Plug-in electric vehicle (PEV) supply equipment is expected to reach 2.5 million units globally in 2025 – a significant increase from around 425,000 units in 2016, according to a recent report from Navigant Research.
The report, which examines the world market for PEV charging equipment sales and charging services through 2025, with forecasts segmented by region, residential and commercial market, and technology type, asserts that the EV charging market will experience a transitional phase over the next few years, as affordable long-range, battery-electric vehicles 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 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.”
The report asserts that as today’s 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. 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.