Electric Vehicle Power Equipment (EVSE) Market Outlook Trends and Details of Future Prospects for Business Development


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Electric Vehicle Provisioning Equipment (EVSE) Market Expected To Reach $ 228.38 Billion By 2028, Says New Report from Reports and Data

NEW YORK, NY, UNITED STATES, December 1, 2021 /EINPresswire.com/ – The Electric Vehicle Provisioning Equipment (EVSE) market is expected to reach $ 228.38 billion by 2028, according to a new report from Reports and Data. Electric vehicle power equipment is also known as electric charging point or electric vehicle charging station. The chargers and the components that are built to create them are called EVSE. They increase safety by facilitating two-way communication within the electric vehicle and the charging station. Electric buses and other large electric vehicles are increasingly in demand in this market, respectively. While electric buses are commercially available, larger heavy-duty vehicles are still under development.

The associated charging systems are mostly unique to their designated vehicle or application. The main function of EVSE is to provide electrical energy for recharging electric vehicles. These charging stations are located in car parks and are provided by electricity distribution companies or even in shopping centers by some private companies. These stations come with a variety of connectors, which are suitable for every type of EV or electric vehicle.

Main participants include Bosch Automotive Service Solution Inc, Eaton, Liberty Plugins, Chargemaster PLC, ClipperCreek, NRG EVgo, ChargePoint, FullCharger, Elektromotive, Circontrol, Tesla Motors, ABB, Blink Charging, Schneider Electric, Siemens, General Electric, AeroVironment, IES Synergy, Chargemaster, DBT-CEV, Pod Point, BYD, Xuji Group, Potivio, Auto Electric Power Plant, Wanbang and Qingdao Telaidia.

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The demand for electric vehicles is increasing due to several factors such as growing environmental issues and consumer knowledge about it.
The North America region market is expected to experience the highest CAGR of 34.5% followed by Europe and Asia-Pacific during the forecast period. The country’s electric vehicle supply equipment manufacturers are turning to technology, innovation and the development of high-level charging infrastructure. Accelerating demand to reduce carbon emissions and generate faster and superior charging stations is expected to propel growth.

Other key findings from the report suggest
• On the basis of end user, the market is segmented into residential, commercial, train stations and government buildings.
• The commercial end user segment is expected to experience the highest CAGR of 34.1% during the forecast period.
• The commercial segment is expected to adopt EVs as many actions such as the implementation of fast charging points have been proposed by manufacturers to improve existing EVs and make EVSE more suitable for long distance travel.
• The governments of Germany, the United States and Russia have also provided grants to perform the same.
• It is assumed that increasing technological advances will be the engine of growth in the coming years.
• The cost of installing charging infrastructure and vehicle performance are also expected to drive growth over the forecast period.
• The type of equipment can be segmented into portable charger and stationary charger.
• The portable chargers segment is expected to be the fastest growing market and expected to experience the highest CAGR of 33.9% during the forecast period.
• Using portable chargers, EV drivers can take the charger with them that allows them to charge the car as needed.
• In addition, a portable charger reduces the need to develop a charging stand to establish a fixed charging station.
• Portable chargers initially offered as small, slim chargers that can produce enough power for short trips.
• Based on level, the market is classified into level 1, level 2 and level 3 respectively.
• The level 1 segment represents the largest 35.6% share of the market in 2018.
• It is between 110 and 120 V and can be used for various charging programs in the workplace.
• Level 1 station has enough power to fully restore vehicle range during working hours.
• Stations can operate using any standard household outlet; there are no additional charges involved.
• The only downside to this level is its extended charging time. Several electric vehicle owners are working on setting up a battery that can be recharged overnight using a 120V primary connection.
• Other regions such as APAC account for the largest 31.3% market share in 2018.
• Growing concerns about carbon emissions from existing vehicles and the performance of the transport industry have led authorities to promote a charging support network which has influenced the growth of this market in this region.
• With increasing pressure to make EVSE more affordable, many market players are implementing new and advanced technologies to set themselves apart from the competition.
• This market is expected to experience increasing cooperation, consolidation and collaboration among current market players over the next few years.
• BP, one of the critical players, announced in 2018 that it will develop various fast-charging points at several service stations in parts of Europe and the UK.

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Key questions addressed in this research study:
• What is the aggregate production, the production value and the consumption value?
• Who are the world’s major manufacturers of the electric vehicle power equipment market? How is their operating situation?
• What are the types and applications of the Electric Vehicle Power Equipment Market?
• What is the market share value of each type and application?
• What are the upstream raw materials and manufacturing equipment?
• What is the manufacturing process?

To identify key industry trends, click on the link below: https://www.reportsanddata.com/report-detail/electric-vehicle-supply-equipment-market

For the purpose of this study, reports and data segmented the global Electric Vehicle Power Equipment market on the basis of level, end-user, equipment type, and region:

Level Outlook (Volume, Thousands of Units; and Revenue, USD Million; 2020-2028)
• Level 1
• Level 2
• Level 3

End User Outlook (Volume, Thousands of Units; and Revenue, USD Million; 2020-2028)
• Residential
• Commercial
• Stations
• Government buildings

Equipment Type Outlook (Volume, Thousands of Units; and Revenue, USD Million; 2020-2028)
• Laptop charger
• Fixed charger

Regional Outlook (Volume, Thousand Units; and Revenue, USD Million; 2020-2028)
• North America
• WE
• Europe
• Germany
• UK
• Asia Pacific
• China
• India
• South East Asia
• Latin America
• Brazil

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Finally, all aspects of electric vehicle power equipment are quantitatively and qualitatively evaluated to study globally and regionally. This study presents critical information and factual data on providing a comprehensive statistical study based on the drivers, limitations and its future prospects.

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