WASHINGTON, March 28, 2019 /PRNewswire/ — Electric vehicles (EVs) continue to post record sales across the world, with the trend set to continue. A critical enabler of this growth will be sufficient charging infrastructure to recharge vehicles’ batteries. Currently, there are just 3 million charging points globally but this number is set to grow to 53.9 million by 2028, creating a $55.7 billion market, according to a new study published today by Northeast Group, LLC.
“Ultra-fast public charging is making the headlines but the market will actually be concentrated in the residential segment as the EV market grows in countries with high single-family home ownership rates,” according to Steve Chakerian, senior research analyst at Northeast Group. “Additionally, utilities are now offering special EV rates that will make home charging even more attractive. Of the 53.9 million total EV charging points in 2028, we project 48.4 million will be residential ‘level 2’ chargers.”
A number of stakeholders are descending on the market. In addition to EV supply equipment (EVSE) vendors, automakers, electric utilities, and oil majors are all entering the market. Automakers are devoting more resources to electrification, and in many cases are also directly contributing to the buildout of EV charging infrastructure. Electric utilities see an obvious new segment to make up for declining revenue hit by energy efficiency and customer-produced power. Oil majors, seeking to make up for their own lost revenue, have begun to acquire and invest in the EVSE segment, battery manufacturers, and even electric utilities.
The public EV charging market–which will also see healthy growth over the next decade–is in the early stages of a convergence with smart street lighting and other smart city segments. Vendors are increasingly integrating charging infrastructure into street lighting fixtures. Public EV charging can share communications and analytics platforms with other smart city applications.
For its research, Northeast Group compiled a bottom-up analysis and dataset to size the market for 70 individual countries. Its forecast considers country-by-country factors including urbanization, housing markets, power sector dynamics, and ongoing EVSE initiatives, among others, to forecast the residential, public, and fast charging markets.
For further information on the study, please visit: www.northeast-group.com
ABOUT: Northeast Group, LLC is a Washington, DC-based smart infrastructure market intelligence firm. www.northeast-group.com
SOURCE Northeast Group, LLC