China Electric Vehicle Supply Equipment Market Size was valued at USD 7.0 Billion in 2022. The Electric Vehicle Supply Equipment market industry is projected to grow from USD 9.27 Billion in 2023 to USD 88.11 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 32.50% during the forecast period (2024 - 2032). The growing demand for environmentally sustainable transportation and government incentives promoting electric vehicle adoption are the main market drivers that are anticipated to propel the Electric Vehicle Supply Equipment market in China.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
As the detrimental effects of climate change become more apparent, there is a growing consensus on the urgent need to transition to cleaner and greener modes of transportation. Electric vehicles (EVs) represent a significant step in this direction, offering a more sustainable alternative to traditional internal combustion engine vehicles that rely on fossil fuels. Electric vehicles contribute to lower greenhouse gas emissions, reduced air pollution, and decreased dependence on finite fossil fuel resources. This awareness has prompted governments, businesses, and consumers to actively seek and adopt cleaner transportation solutions. As a result, the demand for electric vehicles has surged, leading to a subsequent increase in the need for robust EVSE infrastructure. Governments worldwide are implementing stringent emission reduction targets and offering various incentives to promote the adoption of electric vehicles. These incentives include tax credits, rebates, reduced registration fees, and exemptions from certain restrictions. Additionally, regulatory measures are being put in place to phase out traditional gasoline-powered vehicles in favor of electric alternatives. To support this transition effectively, a comprehensive EVSE network is essential, driving the Market CAGR.
Government initiatives and support play a pivotal role in shaping the landscape of the EVSE market. Recognizing the importance of electric vehicles in achieving environmental goals, many governments are implementing policies and providing substantial incentives to accelerate the adoption of EVs. These incentives not only encourage consumers to purchase electric vehicles but also stimulate the development of the necessary charging infrastructure. Financial incentives, such as tax credits and subsidies for EV purchases, significantly reduce the overall cost of electric vehicles for consumers, making them more financially viable. Governments are also investing in public charging infrastructure projects, offering grants to businesses for installing EVSE stations, and easing regulatory barriers for the development of private charging facilities. These initiatives create a favorable environment for the growth of the EVSE market by addressing both the supply and demand sides of the equation. Moreover, governments are increasingly incorporating electrification goals into their broader transportation and environmental policies. By setting ambitious targets for the percentage of electric vehicles on the road, governments create a clear market signal for manufacturers and investors, further driving the expansion of EVSE infrastructure. As governments worldwide continue to prioritize sustainable transportation and enact supportive policies, the EVSE market is poised for sustained growth, contributing to a cleaner and more sustainable future for the transportation sector.
The China Electric Vehicle Supply Equipment market segmentation, based on Product Type, includes AC charging and DC charging. The DC charging segment dominated the market mostly. DC Charging technology offers faster charging rates compared to AC (Alternating Current) Charging, making it a more attractive and practical choice for both electric vehicle owners and charging infrastructure providers.
The China Electric Vehicle Supply Equipment market segmentation, based on Application, includes residential charging and public charging. The public charging category generated the most income. The increasing popularity of electric vehicles has led to a surge in demand for public charging infrastructure, particularly in urban areas and along major transportation routes. Public charging stations address the need for charging accessibility beyond the home environment, supporting electric vehicle users who may not have access to private charging facilities, such as apartment dwellers or those without dedicated parking spaces.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Electric Vehicle Supply Equipment (EVSE) market is experiencing significant growth in China due to a combination of favorable government policies, increasing consumer demand for electric vehicles (EVs), and robust infrastructure development. The Chinese government has implemented ambitious initiatives to promote clean energy and combat air pollution, offering substantial incentives for both EV manufacturers and consumers.
Incentives include subsidies for EV purchases, tax credits, and support for the development of charging infrastructure. China's strong commitment to becoming a global leader in the electric vehicle sector has led to a rapid expansion of the charging infrastructure network, particularly in major urban centers. Moreover, the surge in consumer interest in environmentally friendly transportation has driven a substantial increase in EV sales, further fueling the demand for EVSE. With a supportive regulatory environment, substantial investment, and a growing awareness of the benefits of electric mobility, China is witnessing a robust expansion of its Electric Vehicle Supply Equipment market, making it a key player in the global shift toward sustainable transportation.
Leading market players are forming strategic partnerships and collaborations with automakers, utility companies, and other stakeholders to create integrated solutions. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new Product Type launches, contractual agreements, expansion of charging network, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the China Electric Vehicle Supply Equipment industry must offer cost-effective items.
Major players in the Electric Vehicle Supply Equipment market are attempting to increase market demand by investing in research and development operations, including BYD, Shinry, Tccharger, Panasonic, Webasto, Toyota Industries, Nichicon, Leviton, IES Synergy, Auto Electric Power Plant, Pod Point, Clipper Creek, Xuji Group, Eaton, Schneider Electric, Siemens, DBT-CEV, ABB, Efacec, and NARI.
August 2023: Hyundai Motor Group has collaborated with Chinese EV charging service provider NaaS Technology to explore future EV charging opportunities in China. Through a partnership at NaaS's Beijing headquarters, Hyundai aims to co-develop tailored EV charging services utilizing its connected services platform and leveraging NaaS charging infrastructure data.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 7.0 Billion |
| Market Size 2023 | USD 9.27 Billion |
| Market Size 2032 | USD 88.11 Billion |
| Compound Annual Growth Rate (CAGR) | 32.50% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Application, and Region |
| Countries Covered | China |
| Key Companies Profiled | BYD, Shinry, Tccharger, Panasonic, Webasto, Toyota Industries, Nichicon, Leviton, IES Synergy, Auto Electric Power Plant, Pod Point, Clipper Creek, Xuji Group, Eaton, Schneider Electric, Siemens, DBT-CEV, ABB, Efacec, NARI, |
| Key Market Opportunities | ·        Expansion of charging network ·        Companies invest in marketing campaigns to raise awareness about the benefits of electric vehicles and the convenience of their charging networks |
| Key Market Dynamics | ·        Growing environmental awareness and sustainable transportation ·        Rise in government support and incentives |
Frequently Asked Questions (FAQ) :
The China Electric Vehicle Supply Equipment market size was valued at USD 7.0 Billion in 2023.
The market is projected to grow at a CAGR of 32.50% during the forecast period, 2024-2032.
The key players in the market are BYD, Shinry, Tccharger, Panasonic, Webasto, Toyota Industries, Nichicon, Leviton, IES Synergy, Auto Electric Power Plant, Pod Point, Clipper Creek, Xuji Group, Eaton, Schneider Electric, Siemens, DBT-CEV, ABB, Efacec, and NARI, among others.
The DC charging category dominated the market in 2023.
The public charging category had the largest share of the market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Senior Research Analyst She has over 5 years of rich experience, in market research and consulting providing valuable market insights to client. hands on expertise in management consulting, and extensive knowledge in domain including ict, automotive & transportation and aerospace & defense. she is skilled in go-to market strategy, industry analysis, market sizing, in depth company profiling, competitive intelligence & benchmarking and value chain amongst others.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
