EVSE Industry Demand Globally - Research Report 2020

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Electric Vehicle Supply Equipment (EVSE) Demand
in Near Future 2020-2025
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. Request to Get the
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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, PS
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.