The Global Market for Electric Vehicle Equipment Sales and Installation Is Expected to Exceed $63 Billion by 2030
The majority of growth is expected in the latter half of the 2020s, when light duty plug-in electric vehicles reach an inflection point
A new report from Navigant Research provides an overview of the current state of the global electric vehicle (EV) charging industry, with market forecasts for charger sales, installation, services, and energy consumption, through 2030.
Alongside a growing plug-in electric vehicle (PEV) market, the EV charging industry is expected to mature rapidly and become increasingly competitive. Investments and acquisitions from major energy companies will drive a surge in public charger deployments and the commercialization of the next wave of chargers that can provide smarter, faster, and more convenient charging services. Click to tweet: According to a new report from @NavigantRSRCH, the global market for electric vehicle equipment sales and installation is expected to grow from over $13 billion in 2019 to more than $63 billion by 2030.
“The PEV market is growing quickly, fueling a rapid population increase that is expected to require significant investments in charging infrastructure,” says Scott Shepard, senior research analyst with Navigant Research. “By 2030, the global market for charging light, medium, and heavy duty PEVs is expected to reach more than 12 million units, growing from 1.4 million in 2019.”
According to the report, much of the expected market growth is anticipated to occur in the latter half of the 2020s, when light duty PEVs hit an inflection point, driven by the confluence of declining battery prices and innovations in charging technologies. This confluence is expected to be spurred by increasing government scrutiny of transportation greenhouse gas emissions, which is likely to be realized as bans on conventional vehicles in many markets between 2030 and 2040.
The report, EV Charging Equipment Market Overview, provides an overview of the current state of the global EV charging industry. The study covers global EV charging technologies, the market drivers and challenges, the competitive landscape, and the extent the market is likely to grow over the next decade given the momentum of global PEV markets. Global market forecasts for charger sales, installation, services, and energy consumption extend through 2030. The report also assesses the key emerging market and technology trends. An Executive Summary of the report is available for free download on the Navigant Research website.
* The information contained in this press release concerning the report, EV Charging Equipment Market Overview, is a summary and reflects Navigant Research’s current expectations 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 Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.