The value of the global electric vehicle supply equipment market stood at USD 3,897.5 million in 2022, and this number is projected to reach USD 9,426.2 million by 2030, advancing at a CAGR of 11.7% during the projection period.
This development of the market can be credited to the increasing need for electric cars, the growing steps by governments to fuel the growth of this equipment, the rising contamination levels, and the rising acceptance of charging stations. For example, in May 2022, China manufactured approximately 87,000 novel electric vehicle charging stations in just one month and it has augmented by 60.5%, comparable to 2021.
Also, such chargers are extensively accepted and more common for general everyday charging, as these are less expensive, including operation, production, and installation. For example, across China, there are around 1.4 million electric vehicle charging stations, among which 807 thousand are AC charging stations.
On the basis of application, the public category is projected to advance at a higher CAGR, approximately 12%, in the coming few years. This can be credited to the strong commitments of governments, carmakers, and builders to the development of EV infrastructure in numerous nations.
There has been a rapid growth in demand for EVs over the last few years. Approximately 4.3 million electric vehicles were sold around the world during the 1st half of 2022, which is over and above what was sold in 2021. The main factors boosting the sales of this type of vehicle are growing concerns about environmental protection, and a target to reduce gasoline and diesel fuel consumption.
EV batteries are capable of being charged quickly by DC rapid chargers. Additionally, it is not essential to attach an onboard convertor into the vehicle for this charger to convert electric current.
APAC is dominating the electric vehicle supply equipment market, and the region is also projected to dominate the market in the future, accounting for a worth of approximately USD 4 billion in 2030. This is due to the rising technical improvements and the growing government and private backing and expenditure for charging infrastructure in the continent.
Furthermore, the rising ecological worries, the rising government help in the form of grants for EVs and associated charging stations, and the lessening total cost of ownership (TCO) are other key reasons propelling the demand for EVSE in the region.
