Tesla (US) and ABB (Switzerland) are the Leading Players in the Electric Vehicle Supply Equipment Market
The electric vehicle supply equipment market is projected to reach USD 27.7 billion by 2027 from an estimated USD 2.5 billion in 2019, at a CAGR of 34.7% during the forecast period. The base year for the report is 2018, and the forecast period is from 2019 to 2027. The electric vehicle supply equipment market has witnessed rapid evolution with the ongoing developments in charging infrastructure and technology. Technological advancements in EV charging and enhanced range of distance covered by electric vehicles are some of the major factors driving the growth of the electric vehicle supply equipment market. In addition, the growing sensitivity of various governments toward a cleaner environment has increased the demand for zero-emission vehicles, which is one of the driving factors in electric vehicle supply equipment market. Developed nations such as the US, Germany, and the UK are actively promoting the use of electric vehicles to reduce emissions, which has resulted in the growth of electric vehicle charging infrastructure.
The electric vehicle supply equipment market is dominated by globally established players such as Tesla (US), ABB (Switzerland), Siemens (Germany), and Bosch (Germany). These companies developed new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth electric vehicle supply equipment market.
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Tesla (US) is one of the leading players in this market. The company is continuously delivering new advanced electric vehicles and charging technologies. ABB is another leading player in this market, followed by Siemens, BYD Auto, and Bosch. For instance, in March 2019, Tesla unveiled V3 Supercharging, the next step in the growth of Tesla’s Supercharger network. V3, which is born from Tesla’s experience in building the world’s largest grid-connected batteries, enables vehicles to charge faster than any other electric vehicle in the market today. Moreover, in July 2018, BYD (Build Your Dreams), the world’s largest battery electric bus manufacturer and electric vehicle company, joined the Charging Interface Initiative (CharIN e.V.), as it works to establish global standards for charging battery electric vehicles.
Another important player in the industry is ABB (Switzerland). In April 2018, ABB launched its newest EV charging solution, the Terra HP, the first 350 kW product in the market. Its charging time for a range of 200 km is just eight minutes. Ideally suited for use at highway rest stops and petrol stations, Terra HP’s ultra-high current has the capacity to charge both 400 V and 800 V cars at full power. Additionally, in December 2017, ABB launched its innovative flash-charging technology. It takes less than 1 second to connect the bus to the charging point on an overhead high-power charging contact when it pulls into selected stops and tops up its batteries while passengers embark and disembark.
Related Reports:
Electric Vehicle Supply Equipment Market by Charging Level (Level 1, Level 2 & Level 3), Application (Public, Private), Charging Infrastructure, Electric Bus Charging, Installation (Portable Charger, Fixed Charger), Charging Station, and Region - Global Forecast to 2027
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