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Report: More Than $80 Billion Will Be Spent on Global Electric Vehicle Infrastructure Development by the End of 2025

July 24, 2017
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The electrification of transportation is only just beginning, and it will eventually influence every road vehicle market. Weaning the transportation sector from oil dependence has long been a goal for many nations. Yet, the suite of alternatives has failed to make marked impacts on the global automotive market due in large part to infrastructure issues. Still, electricity offers the advantage of a low cost charging solution for the home that can satisfy most of a driver's plug-in EV (PEV) energy needs. This advantage has helped advance PEVs quickly in the market, alongside government investment in public charging deployments and support for workplace or other private charging options.

According to a new report from Navigant Research, the PEV market is entering a new phase on behalf of battery cost declines, which is being realized as longer-range PEVs are offered in a wider range of vehicle body types. This shift will drive greater interest in EV charging overall, and it creates opportunities for specific charging formats. Meanwhile, stakeholders with the ability to fund large-scale deployments -- such as governments, utilities, and automakers -- will continue to play an outsized role in the growth of EV charging installations over the next 3-5 years. The market is likely to reach a more truly demand-driven status after that period.

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Navigant Research expects the global market for EVSE for light, medium, and heavy duty PEVs to grow from around 875,000 sales in 2017 to over 6 million in 2026. This includes sales to individuals, fleets, and end users that offer EV charging for private or public charging, but does not include cordsets that come with the PEV purchase. The North American and European markets are expected to be similar in size. Asia Pacific is likely the largest market, propelled by China's demand for fleet PEVs -- mainly buses and taxis.

The EVSE market is expected to witness increasing demand throughout the forecast period, with growth driven by stakeholder investments initially and then abating to more rational market forces, largely a function of cost reductions and capability improvements. Of the technologies forecast in this report, AC is by far the most widespread. Yet, DC charging, installed for either fleets or publicly accessible retail services, is expected to generate the most revenue from infrastructure purchase and installation.


Source: Navigant Research


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