EV charging equipment revenue to reach $5.8 billion by 2022
By Anthony Capkun
January 28, 2014 – Global sales of plug-in electric vehicles (PEVs) rose by more than 55% in 2013, notes Navigant Research, 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 EV charging equipment (a.k.a. electric vehicle supply equipment, EVSE), which is expected to accelerate over the next several years.
According to a recent report from Navigant, 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,” said Lisa Jerram, senior research analyst with Navigant. “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 and commercial equipment; 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.
An Executive Summary of the report, “Electric Vehicle Charging Equipment”, is available for free download on the Navigant Research website.