Impact of COVID-19 on Electric Vehicle Supply Equipment (EVSE) Market

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The penetration of electric vehicles has been increasing rapidly across the globe, as more people are realizing the benefits of these vehicles. The greenhouse gas emissions form vehicles are among the major factors which have led to the severe deterioration of the air quality. In addition, the efficiency and range of electric vehicles has improved significantly on account of technological advancements, which is why people are adopting these vehicles increasingly. Because of this rising utilization of electric vehicles, the demand for related infrastructure, such as electric vehicle supply equipment (EVSE), has also been increasing. 


Governments of different countries are also increasingly focusing on installing adequate charging infrastructure in order to deal with the range anxiety issue among electric vehicle owners. For example, California’s Executive Order in the U.S. includes the proposal for investing $900 million to deploy 250,000 charging points by 2025. Similarly, the government of South Korea is targeting to install 10,000 fast electric vehicle chargers in the country by 2022. Ascribed to all these factors, the global electric vehicle supply equipment market​ generated a revenue of $1.5 billion in 2019, and it is predicted to reach a value of $2.7 billion by 2025, progressing at a 10.7% CAGR during the forecast period (2020–2025). 

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The two types of EVSE are direct current (DC) and alternating current (AC). In the past, the demand for AC chargers was higher, owing to the fact that AC charging is the common method for charging electric vehicles with a plug. The charging speed is dependent upon the output power of the charging point and capabilities of the convertor to convert the power to DC. In addition to this, AC charging is preferred more for general day-to-day charging due to its low production, operation, and installation costs. There are two types of AC chargers, namely level 1 and level 2.

This being said the demand for DC charging is projected to rise considerably in the years to come, which is ascribed to the fast charging capabilities of these chargers. At the present time, these chargers are mostly found on highways rather than at homes or business locations. Types of DC chargers are Tesla Supercharger, CHAdeMO, GB/T, and combines charging system. Among private and public applications of EVSE, the demand for the equipment was higher for private applications in the past. This is because of the larger usage of home chargers across the globe and high installation rate of private chargers in China. 

Geographically, Asia-Pacific made the most of EVSE in 2019, which can be ascribed to the growing adoption of plug-in electric vehicles in China. The Chinese electric vehicle market witnessed a growth of 85% in 2018 than the previous year. The country is further the largest electric vehicle market across the globe, which is why it has the largest EV charging infrastructure across the globe. Apart from this, North America is also projected to emerge as the fastest-growing EVSE market in the coming years, owing to the increasing provision of government support in the form of incentives, tax credits, and subsidies. 

Hence, the demand for EVSE is growing due to the rising electric vehicle sales and increasing government support.  

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