Electric vehicle supply equipment to reach $36 billion


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, Navigant Research said in a report called EV Charging Equipment Market Overview

The report said there will be over 5 million PEVs on roads globally by the end of 2018, and it will increase more than 10 times by 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.

The report said 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.

The current PEV market is skewed toward home charging. PEV energy demand will likely shift more toward fleet, private, and public chargers over the next 10 years. The market is expected to see major investments from automakers, utilities, energy companies, and governments during the next few years.