(Credit: Flikr)A recent report from Spherical Insights & Consulting projects the global electric vehicle supply equipment (EVSE) market size will grow from $37.3 billion in 2022 to $484.2 billion by 2032.
As the electric vehicle industry continues to grow, the EVSE sector follows suit. EVSE systems include components needed to provide energy to EV vehicles, such as electrical wires, application software, and communication channels. According to the report, EV charging technology is expected to forever change the global transportation industry.
Concerns over carbon emissions from the internal combustion engine combined with the increased scarcity and cost of non-renewable energy sources have moved the transportation industry toward the large-scale adoption of electric vehicles. As supplying infrastructure for these vehicles is a primary concern in the wide-scale adoption of EVs, EV supply equipment will see massive growth in the coming years.
The commercial segment of the industry currently dominates the market with nearly 43% revenue share as new EV charging stations continue to be built in public areas like airports, train stations, and parking lots.
In terms of product type, the onboard charging sector maintains the largest revenue share of about 39% over portable chargers and EV charging kiosks, among others. This is largely due to city governments’ prioritization of constructing and maintaining onboard charging stations.
While Asia Pacific currently maintains the largest market share over the forecast period, Europe is expected to grow the fastest. Asia Pacific governments, specifically South Korea and Japan, are investing in expanding EV charging infrastructure and promoting the use of EVs. Europe’s growth derives from increased collaboration between automotive companies working to build their charging networks.
Major vendors in the global EVSE market include Advantech, Panasonic, Maple Systems, Pepperl+Fuchs, LG Display Co., Schneider Electric, Sharp NEC Display Solutions, Rockwell Automation, Japan Display, WinMate, and Siemens, among others.
