Global Electric Vehicle Supply Equipment Market to Reach Almost $6 Billion by 2023
Growth Attributed to Increase in Plug-in Electric Vehicle Sales
WELLESLEY, Mass., March 28, 2019 (Newswire.com) - A new report from BCC Research, “Electric Vehicle Supply Equipment Market,” estimates that by 2023, the global market for electric vehicle supply equipment (EVSE) will reach $5.9 billion, up from $1.9 billion in 2018, indicating a compound annual growth rate (CAGR) of 25.2%.
Much of the growth of the EVSE market is directly related to the growth of the plug-in electric vehicle (PEV) market. With each PEV delivered, the supplier provides a cordset that allows charging at an electrical outlet, typically for emergency or stranded charging. Consequently, the quantity of cordsets represents the largest segment in the market.
- Market segment analysis. The residential charging segment of the global EVSE market is expected to grow from $656 million in 2018 to $2.2 billion in 2023, growing 27.1% annually.
- Geographic market driver. One of the drivers of the North American EVSE market includes growing PHEV and battery electric vehicle (BEV) sales and higher recharging power preferences.
- End-user market driver. For the private PEV owner segment, BEV’s enjoy an increasing market share of PEV’s, especially as battery range and recharge rates increase.
“Basic AC (Alternating Current) Level 1 may represent a market opportunity as more employers seek to provide employee benefits, as it apparently has fewer dedicated suppliers. Smart equipment is expected to capture additional market share as more equipment is networked and the advantages of connected equipment are recognized,” said BCC Research analyst Stephen Schey.
Positive Trends Emerging
Competition will continue to put downward pressure on EVSE costs, and there is increasing pressure from grant makers to make these EVSE networks interoperable. Over the next five years, this market will see increasing consolidation, cooperation and collaboration among the current market players.
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Source: BCC Research