According to Boulder, Co.-based Navigant Research, global sales of plug-in electric vehicles (PEVs) rose by more than 55 per cent last year, with the market expected to grow steadily through the end of the decade.
And, along with sales of EVs, demand for the charging equipment required to support them has also grown. Navigant predicts that worldwide revenue from electric vehicle support equipment (EVSE) sales will grow from $567 million annually in 2013 to $5.8 billion in 2022.
“The market for EV charging has seen an imbalance between the relatively high number of available chargers and the number of vehicles on the road, but that ratio is moving toward equilibrium and in some markets, charging demand outstrips supply,” said Lisa Jerram, senior research analyst with Navigant Research.
“The market has seen a wealth of offerings, including a wider range of EVSE at varying power levels and price points, and this diversity will help drive demand as consumers’ choices increase.”
The EVSE market is divided between residential (intended for use by a single person or family) and commercial equipment, which includes workplace, public, and private facilities. The market will see higher demand for residential units than for commercial units through 2014, according to the report, as early PEV buyers are more likely to own their own homes. As the PEV market grows, it will reach a broader base of consumers living in multi-family dwellings, leading to greater growth in the sales of commercial EVSE for private use.
The report, “Electric Vehicle Charging Equipment”, analyzes the global EVSE market. It provides an assessment of EV charging equipment, likely future market growth, and major market and technology trends. Global market forecasts of EVSE unit sales, revenue, and related electricity demand, segmented by type and location of charging and world region, extend through 2022. Forecasts for global PEV sales are included, as well. The report also examines demand drivers related to EVSE and key industry players within the competitive landscape.
