Projected electric vehicle supply equipment worldwide market size 2019-2030

Between 2019 and 2030, the global electric vehicle supply equipment market is projected to have a compound annual growth rate of almost 25 percent, reaching around 22 billion U.S. dollars by 2030. In 2019, the market was sized at just under two billion U.S. dollars, as data from Next Move Strategy Consulting shows.

The rise in electric vehicle demand

The global estimated number of electric vehicles in use has more than tripled between 2016 and 2019, reaching 7.17 million units in 2019. Forecasts project the electric vehicle market will climb further, up to over 802 billion U.S. dollars in 2027. This rise in demand is felt across the industry with the Tesla Model 3 being the best-selling plug-in electric vehicle in 2020, at 365,000 units sold worldwide, and Tesla recording revenue streams of over 31.5 billion U.S. dollars. The rapid expansion of the electric vehicle market is linked to a rise in demand for charging points and other infrastructure tailored to electric vehicles.

An uneven market

Battery electric vehicles represented close to half of the market for new vehicle sales in Norway during the first half of 2021. Other countries, such as the United States and China, trailed behind at 1.6 and three percent, respectively. This uneven demand is also visible with electric commercial vehicles. Trucks represented less than 10 percent of the European alternative fuel commercial vehicle sales in 2020, in parts due to the inaccessibility of charging infrastructures for heavy-duty vehicles. As more government agencies begin to introduce limits on carbon dioxide emissions, there is a push for more accessible electric vehicle supply equipment. The European Union is projected to invest around 364,000 euros in long-haul charging stations by 2030, and another 65,000 euros for overnight long-haul charging stations.