BOSTON--(BUSINESS WIRE)--With government policy and investment driving automotive companies toward plug-in vehicles, the technology for delivering electricity to these vehicles will rise to a $1.2 billion market in 2020, according to a Lux Research report.
Lux Research developed a forecast using vehicle sales to project the global electric-vehicle supply equipment (EVSE) market. Overall, despite slow adoption of plug-in vehicles, the charging station market will grow in unit sales from around 120,000 in 2012 to 1.3 million units in 2020, rising from $140 million in 2012 to $1.15 billion in 2020, a CAGR of 30%.
“Success for EVSE will ultimately follow the success of electric vehicles,” said Kevin See, Lux Research Senior Analyst and the lead author of the report titled, “Charging Ahead: Finding Reality in the Electric Vehicle Supply Equipment Market.” “It’s critical for those invested in charging stations to find the applications where there’s substantial growth.”
Lux Research analysts studied a web of partnerships in the EVSE market, besides building a forecast for its growth. Among their findings:
- Europe is the leader. Europe will lead the global market with 2020 annual sales of 480,000 units. China forges ahead after a slow start, growing to 277,000 annual unit sales of charging stations by 2020.
- China consumes the most energy. In 2020, plug-in vehicles in China will consume 1.9 TWh of electricity, or 23% of all energy consumed by plug-ins, the largest by any individual country, translating into $155 million in revenue for Chinese utilities.
- Web of partnerships is key. Auto OEMs such as Ford, Daimler, GM, BMW, and Nissan form the core of charging infrastructure partnerships, with complex inter-connections with emerging companies – like BMW’s recent investment in Coulomb Technologies – and utilities.
The report, titled “Charging Ahead: Finding Reality in the Electric Vehicle Supply Equipment Market,” is part of the Lux Research Electric Vehicle Intelligence service.
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