EV Charging Station Market to Hit $947M by 2020
The US electric vehicle level two charging station market will grow from $67 million to $947 million by 2020, fueled by President Obamaâ€™s target of 1 million EVs on the road by 2015, according to research byÂ GlobalData.
Globally, the market for EV level two charging stations will grow from an estimated $0.2 billion in 2014 to $3.5 billion by 2020. The US is currently the worldâ€™s largest EV level two charging station market, with more than a 30 percent share of total installations in 2013.
According to Sowmyavadhana Srinivasan of Global Data, the American Recovery and Reinvestment Act has been one of the most attractive incentives to encourage EV charging station installations. The Act provides more than $30 billion in funds for energy initiatives such as smart power grid, advanced battery techniques and energy efficiency measures.
In 2009, the US committed a total of $3.4 billion to the Smart Grid Investment and Smart Grid Demonstration programs, which have a goal of accelerating the implementation of smart grid technologies and systems.
According to GlobalData, sales from level two residential chargers is expected to account for more than 70 percent of the US annual sales volume in 2014, while non-residential chargers will account for the remaining 30 percent.
Non-residential level two charger installations are expected to increase as governments and offices invest in enhancing public charging points.
Although a number of offices have already installed chargers, existing volume does not meet demand, according to Srinivasan. With the anticipated rise in EV purchases, additional investment in the public EV charging infrastructure will be needed at both the commercial and city levels.
Photo Credit: Chargers via Shutterstock
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