Electric Vehicle Smart Charging: Market Opportunity

August 23, 2017

With 30 million battery electric vehicles (BEVs) to be in use worldwide by 2025, smart charging solutions have become an enormous investment opportunity. The electric vehicle supply equipment (EVSE) ecosystem will be a global US$2.6 billion market within the next five years, according to a new research report published by ON World. North America is headquarters to the world’s largest and most innovative electric vehicle and smart charging companies, the report says. By 2022 there will be over a million EVSE connectors in the U.S. and Canada, including residential, workplaces, fleet stations and publicly available chargers.

ON World notes that Tesla with autonomous driving has captured the imagination of new car buyers who want a complete transformation in their next vehicle purchase. This phenomenon is reminiscent of how Apple’s iPhone completely disrupted the mobile communication industry and now Tesla, Google, Apple and others are investing billions in deep learning BEVs that will completely revolutionize our transportation systems. This report focuses on the networks, software, equipment, and services in 15 market segments to support charging these vehicles.

Market segmentation

The residential EVSE market will make up three quarters of the installed units over the next five years but public and workplace segments will make up the majority of the revenues. The report identifies 14 major commercial market segments. Over the next five years, the fastest growing commercial markets will be the workplace, government and hospitality.

The report is based on two surveys with 2,000 consumers and interviews with dozens of companies as well as extensive analysis of public and private databases. A software model was created to capture market segment sizes and forecast projections. 

This report includes the following: 

• analysis of the global market for EV smart charging with particular focus on the North American market
• 6-year forecasts for 15 EV charging market segments by connector level/type, region, equipment and services
• Analysis of the major companies in each of the value system segments including market shares and profiles for 50+ companies
• key findings from an evaluation of 2,200 patents
• consumer viewpoints from the findings of two recent surveys.

Learn more about the report: http://www.onworld.com/evsmartcharging/