The adoption of electric vehicles around the world has increased significantly over the past few years, which can be majorly ascribed to the increasing awareness among people. The transportation industry is hugely responsible for the surging levels of air pollution. As people are recognizing the negative effects of owning traditional internal combustion engine vehicles on the environment, they are increasingly opting for electric vehicles which do not cause as much harm to the environment. This, in addition to the increasing government initiatives for promoting the adoption of electric vehicles, is leading to the growth of the electric vehicle supply equipment market as well.
EVSE is basically needed for supplying electric energy in order to recharge electric vehicles. According to a report by P&S Intelligence, the global electric vehicle supply equipment market is expected to generate a revenue of $2.7 billion by 2025, rising from $1.5 billion in 2019, and is predicted to progress at a 10.7% CAGR during the forecast period (2020–2025). Governments across the globe are focusing on providing proper infrastructure for encouraging the adoption of electric vehicles, which is further driving the EVSE market. For example, the government of South Korea has set a target for installing 10,000 fast electric vehicles chargers by 2022.
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Geographically, Asia-Pacific emerged as the largest EVSE market in the past, which can be owing to the wide adoption of electric vehicles and growing installation of related charging infrastructure in China. The country is further the largest EVSE market within the region. This can be ascribed to the surging environmental concerns, decreasing total cost of ownership, and increasing government support in the form of incentives and subsidies in the country.
In conclusion, the demand for EVSE is growing across the globe on account of the increasing adoption of electric vehicles across the globe.