NEW YORK, Feb. 22, 2023 /PRNewswire/ — Major players in the electric vehicle charging stations equipment market are ABB Ltd, Siemens AG, The New Motion BV, Tesla Motors Inc., ClipperCreekInc., DBT SA, Chargemaster Plc, Engie SA, Fortum Oyj, and Leviton Manufacturing Co.
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The global electric vehicle charging stations equipment market will grow from $140.71 billion in 2022 to $194.87 billion in 2023 at a compound annual growth rate (CAGR) of 38.5%. The Russia–Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The electric vehicle charging stations equipment market is expected to grow to $628.58 billion in 2027 at a CAGR of 34.0%.
The electric vehicle charging stations equipment market consists of sales of alternating current(AC) charging, direct current(DC) charging, and other electric vehicle charging station equipment.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Electric vehicle charging station equipment refers to equipment that connects an electric vehicle to an electricity source to recharge the vehicle.
The type of electric vehicle charging station equipment is AC charging, DC charging, and inductive charging that are used in different vehicle types such as battery electric vehicles (BEV), plug-in electric vehicles (PHEV), and hybrid electric vehicles (HEV).The AC charging converts power from AC to DC and then feeds it into the car’s battery.
Different types of charging in electric vehicle charging stations equipment are level one charging (120 volts), level two charging (240 volts), and DC fast charging (480 volts).
National and international legislative policies for promoting the electric vehicle (EV) are driving the growth of the electric vehicle charging stations equipment market.The scheme to provide incentives to motivate investors in buying electric vehicles and installing the EV charging stations help in driving the electric vehicle charging stations market.
This helps in boosting the electric vehicle charging stations equipment market.For example, an attractive scheme was launched by the German government to provide a direct discount of $4,520 for EV buyers.
Also, public funding for charging stations for every 50 km is provided in Norway. Thus, driving the EV charging stations market, thereby driving the electric vehicle charging stations equipment market.
The limited driving range of electric vehicles (EV) is one of the major factors restraining the EV market thereby affecting the growth of the electric vehicle charging stations equipment market.The driving range of EVs is shorter than that of gasoline vehicles.
This limitation is due to various factors such as passenger capacity, use of air conditioning and the need for margin to be retained before the next recharge. This, affects the sales of EV which is thereby decreasing the need for setting up more charging power stations, and the requirement for the EV charging stations equipment falls, therefore restraining the market growth.
Ultra-quick DC charge stations are trending in the electric vehicle charging stations market.Ultra-quick DC charge helps in supplying direct power of up to 125 KW to the vehicles without any converter.
These ultra-quick DC charge stations can charge 80% of the electric supply required for the vehicles within 20 min period.With the increasing demand for EVs, the need for more charging stations is increasing.
To cope with the demand and availability of low-energy charging points and to deal with new upcoming EVs that require high power rates for charging, the ultra-quick DC charge station is the solution.There are 3 types of DC fast charging options such as Combined Charging System (CCS), CHAdeMO, and Tesla Supercharger.
For example, in 2021, Electrify America opens 600 public ultra-fast electric vehicle charging stations across the United States.
In June 2022, Blink Charging Co, a US-based provider of electric vehicle (EV) charging equipment and services acquired SemaConnect for an undisclosed amount.With this purchase, Blink Charging will be the only EV charging business to provide total vertical integration, encompassing everything from EV charger ownership and operations to R&D and production.
SemaConnect Inc is a US-based company operating in EV charging infrastructure solutions.
The regions covered in the electric vehicle charging stations equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the electric vehicle charging stations equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The electric vehicle charging stations equipment market research report is one of a series of new reports that provides electric vehicle charging stations equipment market statistics, including electric vehicle charging stations equipment industry global market size, regional shares, competitors with an electric vehicle charging stations equipment market share, detailed electric vehicle charging stations equipment market segments, market trends and opportunities, and any further data you may need to thrive in the electric vehicle charging stations equipment industry. This electric vehicle charging stations equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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