EV Supply Equipment Market Size Was Worth $14.04 Billion in 2020

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Asia Pacific is expected to show the fastest growth in the global electric vehicle supply equipment (ESVE) market

The global electric vehicle supply equipment (ESVE) market was valued around USD 14.04 Billion in 2020. Growing adoption of electric vehicles, supportive government policies to promote electric vehicle and rising development in technology are some major factors driving the growth of Global Electric Vehicle Supply Equipment (ESVE) Market.

During COVID-19 pandemic, number of nations had forced a total lockdown which in turn affected electric vehicle charging stations production. Production and transportation are disturbed. Manufacturing units, as per Brandessence Market Research, all throughout the globe were closed down, and EV charging deals endured a huge effect in the initial stage of pandemic.

In any case, most of the automakers and EV charging suppliers resumed EV chargers manufacturing with restricted creation and important measures. Along these lines, the production suspension during the COVID-19 outbreak and lower demand may phenomenally affected the electric vehicle deals.

Asia Pacific is Expected to Witness the Fastest Growth

Asia Pacific is expected to show the fastest growth in the global electric vehicle supply equipment (ESVE) market within the forecast period due to increasing adoption of electric vehicle, rising investment in EV charging infrastructures and increasing funding by governments and growing technological advancement.

Europe is projected to capture the significant revenue share in the global electric vehicle supply equipment (ESVE) market due to rising partnership among automakers for the development of fast charging network and growing development in technology.

According to the International Energy Agency reports, about 2 million surge in EV deals, which crossed the 5 million imprints in 2018. However, huge initial cost may hamper the global electric vehicle supply equipment (ESVE) market growth. In spite of that, growing use of electric cars and rising government investments to develop charging infrastructure and incentive can offer more opportunities for the further growth of the global electric vehicle supply equipment (ESVE) market.

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