Electric Vehicle Supply Equipment Industry Trends and Opportunity By 2025

The global electricvehicle supply equipment market size is expected to reach USD 104.3 billion by 2025, registering a CAGR of 33.1% from 2019 to 2025, according to a new report by Grand View Research, Inc. The market is driven by development of charging equipment and infrastructure at various highway and destination locations such as hotels, shopping malls, and national parks. Growing demand for electric vehicle charging equipment is prompting manufacturers of charging equipment to innovate and launch new products. For instance, in 2017 Qualcomm Incorporated designedand built a wireless Dynamic Electric Vehicle Charger (DEVC) system capable of charging an electric vehicle (EV) dynamically at up to 20 kW at highway speeds (100 km/h).

Growing adoption of EVSE among logistics operators and FMCG manufacturers such as FedEx and Frito-Lay North America, Inc. is expected to drive demand over the forecast period. Frito-Lay North America, Inc. has installed charging stations at the Bronx, Albany, Rochester, Buffalo, and New Paltz. Moreover, various government agencies are providing funding to logistics companies for development of fleet charging stations. Besides this, increasing adoption of electric cars for shared electric mobility and development of autonomous electric cars is expected to drive the demand for EVSE for fleet charging.

Falling prices of lithium-ion batteries are expected to provide ample opportunities to electric vehicle manufacturers and in turn, drive the demand for EVSE. For instance, in March 2018, United Parcel Service (UPS) increased the number of electric vehicles in its fleet in London from 65 to 170 under the ‘Onsite Energy Storage Batteries’ initiative. The move is supported by a smart-grid charging technology developed under the ‘Smart Electric Urban Logistics (SEUL)’ project in partnership with Cross River Partnership and UK Power Networks. UPS envisages reducing its delivery costs and carbon emissions associated with its fleet of vehicles. These initiatives are expected to drive the demand for EVSE over the next few years.

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Further key findings from the report suggest:

• The DC power segment is anticipated to register the fastest growth over the forecast period as a result of ongoing investments by governments in countries such as U.S., Germany, and France for the development of sustainable electric highways
• The EV charging kiosk segment is expected to exhibit a high CAGR over the forecast period as a result of technological developments such as Near-Field Communication (NFC) and Radio Frequency Identification (RFID) for digital payments at EV charging stations
• The super charging segment is expected grow significantly over the forecast period owing to rising emphasis of governments on setting up charging stations for e-buses
• The destination charging application segment is expected to expand at a rapid pace over the coming years as a result of growing focus of automotive manufacturers for the development of electric vehicle charging stations at hotels, shopping malls, and resorts
• Key players in market are AeroVironment Inc.; ABB Ltd.; ChargePoint, Inc.; ClipperCreek, Inc.; Chargemaster PLC; Eaton Corporation; Leviton Manufacturing Co., Inc.; Leviton Manufacturing Co., Inc.; Leviton Manufacturing Co., Inc.; and Siemens.