New York, New York – Infrastructure to support the recharging of plug-in vehicles is expected to grow rapidly once the vehicles hit the consumer market at the end of 2010, according to a study by U.S. firm ABI Research.
The study projects a fast-growing market for charging station infrastructure, with worldwide revenues reaching US$11.75 billion for the installation of three million charging stations by 2015, up from just over 20,000 installed in 2010.
The U.S. will lead the market, given the country’s strong purchasing power for electric (EV) and plug-in hybrid-electric (PHEV) vehicles, and the willingness of both public and private entities to invest in infrastructure build-out projects. ABI projects that the U.S. will represent 54 per cent of the world market of installed charging stations by 2015, followed by China at 23 per cent, which will have as many charging stations as the rest of the world, also forecast at 23 per cent.
“Infrastructure supporting electric vehicles and plug-in hybrid-electric vehicles is on the cusp of a rapid and sustained growth curve,” said research director Larry Fisher. “The charging infrastructure technology is here. We’re just waiting for the release of these vehicles into the market. Given the limited range per charge, however, early adopters will need to keep their journeys relatively short.”
Fisher noted that significant government funding and tax credits around the world are likely to help jump-start the adoption of plug-in vehicles and related infrastructure projects, but consumers will drive the market’s ultimate success by choosing the vehicles. “There is no doubt that EVs and PHEVs are coming to market, it’s just a question of when they will reach widespread acceptance,” Fisher said. “Once these plug-in vehicles go on sale, expect rapid development of public and semi-private infrastructure to follow.”