Global electric vehicle equipment market to reach 2.5 million units in 2025

The global market for electric vehicle supply equipment is expected to grow from around 425,000 units in 2016 to 2.5 million in 2025, according to a new report from Navigant Research.

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.

“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.

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