Electric Vehicle Charging Equipment Will Reach $5.8 Billion in Annual Revenue by 2022, Forecasts Navigant Research Strong growth in plug-in electric vehicle sales and increasing consumer choice boost the market for EV chargers
Global sales of plug-in electric vehicles (PEVs) rose by more than 55 percent in 2013, and the market is expected to continue to grow at a steady pace over the next nine years. That expansion has led to solid growth in the market for electric vehicle charging equipment (better known in the industry as electric vehicle supply equipment, or EVSE) - growth that is expected to accelerate over the next several years. Click to tweet: According to a recent report from Navigant Research, worldwide revenue from 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,' says 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. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, 'Electric Vehicle Charging Equipment,' is a summary and reflects Navigant Research's current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
For more information:
1320 Pearl Street, Suite 300
United States, 80302