Summary
– Global electric vehicle supply equipment market valued at $2.13 billion in 2020, projected to reach $20.84 billion by 2030
– Asia-Pacific dominates the market, with China leading in 2020
– Electric vehicles offer advantages such as low operating costs and reduced emissions, driving demand globally
– Government initiatives to support electric vehicle adoption are expected to drive market growth
– High cost of electric vehicles due to expensive battery technology restrains market growth
Article
The global electric vehicle supply equipment market was valued at $2.13 billion in 2020, with a projected growth to reach $20.84 billion by 2030, registering a CAGR of 25.9% from 2021 to 2030. Asia-Pacific dominates the market presently, followed by Europe, North America, and LAMEA, with China leading the market in the region. Factors such as the growth in electric vehicle production, government initiatives, and the demand for low-emission vehicles are expected to drive the market growth. However, the high cost of electric vehicles and charging infrastructure presents a challenge to market growth, while technological advancements such as wireless charging and Vehicle-To-Grid (V2g) EV Charging Stations provide growth opportunities.
The advantages of electric vehicles, such as lower operating costs, environmental regulations, and reduced emissions, have led to increased demand globally. Sales of electric vehicles have surged, with electric vehicle sales increasing by 160% in the first half of 2021 compared to the previous year. This increasing demand for electric vehicles is expected to boost the need for electric vehicle supply equipment. Key players in the market are focusing on strategic moves such as product development and launch to tap into the business potential, further driving market growth.
Government initiatives to support electric vehicle adoption, such as the FAME program in India and policies in Japan, are expected to drive the growth of the electric vehicle and electric vehicle supply equipment market. The move towards sustainable development and the need to reduce greenhouse gas emissions are driving the shift towards electric vehicles, which do not rely on fossil fuels. However, the high cost of electric vehicles, particularly due to expensive batteries and manufacturing processes, remains a challenge for market growth.
The COVID-19 pandemic has impacted revenue streams towards R&D and new technology adoption in the electric vehicle supply equipment market. Lockdown measures and manufacturing shutdowns have affected vehicle production and adoption. In 2020, the residential segment generated the highest revenue by application, while the level 2 segment was the highest revenue contributor by type. Asia-Pacific led the market in terms of revenue in 2020, followed by Europe, North America, and LAMEA. Key players in the market include ABB Ltd., BP Chargemaster, ChargePoint Holdings, Inc., and more.
Overall, the global electric vehicle supply equipment market is expected to witness significant growth in the coming years, driven by factors such as government initiatives, increasing demand for electric vehicles, and technological advancements. The shift towards sustainable transportation and the need to reduce greenhouse gas emissions are expected to further boost the adoption of electric vehicles and support the growth of the electric vehicle supply equipment market. Key players in the market are focusing on innovation and product development to meet the growing demand for electric vehicle charging infrastructure.
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