EV Stations ‘Worth $1.2 Billion by 2020′
In Charging Ahead: Finding Reality in the Electric Vehicle Supply Equipment Market, Lux used vehicle sales to project the global market for electric vehicle supply equipment. Although adoption of plug-in vehicles will be slow, the market for charging equipment will grow from about 120,000 units this year to 1.3 million in 2020. Government policy and investment will drive car companies towards plug-in vehicles, Lux says.
Europe will lead the global market with 2020 annual sales of 480,000 units, and after a slow start, China will forge ahead to 277,000 units by that year. In 2020, plug-in vehicles in China will also consume 23 percent of all energy used by plug-ins, the most of any individual country. Vehicles in China will consume 1.9 TWh of electricity by 2020, translating into $155 million in revenue for Chinese utilities, Lux said.
Automakers such as Ford, Daimler, GM, BMW, and Nissan will be at the core of charging infrastructure partnerships, forming complex interconnections with utilities and emerging companies, Lux added. A recent example is BMW’s investment in Coulomb Technologies.
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