As the world is rapidly adopting electric vehicles (EV) the rise in demand for electric vehicle supply equipment is growing simultaneously all across the globe which has significantly contributed to the global electric vehicle supply equipment market. Electric vehicle supply equipment provides electricity to charge the electric vehicle’s batteries such as electric cars, buses, plug-in hybrids and so on. These EV’s have an onboard charging system that can plug into the general charging outlets. Some other EV’s requires a charging station to provide electricity monitoring, safety functionality, and electricity conversion. Additionally, these charging stations are required at the time of traveling; many of these stations provide higher voltage and current as compared to residential Electric vehicle supply equipment.
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Factors Driving Electric Vehicle Supply Equipment Market
Electric cars are predicted to be the turbulent market force for technology and transportation. These cars have the capability to transform how energy is created, used and redirected. The negative environmental impact is the primary reason for the adoption of electric vehicles which in turn is increasing electric vehicle supply equipment market. Decreased air pollution due to the elimination of harmful exhaust gases provides mobility. The immense impact of reduced carbon emission is seen in metropolitan areas which are most prone to air pollution. Additionally, electric cars allows to reduce noise pollution as they are less noisy than conventional cars.
Electric cars help grow the economy of the country. As most of the countries import oil and fossil fuels from other oil-rich countries, with constantly increasing oil rates the importing costs for these fuels are raising which in turn is affecting the economy of the countries. However, electric cars require just electricity, which can be generated through the wind, solar, hydro, biofuel or nuclear sources. This is significantly contributing in the electric vehicle supply equipment market.
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Additionally, electric vehicles require less maintenance cost than traditional gas vehicles, since these vehicles run only on batteries and electric motor with very fewer mechanical parts and which results in less replacement cost in the future. EVs have no engine so there is no need for an oil change too. Due to this reason people are more attracting towards EVs. Moreover, EVs are getting more affordable day by day and battery manufacturing price is decreasing due to higher production. Due to this more people are buying electric vehicles and simultaneously increasing the demand for electric vehicle supply equipment.
In the future, there is a chance that all the vehicles will be electric. To make electric cars available to more people, the automotive manufacturers are increasing production units. Additionally, many manufacturers have made EVs as their primary offering. Due to all of these reasons demand for electric vehicle supply equipment is increasing continuously across the globe.
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The global electric vehicle supply equipment market is segmented on the basis of charger type, vehicle type, and charging station type. By charger type, the market is segmented into level 1, 2 and 3. Level 1 and Level 2 charger are AC current chargers whereas Level 3 charger is three-phase AC or DC charger. As the charger level increase power output also increases and time to charge a vehicle decreases.
The major players that contribute to the growth of the global electric vehicle supply equipment market include ABB Inc., Tesla Inc., Bosch Automotive Service Solutions Inc., ChargePoint, Inc., EFACEC Group, Mitsubishi Electric Corp., POD Point Ltd., Schneider Electric SE, Shell Group, Siemens AG, Yazaki Corp. and so on.
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