- Electric Vehicles
- Electric Mobility
- Hybrid Electric Vehicles
- EV Charging
Light Duty Plug-In EVs and Charging Infrastructure Revenue Is Expected to Exceed $1 Trillion Annually by 2030
Universal market challenges include costs, range, and charging speed, with battery swapping poised as a potential market disruptor
A new report from Guidehouse Insights examines sales of light duty (LD) EV technologies, including battery EVs (BEVs), plug-in hybrid EVs (PHEVs), and supporting charging infrastructure, with global market forecasts that extend through 2030.
Since 2008, LD plug-in EVs (PEVs) have continually become more affordable while offering higher performance. Much of this has been driven by battery technology innovations with much cheaper and more reliable batteries than when the first modern PEVs were introduced. According to a new report from Guidehouse Insights, the PEV and charging infrastructure market is likely to grow significantly by 2030, with revenue expected to exceed $1 trillion annually.
“PEVs have improved in cost and performance, and this has catapulted the technology from an adaptation of existing automaker model lines and ventures of daring startups to the future standard,” says Scott Shepard, principal research analyst with Guidehouse Insights. “More automakers are likely to join as governments worldwide ramp up regulations to encourage the industry’s continued progress toward zero emissions.”
While the primary market driver is supportive government policies tied to environmental concerns, the PEV market is still not a mature one. Universal market challenges include costs, range, and charging speed. Significant potential still exists for major disruption, for example, in the reemergence of battery swapping. The approach has been gaining traction in micromobility markets in India and Southeast Asia and in light and heavy duty vehicle markets in China.
The report, Market Data: Light Duty EVs, provides an outlook on sales of light duty EV technologies, including BEVs, PHEVs, and supporting charging infrastructure. It includes segmentations of the vehicle market by passenger vehicles and light commercial vehicles, and by charging infrastructure for private charging, destination charging, and fast charging services. Forecasts extend to 2030 and historic data on sales of all technologies is provided back to 2015 for all major regional markets including North America, Europe, China, Organisation for Economic Co-operation and Development (OECD) Asia Pacific, India, Rest of Asia Pacific, Latin America, and Middle East & Africa. An executive summary of the report is available for free download on the Guidehouse Insights website.
*The information contained in this press release concerning the report, Guidehouse Insights Leaderboard: Smart Meter Analytics, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.