Market Research Report
Electric Vehicle Charging Infrastructure: Market Forecast (2019 - 2028)
|Published by||Northeast Group, LLC||Product code||814610|
|Published||Content info||80 Pages PDF & Excel Dataset
Delivery time: 1-2 business days
|Electric Vehicle Charging Infrastructure: Market Forecast (2019 - 2028)|
|Published: March 26, 2019||Content info: 80 Pages PDF & Excel Dataset||
The electric vehicle supply equipment EVSE) market is poised for significant growth over the next ten years. This growth will be concentrated in-but not limited to-the handful of countries that currently dominate the electric vehicle EV) markets: China, the United States, Japan, Germany, France, the United Kingdom, the Netherlands, Norway, Sweden, and Canada. Several other countries in Europe and East Asia will keep pace with global leaders, while several emerging market countries will experience growth in their now nascent markets.
In every region, the charging infrastructure market is inextricably tied to the EV market. There is some consternation within the industry about whether EVSE should be developed in response to or anticipation of growing EV sales (the classic “chicken or egg” question). Fortunately, 2018 was the strongest year yet for EV sales and continued a clear upward trend that has been ongoing for the past decade. Globally, annual EV sales have nearly quadrupled since 2015, and the number of EVs on roads during that period has increased by a factor of five. With over 200 new EV models expected in the next six years, the answer to the question of “When will EV sales truly take off?” is in sight, and the period of massive EV sales is now beginning.
But the EVSE market is not the same as the EV market. So far, a large percentage of EVSE deployments have been public installations, both as part of demonstration projects and because EVs have taken off in many cities (such as in Europe and China) where single-family home ownership rates are low, necessitating public charging. This will begin to shift as countries such as the US increase EV ownership rates, leading to growth in the residential charging segment. This trend will be reinforced by utilities offering attractive TOU rates to encourage off-peak home charging. At the same time, there will still be significant drivers for public charging points as cities look to expand “smart city” efforts. Public EVSE can share communications and analytics platforms with other smart city applications and even integrate with smart street lighting. These factors will lead the EVSE market to deviate in growth rates from the EV market in some countries. Understanding utility and smart city dynamics will be critical to determining the growth of EVSE markets.
The EVSE vendor landscape is also more expansive than the overall EV market. In addition to vendors that manufacture EV charging points, key stakeholders in the EVSE industry include automakers, electric utilities and their regulators, government bodies, and multinational organizations. 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 customerproduced power. Governments are playing a key role in driving expansion through various mandates, partnerships, and incentive programs.
Oil majors-who stand to lose billions in lost revenues with the rise of electrified transport-have also recently entered the fray. Over the past few years, oil majors have begun to acquire and invest in the EVSE segment, battery manufacturers, and electric utilities. With most EVSE vendors (or EVSE divisions within larger companies) founded within the past two decades, the state of the vendor landscape in ten years could look vastly different than today, particularly with technologies such as ultra-fast DC charging just emerging. Overall, the EVSE market is pointed upward. The only question is how fast it will climb, and which stakeholders will emerge as winners.
Research deliverables: 80-page PDF study + 70-country dataset in Excel.