EV Charging Equipment Market: Introduction
EV charging equipment is an electronic device that supplies the electric energy from electricity source for recharging the electric vehicle, such as plug-in electric vehicle including passenger electric cars, light commercial Vehicles among others. Furthermore, the EV Charging equipment is a crucial link between an electrical source and electric vehicle with a depleted battery power.
The EV charging equipment is usually in the form of fixture connected to directly electrical distribution panel, or sometimes to an electrical outlet. Moreover, EV charging equipment are eco-friendly, and easy handling equipment that provides the safety against the sparkling and shocks during the plug-in vehicle or charging the vehicle.
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EV Charging equipment are categorized in two categories such as AC charging equipment, and DC charging equipment. The AC (Alternate current) charging equipment is directly connected to any electrical outlet which voltage output will be either 120V or 240V, and the DC (Direct Current) Charging equipment is connected to other electric energy storage device such as large capacity storage batteries. EV charging equipment is used mainly on electric vehicle charging station that will be either residential charging point or commercial charging station.
Furthermore, the increasing demand of electric vehicles owing to reduction in fossil fuel consumption, emission control, and safe& secure environment factors are increasing the demand of EV charging equipment for charging depleted batteries of electric vehicles
EV Charging Equipment Market: Dynamics
Increasing emission and foul gases discharge from the vehicle are adversely affecting the environment. Stringent government regulations are formulated for mitigation of carbon emission from the vehicle which in-turn is driving the demand for electric vehicles.
The demand of the electric vehicles is directly impacting the demand of the EV charging equipment. Moreover, the residential use of the electric charging equipment for charging the vehicle are most commonly preferred across the globe. The need for charging vehicles on road .i.e. outside the home are also expected to drive the EV charging equipment market over the forecast period.
However, slow electric vehicle adoption rate in the Middle East & Africa and Latin America is expected to restrain the EV charging equipment growth in the respective regions during the forecast period.
EV Charging Equipment Market: Segmentation
Global EV Charging Equipment market can be segmented on the basis of Product Type, vehicle type, End-use and region.
On the basis of Product type, EV Charging Equipment market is segment into:
- AC Charger
- DC Charger
On the basis of Electric vehicle type, EV Charging Equipment market is segmented into:
- Hybrid electric vehicle
- Plug-in hybrids
- Battery electric vehicle
- Extended range electric vehicle
On the basis of End-Use, EV Charging Equipment market is segmented into:
- Residential Charging Station
- Commercial Charging Station
EV Charging Equipment Market: Regional outlook
The Asia Pacific is estimated to account for dominant share in the EV charging equipment market owing to strong investments in China, and India for continuous innovations and automation in the automotive industry for electric vehicles.
China is continuously invest in the developing innovative technology and developing safe and secure environment, for this it will be attribute toward the electric vehicles and such factors are expected to drive the EV charging Equipment market over the forecast period.
The EV Charging Equipment market in North America is expected to register sustainable growth owing to demand of eco-friendly vehicles to meet stringent standards and regulations in the US and Canada.
Europe is estimated to witness considerable growth of EV Charging Equipment market owing to increase in manufacturing and sales of electric vehicles during the forecast period. The EV Charging Equipment market in the Latin America region is significantly driven by the production and sales of the electric automotive.
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EV Charging Equipment Market: Market participants
Some of the market participants involved in the EV Charging Equipment market are:
- Blink Charging Co.
- General Electric
- Siemens Corporation
- TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION
- Liquid Sky Technologies
- Qualcomm Halo
- Leviton Manufacturing Co., Inc.