Electric Vehicle Supply Equipment Market

Executive Summary

The global Electric Vehicle Supply Equipment (EVSE) market size is expected to grow from USD 30.30 billion in 2021 to USD 150.60 billion by 2027 at a CAGR of 30.6%.

The global impact of COVID-19 has been unprecedented and surprising, as electric vehicle supply equipment are experiencing a negative impact on demand in all regions during the pandemic. Based on our analysis, the global market has shown a steady growth of 28.9% in 2020 compared to mid-year growth this year between 2017-2019. The rise of the CAGR is due to the growth and demand of the market, returning to pre-epidemic levels once the crisis is over.

Electric Vehicle Supply Equipment (EVSE) includes EV charging components in several commercial and residential areas including bus depots, hotels, parks, highways, corporate offices, and homes. Electric Vehicle Equipment (EV) is an organization installed to safely deliver electricity to EV to charge batteries. Market development is supported by a growing number of private and public programs to promote EV acquisition. Some governments provide incentives, such as tax benefits and grants, to promote EV access.

In addition, EVSE programs include telecommunications contracts, software, power connectors, and related equipment that deliver energy safely and efficiently to the vehicle. One of the key factors driving the growth of the global market is the increase in the adoption of electric vehicles. For example, according to the International Energy Agency (IEA), global car sales increased by 41% to about 3 million electric vehicles by 2020. Despite the global decline associated with the global COVID-19 epidemic in car sales, passenger car sales worldwide have dropped to 16. % by 2020. In addition, increased emphasis on various car manufacturers and governments on improving the performance of charging infrastructure is expected to boost market growth over the forecast period.

The COVID-19 crisis has affected almost every industry, and car manufacturers and EVSE companies are the same. Companies and manufacturers of original equipment (OEMs) in foreign countries were shut down to control and overcome the COVID-19 status. The closure had a profound effect on the economy, especially in developing lands. Forced government bans on export, travel, and other door-to-door operations severely disrupted procurement, leading to a halt in production as most of the automotive materials were supplied to Asian countries. Therefore, EVSE manufacturers are unable to meet the deadline for electrification of motor vehicles due to investment disruption and liquidity of the EVSE component. These factors will affect the need for electric vehicle charging equipment that will hinder the market growth.

The high cost of crude oil and the limited availability of renewable resources improve market access for EVs. Over the past decade, the increase in carbon emissions by internal combustion engine (ICE) vehicles has been a major concern for government officials. The sustainable development of smart cities is one of the major obligations of adopting environmentally friendly transport. Electric vehicles run on a current and non-fuel battery, allowing the consumer to move away from conventional fuel-based vehicles mainly due to the maintenance of EV savings. Therefore, increased market penetration of electric vehicles is expected to boost EVSE market growth in the coming years.

Key Players

The major players operating in the global EVSE market are AeroVironment Inc., Chargemaster PLC, ABB Ltd., ChargePoint, Inc., Leviton Manufacturing Co., Inc., ClipperCreek, Inc., Eaton Corporation, Leviton Manufacturing Co., Inc., Leviton Manufacturing Co., Inc., and Siemens.

Recent Developments

Market Overview

Definition

EVSE is a technology that is used to charge electric vehicles in various residential and commercial areas such as homes, corporate offices, highways, parks, hotels, and bus depots.

Currency

Market Dynamics

Driver

Increasing demand of international marine freight transport

Maritime transport is important for international trade. The main mode of international trade is sea transport, and according to UNCTAD, about 80 percent of the international trade volume is carried by sea, and the percentage is even higher in many developing countries. This mode of transport is cheaper and more viable for international trade than road, rail, and air transport. Global Maritime is expected to continue to grow at a moderate annual rate from 2022 to 2026. The growth of international shipping vessels has shown similar trends. The maritime trade resumed in 2021 due to the opening of the pent-up demand, as well as the recycling of goods and construction. The sudden increase in demand in 2021 after the catastrophic 2020 catastrophe caused by the epidemic caused a shortage of transport and containers and equipment forcing many shipowners to turn to buy new or used vessels to close the service delivery gap.

Restraint

Government Initiatives to decarbonize shipping

The Paris Agreement aims to reduce global warming to below 2 ° C and then to 1.5 ° C. However, despite the temporary immersion of carbon dioxide and other greenhouse gases caused by the COVID-19 epidemic, the earth is still experiencing temperatures above 3 ° C this century. Regarding the emission of CO2 per ton of goods per kilometer, transport is seen as the most effective means of commercial transport. The approach toward carbon dioxide removal from ships involves not only technological advances and improvements in shipbuilding but also the use of other fuels and the use of engines associated with those fuels. Due to new IMO release requirements, shipping companies face low pay and uncertainty about compliance with procedures and postponing orders for new ships. Also, the new rules will require the replacement of some of the existing vessels which will incur significant costs for pilots. This may affect orders for new vessels, which may affect and hinder the growth of the marine engine market.

Opportunity

Growing market of Ecommerce and online trade

The epidemic saw a change in consumer spending. The epidemic has accelerated from retail to digital stores in about five years. Consumers are looking for a safer way to meet their needs, which has led to a dramatic increase in online retail activity. Commercial growth is welcome, but it is growing at such a rate and scale that shipping facilities and port operations are often unsustainable, leading to planning problems. The whole industry is facing a shortage of transport power, boxes, and other equipment. Reducing performance bottles and supply chain uncertainties is essential for retailers to keep additional inventory in hand. As a result, the realization of e-commerce offers new business opportunities in offshore trading, including shipping, storage, and distribution services at ports. Maritime transport, especially worldwide, is more affordable and cheaper than air, rail, and road transport. This growing trend of online commerce has also accelerated digital production in the maritime industry. The rise of e-commerce and online commerce, therefore, is expected to increase maritime trade and the demand for ships, which will create an opportunity for the growth of the marine propulsion engine market.

Challenge

Structural factors increasing maritime transport costs

Prices for ships and ports are expected to be driven by structural factors such as port infrastructure, economy, trade inequality, trade facilitation, and shipping over time. Developing countries, especially those with poor shipping and naval infrastructure, may have higher shipping costs in the coming years. Such developing countries will also need help to reduce the cost of change and the lower connectivity that can result from carbon offsets in maritime transport. Therefore, improving infrastructure such as port infrastructure, trade incentives, and shipping communications will significantly reduce shipping costs.

Smaller economies, such as Suriname, Guyana, and Romania, often have no ports, poor port infrastructure, and insufficient commercial aid measures. These shortcomings hamper the growth of maritime trade in such countries. The development of ports to make better shipping services and allow larger vessels to have a shorter waiting time before entering ports will reduce transportation costs, which will improve maritime trade in these countries. Trade inequality between the two countries also affects costs and trade as a whole. For example, with a ship traveling from a high-demand country to a low-demand country, most ships have to return empty containers that have a negative impact on shipping costs. Such factors hinder the growth of international maritime trade, thus challenging the growth of the marine propulsion engine market.

Charging Type

Introduction

Level 1

Level 2

Level 3

Charging Station Type

Introduction

Normal Charging

Super Charging

Inductive Charging

Installation Type

Introduction

Portable Charger

Fixed Charger

Application

Introduction

Commercial

Residential

Company Profiles

Siemens

Company Overview

Founded in 1847 and headquartered in Munich, Germany, Siemens is a technology company that is active in nearly all countries of the world, focusing on the areas of automation and digitalization in the process and manufacturing industries, intelligent infrastructure for buildings and distributed energy systems, smart mobility solutions for rail and road and medical technology and digital healthcare services. It operates through six business segments: Digital Industries, Smart Infrastructure, Mobility, Siemens Healthineers, Siemens Financial Services, and Portfolio Companies. Its revenue in 2020 and 2019 was USD 69.87 billion and USD 65.66 billion, respectively. The company’s revenue in Europe, C. I. S., Africa, Middle East decreased moderately due to significant decline in Digital Industries segment. In the Americas, revenue was close to the prior-year level, as Mobility recorded growth that was offset by decreases in Siemens Healthineers and Digital Industries.

Product Overview

Siemens eMobility charging

Related Reports

Executive Summary

Executive Summary

Market Overview

Definition

Currency

Charging Type

Level 1

Level 2

Level 3

Normal Charging

Super Charging

Inductive Charging

Installation Type

Installation Type

Charging Station Type

Portable Charger

Fixed Charger

Application

Commercial

Residential

Siemens

Siemens

Founded in 1847 and headquartered in Munich, Germany, Siemens is a technology company that is active in nearly all countries of the world, focusing on the areas of automation and digitalization in the process and manufacturing industries, intelligent infrastructure for buildings and distributed energy systems, smart mobility solutions for rail and road and medical technology and digital healthcare services. It operates through six business segments: Digital Industries, Smart Infrastructure, Mobility, Siemens Healthineers, Siemens Financial Services, and Portfolio Companies. Its revenue in 2020 and 2019 was USD 69.87 billion and USD 65.66 billion, respectively. The company’s revenue in Europe, C. I. S., Africa, Middle East decreased moderately due to significant decline in Digital Industries segment. In the Americas, revenue was close to the prior-year level, as Mobility recorded growth that was offset by decreases in Siemens Healthineers and Digital Industries.

Siemens eMobility charging

Increasing demand of international marine freight transport

Government Initiatives to decarbonize shipping

Growing market of Ecommerce and online trade

Structural factors increasing maritime transport costs