Global EV Charging Equipment Market Is Driven By Increasing Adoption Of Electric Vehicles Among End Users

Equipment connected to an electric vehicle for supplying electricity for charging is called electric charging equipment or EV charging equipment. It is a part of the electric charging infrastructure. Electric vehicles can be categories into three types namely, hybrid electric vehicles, plug-in electric vehicles, and battery electric vehicles. Electric vehicles can be charged through there levels. The alternating-current plug is used for level one and level two charging and direct-current plug is used for level three charging. Electric vehicle charging equipment requires low maintenance compared to conventional vehicles. Electric charging infrastructure includes cellular capability and network connectivity, smart metering, and various other features. Charges of electric vehicle supply equipment changes from yearly or monthly flat rates to hourly rates to per-kWh.

Electric vehicles help to reduce carbon emission and other toxic particles that are released into the atmosphere which are harmful for the environment. Increasing adoption of electric vehicles among end users, owing to rising environmental awareness is expected to result in high demand for electric vehicle charging equipment in the near future. Government policies and initiatives that support usage of electric vehicles for commercial as well as personal use are factors fueling adoption if electric vehicle charging equipment. Availability of technologically advanced electric vehicles and latest charging techniques are also factors supporting growth of the EV charging equipment market.

However, lack of standardization of electric vehicle charging, various types of plugs, lack of availability of flexible charging solution may affect the adoption of electric vehicle charging equipment. In addition, limited electric vehicle charging stations is another factor that could affect the demand for EV charging equipment among end users in the near future.

By type, the EV charging equipment market is categorized into DC charging and AC charging. By application, the EV charging equipment market is categorized into residential charging and public charging. In case of residential charging, it is a home electric charging station is established with circuit and wires. It does not require any authentication from the user. In public charging, standardized charging systems are used that are designed according to the company.

By region, the EV charging equipment market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. An increasing number of electric vehicles for commercial use especially in countries such as China and India is anticipated to increase the development of electric vehicle charging infrastructure in the Asia Pacific region. In addition, government initiatives to encourage adoption of usage of the electric vehicle in order to reduce carbon emission is another factor expected to support demand for electric vehicle charging equipment in this region. Moreover, increasing investment by government and manufacturers for electric vehicle station in various countries in the Asia Pacific is expected to augment growth of the target market in the next ten years.

Key players of the EV charging equipment market include Chargepoint, ABB, Eaton, Leviton, Blink, Schneider, Siemens, General Electric, AeroVironment, Panasonic, Chargemaster, Elektromotive, Clipper Creek, DBT CEV, Pod Point, BYD, NARI, Xuji Group, Potivio, and Auto Electric Power Plant.