EV Supply Equipment Market Forecast to Quintuple by 2025
May 26, 2016
The global electric vehicle (EV) charging market is in transition owing to the coming influx of plug-in electric vehicles (PEVs) from premium automakers. It is also being influenced by the introduction of PEVs with much longer range at affordable price points, adviseS Navigant Research in a new report. Navigant expects the global market for EV supply equipment (EVSE) to grow from around 425,000 units in 2016 to 2.5 million in 2025.
Automakers are actively involved in infrastructure deployment, which is also changing the dynamics of the market, says Navigant. Meanwhile, governments are looking to promote PEV charging, especially in Europe and China. The latter country in particular seeks to build on the 2015 success of the Chinese PEV market. In the United States, utilities are starting to become bigger players in the charging infrastructure space.
These factors will alter the PEV charging landscape at the same time that the charging market shifts from serving early adopters of PEVs to a broader customer base. Charging companies will need to respond to these changes and recognize new market opportunities. Demand for fast charging will grow. There will also be greater focus on encouraging multi-unit dwellings and workplaces to adopt chargers. Issues such as interoperability continue to hamper the market and will need to be addressed. Utility programs or well-designed government interventions will help overcome some early market barriers. These factors contribute to Navigant’s expectation that the global market for EV supply equipment (EVSE) to grow from around 425,000 units in 2016 to 2.5 million in 2025.
The research report analyzes the global market for PEV charging equipment sales and charging services, covering the major market drivers for the residential and commercial charging segments and analyzing the potential uptake of alternating current (AC), direct current (DC), and wireless EVSE. Global market forecasts for charging equipment sales, segmented by region, charger type, and residential, workplace, public, and private markets, extend through 2025. The report also examines the potential to secure revenue via public charging services and increased electricity demand, as well as the competitive landscape for charging companies.
Find out more: www.navigantresearch.com/research/electric-vehicle-charging-services.
Image courtesy of Serge Bertasius Photography at FreeDigitalPhotos.net.
