EV charging equipment is extensively used to charge battery electric vehicle and plug-in hybrid electric vehicle. Need of EV charging equipment is growing and it is widely distributed so that public can access efficiently. This equipment has residential and on-street facilities which is provided by the electric utility firms or operated by private firms. EV charging equipment market is driven by a number of factors including increasing need of a reduction in the carbon emitted from the vehicles and rising adoption of electric vehicles.
Increasing use of electric vehicles will result in a rise in the use of EV charging equipment for recharging the electric vehicles. Furthermore, government initiatives to spread awareness regarding carbon emission and to use electrical vehicles are driving the market growth. In addition to this, government subsidies and incentives are also propelling the growth of the market. However, the short range of vehicles and high prices of electrical vehicles along with the lack of standardization in EC charging is restraining the growth of the market over the recent years. Heavy investments from the automotive industry players in electrical vehicles are creating an avenue for the EV charging equipment growth. EV Charging Equipment Market is segmented on the basis of vehicle type into battery electric vehicle (BEV), and plug-in hybrid electric vehicle (PHEV). PHEV is further classified into parallel and series PHEV. Battery electric vehicles were estimated as the largest market and are expected to dominate over the forecast period. On the basis of charging station, the market is segregated into three sectors including AC charging station, DC charging station, and inductive charging station. AC charging segment is expected to be the largest segment over the projected period. On the basis of connector type, the market is classified into chademo, CCS and others. EV charging equipment is the market is segmented on the basis of location into public and private locations. North America was estimated as the largest market for EV charging equipment market in 2015, followed by Asia-Pacific and Europe. Owing to the influx of plug-in vehicles and active involvement of deployment in the infrastructure for EV charging equipment’s, this market has witnessed significant growth in the market. However, Europe is expected to experience significant growth over the forecast period especially demand from western European countries such as France. Germany and others. Asia-Pacific will be the fastest-growing market for EV charging equipment’s, as government initiatives for an adoption of electric vehicles due to growing environmental issues and incentives & subsidies are given by the government. The presence of powerhouses such as China, Japan, and India is expected to contribute to the growth of the market. Request Sample Copy of this Market Research @ https://www.millioninsights.com/industryreports/electric-vehicle-ev-charging-equipment-market/request-sample Some of the key players in the market are ABB Ltd., Eaton Corporation PLC., Semaconnect Inc., Aerovironment, Inc., Siemens AG, POD Point Ltd., Elektromotive Limited, Leviton Manufacturing Co., Inc., Delphi Automotive PLC. , Tesla Motors Inc., Schneider Electric SE , Chargepoint Inc., General Electric Company and others. Innovative designs and equipment are being introduced in the market, as the players are focusing on R&D activities for overcome standardization in EV charging. Some of the key players are also entering into mergers & acquisitions, collaborations, and agreements to strengthen their market position and enhance their market presence globally.
Growing use of the electric vehicles and production of low-cost EV charging equipment along with rising awareness of disadvantages pertaining to fuel based vehicles are the key trends that will be fuelling the growth of the market over the forecast period. The major companies such as ABB Ltd., Eaton Corporation PLC., Semaconnect Inc., Aerovironment, Inc., Siemens AG, POD Point Ltd., Elektromotive Limited, Leviton Manufacturing Co., Inc., Delphi Automotive PLC. , Tesla Motors Inc., Schneider Electric SE, Chargepoint Inc., and General Electric Company are expected to drive the market over the projected period due to their continuous efforts intended to design and emphasize on new product developments to produce low-cost EV charging equipment. This industry is expected to become highly competitive over the forecast period to owing to rising adoption of electric vehicles and rising awareness pertaining to advantages of electrical vehicles. Market Segment: Geographically, this report is segmented into several key Regions, with production, consumption, revenue (million USD), market share and growth rate of EV Charging Equipment in these regions, from 2012 to 2022 (forecast), covering • North America • Europe • China • Japan • Southeast Asia • India See More Reports of this Category by Million Insights @ https://www.millioninsights.com/industry/automotive-and-transport Global EV Charging Equipment market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players including • Chargepoint