Worldwide revenue from electric vehicles supply equipment (EVSE) sales will grow from 567 million annually in 2013 to $5.8 billion in 2022, says a new report from Navigant Research.
The market of EVSE is driven by the plug-in electric vehicles (PEVs). Research finds that PEV sales will continue to grow at a steady pace over the next nine years. In 2013, the PEV sales rose by more than 55 percent.
“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, senior research analyst with Navigant Research.
“The market has seen a wealth of offerings, including a wider range of EVSE at varying power levels and price points, and this diversity will help drive demand as consumers’ choices increase,” Jerram added.
The EVSE market is divided between residential and commercial equipment. According to the report, 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.
As the PEV market grows, it will reach a broader base of consumers living in multi-family dwellings, leading to greater growth in the sales of commercial EVSE for private use, Navigant Research said.