Electric vehicles have become very popular all over the world in recent times, mainly on account of their eco-friendly nature and lower operational costs as compared to the conventional fuel-powered vehicles. According to a study conducted by the Transportation Research Institute under the University of Michigan in 2018, the operational cost of an electric vehicle is less than the half of that of a fuel-powered vehicle. Furthermore, “the average operating cost of an electric vehicle in the U.S. is $485 every year, compared to the $1,117 cost required every year for operating a fuel-powered automobile”.
In addition to this, the range concerns of the electric car owners are further making the governments and other regulatory bodies invest huge sums for the development of a large number of public rapid charging stations. For example, “the government of California in the U.S. recently passed an executive order, according to which, the city plans to make investments worth $900 million for the installation of 250,000 charging stations by 2025”.
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Thus, with the increasing adoption of electric vehicles and development of charging facilities, the global electric vehicle supply equipment (EVSE) market will grow, in valuation, from $1.5 billion to $2.7 billion from 2019 to 2025. Furthermore, the market will demonstrate a CAGR of 10.7% from 2020 to 2025, according to the forecast of the market research company, P&S Intelligence. Alternating Current (AC) and Direct Current (DC) chargers are the two main types of chargers used for charging electric vehicles. Between the two, the demand for AC chargers was higher in the past.
In the future, the North American EVSE market will exhibit the fastest growth, in terms of value. This is credited to the ballooning sales of plug-in electric vehicles (PEVs) in the North American countries and the subsequent rise in the development of charging stations in the region. “As per many reports, the total sales of PEVs in the U.S. increased by over 4,730 units from the first three months of 2018 to the first three months of 2019”.
Hence, it can be said with full confidence that the demand for electric vehicle supply equipment (EVSE) market will increase significantly over the next several years, mainly because of the mushrooming adoption of electric vehicles all over the world.
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