As stated in our extensive report; providing insights onPower type, Product, Charging Station Type, and Application, the Global Electric Vehicle Supply Equipment Market accounted for USD 2,037.1 Million in 2021.
The increasing popularity of electric vehicles is due, in part, to the fact that they are more environmentally friendly than gasoline-powered cars.Electric vehicles will help to keep society clean. The use of electric vehicles would reduce the harmful air pollution from exhaust emissions. The government of Colorado finalized a plan to spend $68.7 million to cut car and truck pollution in the state by investing in electric and alternative-fuel vehicles.These are some of the factors which are anticipated to increase the demand for EVs, ultimately increasing the demand for electric vehicle supply equipment market, further propelling the market growth over the forecast period
However,electric vehicles are more expensive than conventional vehicles. The demand for electric vehicles might decrease due to the high cost. As the electric charging station market is dependent on EV sales, the market might experience a slight downfall. Further, the high cost of equipment and installation costs for charging stations might restrict the market growth within the forecast period. Hence, these factors may act to restrain the market growth over the forecast period.
Additionally, growing investment within the electric vehicle industry is further propelling the market growth over the forecast period. Furthermore, increasing initiatives from several major players and the government for motivating people regarding EVs is further propelling market growth. For instance, Tata Power (Tata Group (India)), an Indian electric utility company that supports the Indian Government's National Electric Mobility Mission, the Tata Power established the first set of electric vehicle charging stations in Mumbai (India) for India’s growing EV ecosystem and provides customers access to energy-efficient options with ease
Asia Pacificholds the major share in the market owing to the presence of evolving economies. Thus, providing a large base of consumers. Additionally, the presence of major players in the automobile sector in the region offers a lucrative opportunity for the market. Hence, contributing the market growth.
Some of the key players in the GlobalElectric Vehicle Supply Equipment MarketincludeAeroVironment Inc., ABB Ltd., ChargePoint Inc., ClipperCreek Inc., Chargemaster PLC, Eaton Corporation, Leviton Manufacturing Company, Inc., Siemens. and others.