May 02, 2022 04:17 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, May 02, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Electric Vehicle Supply Equipment Market finds that the increasing favourable government initiatives and subsidies are expediting market growth. Primarily driven by rising demand for low emission & fuel-efficient vehicles, the total Global Electric Vehicle Supply Equipment Market is estimated to reach a revenue of USD 7,808.2 Million by the year 2028.
The Global Market revenue stood at a value of USD 2,037.1 Million in the year 2021, and is projected to grow at a Compound Annual Growth Rate (CAGR) of 25.1%.
Furthermore, the increase in demand for renewable energy is also anticipated to augment the growth of the Global Electric Vehicle Supply Equipment Market, states Vantage Market Research, in a report, titled “Electric Vehicle Supply Equipment Market Size, Share & Trends Analysis Report by Power Type (AC Power, DC Power), by Product (Portable Charger, EV Charging Kiosk, Onboard Charging Station, Others), by Charging Station Type (Normal Charging, Super Charging, Inductive Charging), by Application (Commercial, Residential), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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Favourable Government Initiatives to Fuel Global Electric Vehicle Supply Equipment Market
The increasing favourable government initiatives and subsidies are expected to fuel the growth of the Electric Vehicle Supply Equipment Market during the forecast period. Governments in key countries across numerous regions have enacted stringent carbon dioxide (CO2) pollution standards, boosting demand for electric vehicles around the world. Several steps are being taken by governments, including exemptions from import taxes, road taxes, purchase taxes, and low or no registration fees. Aside from providing subsidies, a number of governments are enacting favourable guidelines and regulations to encourage the development of electric vehicle charging infrastructure. For example, the Scottish government committed USD 30 million in developing electric vehicle charging infrastructure from 2011 to 2019, and has created about 1,000 publicly accessible electric vehicle charging outlets across the country. Other European countries, such as Germany and Norway, are following the same pattern. Companies in these countries are making significant investments to encourage the sale of electric automobiles. As a result, huge subsidies and incentives to encourage the adoption of electric vehicles are projected to propel the EVSE industry in the future years.
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Segmentation of the Global Electric Vehicle Supply Equipment Market:
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Rising Demand for Low Emission & Fuel-Efficient Vehicles to Augment Market Growth
The increasing demand for low emission & fuel-efficient vehicles is anticipated to augment the growth of the Electric Vehicle Supply Equipment Market within the estimated period. Since gasoline is a fossil fuel, it is not a renewable energy source and is expected to run out in the future. As a result, determining and deploying alternate fuel sources is critical in order to support long-term development. This involves the usage of electric vehicles, which do not require the use of gasoline and are less expensive than traditional automobiles. Electric vehicles transfer over 50% of electrical energy from the grid to power at the wheels, whereas gas-powered vehicles only convert roughly 17%–21% of the energy stored in fuel to power at the wheels. The recent increase in the price of gasoline and diesel has further increased the demand for fuel-efficient vehicles. This is due to the depletion of fossil fuel reserves and a growing desire among businesses to maximise earnings from these reserves. As a result of these factors, there is a growing demand for electric vehicles for travel, which is further expected to fuel the demand for electric vehicle supply equipment in near future.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the automotive & transportation industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
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The report on Electric Vehicle Supply Equipment Market highlights:
Asia Pacific to Dominate the Global Electric Vehicle Supply Equipment Market
Asia Pacific has dominated the Global Electric Vehicle Supply Equipment Market in 2021 and is likely to continue the same trend during the forecast period. China dominated Asia Pacific in 2021. This is attributable to the rising emphasis on the adoption of electric vehicles from various governments. Further, the supporting charging infrastructure has prompted a number of start-ups as well as major global players to collaborate with government authorities to develop innovative charging solutions in the region. Additionally, increasing electric vehicle production in recent years is also expected to support regional growth of the market in the years to come.
List of Prominent Players in the Electric Vehicle Supply Equipment Market:
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on “Electric Vehicle Supply Equipment Market Size, Share & Trends Analysis Report by Power Type (AC Power, DC Power), by Product (Portable Charger, EV Charging Kiosk, Onboard Charging Station, Others), by Charging Station Type (Normal Charging, Super Charging, Inductive Charging), by Application (Commercial, Residential), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/electric-vehicle-supply-equipment-market-571008
January, 2022: SHC announced the acquisition of Lily Pad EV, a leading nationwide turnkey supplier of electric vehicle charging stations. Lily Pad EV will operate as a wholly-owned subsidiary within the newly created SHC renewables division. The acquisition of Lily Pad EV by SHC offers a way to continue the growth of Lily Pad EV and deployment of charging infrastructure across the US.
September, 2021: ABB announced the launch of the world’s fastest electric car charger. ABB’s new Terra 360 is a modular charger which can simultaneously charge up to four vehicles with dynamic power distribution. The new charger has a maximum output of 360 kW and is capable of fully charging any electric car in 15 minutes or less, meeting the needs of a variety of EV users.
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