San Antonio, Texas – The market for electric vehicle (EV) chargers will grow to US$3.09 billion by 2017 in North America, according to a new report by Verify Markets.
The key factors driving the sale of EVs, and subsequently the charging equipment, are the low costs to operate and maintain an electric vehicle, the desire for countries to be energy-independent and more green, and advances in technology, the firm said. This includes better-performing batteries and improved charger-to-grid/vehicle-to-charger communications, which makes the industry possible.
The market is expected to reach unit shipments of 2.8 million by 2017, with over 85 per cent of unit sales comprised of residential and multi-unit housing chargers.
Competition will pick up drastically over the next two to three years when several major players, including ABB, General Electric, Eaton and Leviton are expected to have some type of product in the market. This will increase the downward price pressure of EV chargers and likely decrease the unit price by 50 per cent in the next three to five years.