

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EV Charging Port Equipment Market Segmentation

• By Type Analysis

According to type, the market can be segmented into AC Charging Port, DC Charging Port and Combined Charging Port

• By Application Analysis

Based on application, the market can be divided into Electric Vehicle and Hybrid Electric Vehicle

Driving Factors

"Incentives Offered by Governments to Promote the Use of EVs is Growing the Charging Equipment Sector"

Governments are promoting the use of electric vehicles as a means of addressing environmental problems including air pollution and global warming brought on by the usage of carbon-based fuels. Therefore, in order to encourage more people to purchase electric vehicles, numerous governments have devised a wide range of incentives for exclusions from collecting automobile taxes. Manufacturers, on the other hand, are putting in extra effort to reduce the cost of making electric cars and offer more sophisticated versions at affordable prices. These characteristics, which promote the sale of electric automobiles, will therefore lead to an increase in the market for the EV charging port equipment required to supply electric vehicles.

"Growing Sales of the Electric Vehicles Worldwide is Propelling the Market for Port Equipments "

One of the key factors driving the EV charging port equipment sector’s overall growth is the steadily expanding sales of electric vehicles (EVs) around the world, which are raising the requirement for EV charging stations globally. The worldwide EV stock finally reached the 10 Mn barrier in 2020, according to the IEA, following a decade of strong advancement. This is a 43% rise from 2019 and accounts for 1% of the entire stock share. BEVs (Battery Electric Vehicles) made up about two-thirds of the stock market in 2020 and accounted for almost two-thirds of new electric car registrations.

Restraining Factors

"Government Restrictions and High Prices Act as Obstacles in the Development of the EV Charging Sector  "

In order to establish a charging infrastructure for electric cars, a hefty sum is required. High prices and a lack of infrastructure are restricting the market for electric car charging stations. A fixed location and a person are both necessary for managing the charging infrastructure and charging ports. As a result, money for charging stations is rendered useless due to this expense. Several governments have also imposed limitations and per-unit charges on customers of electric vehicles, which has hampered commercial operations for companies who own EV charging stations. The global market for the equipment needed to provide electric vehicles may be constrained by this factor. Thus, these issues associated could possibly hinder the EV charging port equipment market growth during the anticipated time frame.

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EV Charging Port Equipment Market Regional Insights

"Asia Pacific to Dominate the Regional Market due to Significant Investments and Development of Cutting-edge Technology"

EV charging port equipment market share is expected to be dominated by the Asia Pacific region as a result of significant investments made in China and India for ongoing automation and innovation in the automotive sector. China is consistently investing in the development of cutting-edge technology and a safe and secure environment; as a result, electric vehicles will benefit from this, and over the course of the projected time frame, such elements are anticipated to propel the market for EV charging equipment.

In the global market for EV charging port equipment, Europe will have moderate growth. The desire of the European government to reduce carbon emissions and promote the use of electric vehicles is mostly to blame for this. Almost 76% of all charging stations in Europe are located in just four of the member countries.

Key Industry Players

"Partnerships and Development of New Products are Methods Adopted by the Players to Enhance their Market Share "

Market participants are constantly attempting to improve their current product portfolios and develop new products. These firms favour working together with other EV producers for strategic expansion. By engaging in M&A transactions, the industry participants are also enhancing their market shares. In addition to this, the players engage in a variety of organic and inorganic promotional strategies to increase their client bases and hold onto their leading market positions.

LIST OF TOP EV CHARGING PORT EQUIPMENT COMPANIES

• Tesla (U.S.)
• CHAdeMO Association (Japan)
• Nari Technology (China)
• XJ Electric (China)
• MENNEKES (Germany)
• Phoenix Contact (Germany)
• Shenzhen Auto Motion Electric Power Equipment (China)
• Shanghai Xundao New Energy Technology (China)
• Shanghai Potevio (China)
• Suzhou Chilye Green Technology (China)

Report Coverage

This report covers the EV charging port equipment market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2031. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.