Buoyed by strong growth in the market for plug-in electric vehicles (PEVs), the market for electric vehicle charging equipment – better known in the industry as electric vehicle supply equipment, or EVSE – has expanded rapidly in the last 18 months, as well. This growth has also been fueled by government programs that have continued to support EVSE deployments, and by companies that are bringing a broader portfolio of products to market. According to a new report from Navigant Research, worldwide sales of EVSE will grow from around 442,000 units in 2013 to 4.3 million in 2022.
“As the EVSE market has matured, some of its early challenges, such as a lack of compatibility of charging units with various PEV models, have dissipated,” says Lisa Jerram, senior research analyst with Navigant Research. “Today there is increasing choice for consumers, including chargers with a wide range of power ratings, home chargers that are competing on price, public chargers with more options for payment and access, the first commercially available wireless charger, and an increasing number of high-speed DC chargers.”
This market, however, is not without growing pains, according to the report. The most notable challenges are related to the very large number of players competing for what remains, for now, a relatively small market. The industry still must devise an easy way for motorists to access public chargers hosted by a multitude of network operators, each of which often requires its own key card or access code. At the same time, the industry has not yet figured out how to expand public charging without relying on government subsidies.
The report, “Electric Vehicle Charging Equipment”, analyzes the global EVSE market. The study 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, Smart Industry, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com. About Navigant Navigant (NYSE: NCI) 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV