Pune, 8, Dec, 2022: As per Maximize Market research, a global business research and consultancy firm, the total global market for Electric Vehicle Supply Equipment Market was 3.2 Bn in 2021 and is expected to grow at CAGR of 26.3 % over the forecast period to reach 20.72 Bn by 2029
Electric Vehicle Supply Equipment Market Scope and Research Methodology
The report includes a comprehensive analysis of the global, regional, and national Electric Vehicle Supply Equipment markets. The report analyses both primary and secondary data to present forecasts for market size and growth rate as well as present current and future trends in the Electric Vehicle Supply Equipment market. In order to comprehend market penetration, competitive structure, pricing, and demand analysis better, regional market analysis is carried out at the local, regional, and global levels. The report also discusses key players’ strategies and provides an analysis of those strategies based on their industry growth, which aids investors and major companies in making investment and strategic business decisions.
Major industry players are ranked by region, with information on their revenue, financial standing, portfolio, technological adoption, mergers and acquisitions, joint ventures, and strategic alliances included in the competitive analysis of the Electric Vehicle Supply Equipment market. A list of recent market entrants is also included, along with a description of their growth potential and outlook for the future. Such an analysis provides a general overview of the Electric Vehicle Supply Equipment market, which stakeholders, investors, market participants, followers, and new entrants can use to develop investment strategies and marketing strategies.
For a segment-wise analysis of the Electric Vehicle Supply Equipment Market, it is divided by Type, Product Type, Applications, and Regions for understanding the factors affecting the market growth positively and negatively. The bottom-up approach was employed to validate the market size and its estimation by different segments. Data was collected employing both primary and secondary data collection methods. Surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs, and marketing professionals were included in the primary methods. Secondary data was meticulously collected from a curated selection of sources for maximum reliability of the inferences. This includes official databases of various organizations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases.
SWOT analysis was conducted to provide the strengths and weaknesses of the Electric Vehicle Supply Equipment Market while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the Electric Vehicle Supply Equipment Market.
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Electric Vehicle Supply Equipment Market Overview
Electric vehicles (EVs) represent a growing opportunity for discoms to capture new sources of demand flexibility while increasing revenue from a customer class that would grow significantly over the next decade. Electric vehicle supply equipment is also called as EVSEs and it is used to supply electric energy to recharge electric vehicles in various residential and commercial locations. Electric Vehicle Supply Equipment Market growth is facilitated by the growing of public and private sector activities to promote the usage of electric vehicles (EVs). The market is being stimulated in nations like the United States and China, which are the biggest producers of electric energy, by the firms’ lower pricing for the electricity consumed by EVSE.
Electric Vehicle Supply Equipment Market Dynamics
Infrastructure for electric car charging is essential for the widespread use of electric vehicles, which is gaining increasing support from governments all over the globe. A number of initiatives have been started to provide EV charging stations globally as a result of the fact that governments from numerous nations have acknowledged the necessity to go electric in order to minimise pollution from automobiles is expected to drive the electric vehicle supply equipment market. One such project was the installation of more than 200 electric vehicle charging stations around India by the Automotive Research Association of India (ARAI). In addition, Tata Power (Tata Group India), an electric utility company supported to the national electric mobility mission of the Indian government.
As low-emission vehicle development receives greater attention, which will also enhance equipment acceptance, electric vehicle adoption is expected to grow the electric vehicle supply equipment market. Import taxes, purchase taxes, road charges, and low registration costs are all forecast to have a positive impact on market growth. The use of supply equipment for electric vehicles is promoted by governments through the use of beneficial incentives and programmes. The increased number and variety of electric vehicle supply equipment models available, as well as brand commitments to electric vehicle supply equipment and sales targets, show that major auto manufacturers are adopting electrification. For example, Volvo projects that by 2025, BEVs will account for 50% of its sales, with the other 50% coming from hybrid vehicles, and that by 2030, it would only sell EVs.
Installing a charging infrastructure is relatively expensive for electric vehicles. High costs and a lack of infrastructure. The market for electric car charging stations. It takes a fixed location as well as a person to manage the charging network and charging terminals. As a result, financing for charging stations cannot be used because of this expense.
Electric Vehicle Supply Equipment Market Regional Insights
North America held the biggest Electric Vehicle Supply Equipment market share in 2021 and is expected to grow throughout the forecast period. In the US, EV ownership is directly related to the demand for EV chargers. Followed by North America, Asia Pacific region has the largest share and is expected to grow at the fastest CAGR during the forecast period. Numerous start-ups and significant international corporations have been inspired to collaborate with governmental organisations to develop innovative charging solutions thanks to the increased attention by various authorities on promoting the use of electric vehicles and providing charging infrastructure. The European market is expected to grow as a result of expanding public-private partnerships (PPP) projects for EVSE road extensions.
Electric Vehicle Supply Equipment Market Segmentation
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Electric Vehicle Supply Equipment Market Key Manufacturers:
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Key questions answered in the Electric Vehicle Supply Equipment Market are:
Key Offerings:
Maximize Market Research is leading Automotive and Transportation and Electronics research firm, has also published the following reports:
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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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