Revenue for Sales and Installation of Electric Vehicle Supply Equipment Is Expected to Reach Nearly $36 Billion in 2027
While today’s plug-in electric vehicle market is concentrated in home charging, energy demand is expected to shift more toward fleet, private, and public charging in the next decade
A new report from Navigant Research examines the global market for plug-in electric vehicle (PEV) charging equipment, providing forecasts for equipment sales, segmented by region, technology, access type, and location type, through 2027.
By the end of 2018, over 5 million PEVs are expected to be on roads globally, and by 2027, that number is expected to increase more than 10 times. A PEV population of this size will require nearly as many charging ports, and these ports will need to be more capable and sophisticated, offering higher power capacities and smarter technology to relay vehicle and charger information. Click to tweet: According to a new report from @NavigantRSRCH, annual revenue for sales and installation of electric vehicle supply equipment is expected to grow from $6.5 billion in 2018 to over $36 billion in 2027.
“The focus in the market is on increasing charging speed, with the rollout of ultra-fast chargers just getting underway, however, equally important developments are emerging in vehicle-grid integration and load management technologies,” says Scott Shepard, senior research analyst with Navigant Research. “These technologies seek to further improve the business case for plug-in vehicles through energy cost reduction and increase the number of chargers commercial property owners can add to parking infrastructure without additional investments to expand building electrical infrastructure.”
According to the report, the current PEV market is heavily skewed toward home charging, however, over the next 10 years, PEV energy demand will likely shift more toward fleet, private, and public chargers. The market is also expected to see major investments from automakers, utilities, energy companies, and governments during the next few years, but for the long term, viable business cases will need to be developed for each charging segment.
The report, EV Charging Equipment Market Overview, analyzes the global market for PEV charging equipment sales across four major use cases: home charging, private charging, fleet charging, and public charging. The study covers the major drivers for the charging market and analyzes the potential uptake of alternating current (AC), direct current (DC), and wireless EV supply equipment. Global market forecasts for charging equipment sales, segmented by region, technology, access type, and location type, extend through 2027. The report also assesses the key emerging market and technology trends and the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.