A recent study from Frost & Sullivan forecasts that there will be approximately 4.1 million electric vehicle (EV) charging points in North America by 2017, following a period of rapid growth bolstered largely by various federal, state and municipal incentives and subsidies.
The report, ‘Strategic Technology and Market Analysis of Electric Vehicle Charging Infrastructure in North America,’ says Level 1 charging stations (i.e., those that can be plugged into a household-type socket) will predominate. About 71% of the charging stations are expected to be Level 1, followed by Level 2, which will account for 27% of the market share.
Notably, the study found that nearly 87% of EVs are expected to be charged in residential locations, according to Frost & Sullivan.
The charging infrastructure market is anticipated to rise at a compound annual growth rate (CAGR) of 128.12%. Over the next two to three years, technological advancements are likely to help the supply chain overcome today's challenges to growth, such as long charging times, the firm says.
‘Participants are introducing various strategies such as providing EV charging facilities in restaurants, leisure places and malls as a value-added service to customers,’ says Frost & Sullivan research associate Prajyot Sathe. ‘They also adopt various business models, such as subscription and pay-per-use to attract more buyers and make the most out of the market's potential.’
For more information about the research, send an email to Jeannette Garcia at jeannette.garcia@frost.com.
