Navigant: Global revenue from electric vehicle charging equipment to rise to $5.8B by 2022

By: InnovatioNews Wednesday February 5, 2014 0 comments Tags: Boulder, Lisa Jerram, Navigant Research, PEVs

Navigant Research logo newBOULDER - Global sales of plug-in electric vehicles rose by more than 55 percent in 2013 and the market is expected to grow at a steady pace over the next nine years, according to a new report by Navigant Research.

The report also found that worldwide revenue from electric vehicle supply (charging) equipment (EVSE) sales will grow from $567 million last year 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, Navigant senior research analyst.

"The market has seen a wealth of offerings, and this diversity will help drive demand as consumers' choices increase."

The EVSE market is divided between residential (intended for use by a single person or family) and commercial equipment, which includes workplace, public and private facilities. The report said the market will see higher demand for residential units than for commercial units through 2014 as early PEV buyers are more likely to own their own homes.

A free Executive Summary of the report, "Electric Vehicle Charging Equipment," is available for download from the Navigant website.

About the Author: InnovatioNews

InnovatioNews is an online news magazine spotlighting innovative companies, products and people in Colorado. Launched in June of 2012, the site is the recipient of multiple awards.