As charging market broadens, industry players must recognize new opportunities
A new report from Navigant Research examines the global market for plug-in electric vehicle (PEV) charging equipment sales and charging services, with forecasts segmented by region, residential and commercial market, and technology type, through 2025.
During the next few years, the market for electric vehicle charging will experience a transitional phase, as affordable long-range battery electric vehicles (BEVs) are introduced; premium automakers roll out their PEV offerings; and utilities increasingly engage with this market. Meanwhile, governments are looking to promote PEV charging, especially in Europe and China, which seeks to build on the recent success of its PEV market. Click to tweet: According to a new report from @NavigantRSRCH, the global market for electric vehicle supply equipment (EVSE) is expected to grow from around 425,000 units in 2016 to 2.5 million in 2025.
“Entities looking to serve this market need to understand the coming changes, as they will affect the types of chargers in demand as well as the business model for operating EV chargers,” says Lisa Jerram, principal research analyst with Navigant Research. “High-power direct current (DC) fast chargers will be increasingly in demand, as will connected Level 2 chargers that can be easily managed by a range of end users, including utilities.”
As today’s charging market continues to shift from serving early adopters of PEVs to a broader customer base, charging companies will need to respond to and recognize new market opportunities, according to the report. Demand for fast charging is expected to grow, encouragement of multi-unit dwellings and workplaces to adopt charging will become a focus, and issues such as interoperability that hamper the market will need to be addressed.
The report, Electric Vehicle Charging Services, analyzes the global market for PEV charging equipment sales and charging services. The study covers the major market drivers for the residential and commercial charging segments and analyzes the potential uptake of alternating current (AC), direct current (DC), and wireless EVSE. Global market forecasts for charging equipment sales, segmented by region, charger type, and residential, workplace, public, and private markets, extend through 2025. The report also examines the potential to secure revenue via public charging services and increased electricity demand, as well as the competitive landscape for charging companies. An Executive Summary of the report is available for free download on the Navigant Research website.
Contact: Lindsay Funicello-Paul
* The information contained in this press release concerning the report, Electric Vehicle Charging Services, 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.