From $3,897.5 million in 2022, the electric vehicle supply equipment market value is projected to rise by 11.7% from 2022 to 2030, ultimately reaching $9,426.2 million, forecasts P&S Intelligence.
The growth can be credited to the increasing need for e-vehicles, government initiatives to fuel EVSE installation, and rising pollution levels. For example, China set up approximately 87,000 electric vehicle charging stations in May 2022 alone, driven by the need to clean up the air.
AC Chargers Are More Common Globally
The alternating current charger category is leading the industry. Such chargers are extensively accepted for day-to-day charging as they are less costly during installation, operation, and production.
Moreover, since they take 8–9 hours to fully charge an average EV battery, AC chargers are widely preferred by individuals for the overnight charging of their automobiles at their homes.
Number of Public Charging Stations To Grow at Higher Pace
On the basis of application, the public category is projected to grow with the higher CAGR, of approximately 12%, in the years to come. This can be ascribed to the strong commitments by governments, manufacturers, and automakers to enhance the EV charging infrastructure in numerous countries.
Currently, private chargers outnumber those accessible to the general public. This is because most EV owners prefer to have chargers, majorly the slow AC variants, at their homes, partially because the number of publicly accessible chargers is grossly low compared to the demand.
APAC Is Largest Revenue Generator
APAC is the biggest revenue contributor to the market, and it is projected to continue its dominance, with a worth of $4 billion by 2030. This is due to the increasing pace of technological enhancements and snowballing government and private expenditure for charging infrastructure betterment in the region.
Furthermore, the growing environmental concerns and declining TCO of EVs are propelling the demand for electric vehicle supply equipment in the region.
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