The growing PEV fleet demands significant investment in technologies and services for charging equipment, installation, and operations and maintenance
BOULDER, Colo.--(BUSINESS WIRE)--#EVCharging--A new report from Guidehouse Insights examines the global plug-in EV (PEV) charging market, providing an assessment of charging technologies and their applications, market drivers and challenges, the competitive landscape, and the extent by which the market is likely to grow to 2030.
The market for PEV charging infrastructure is composed of many types of technologies and nuanced approaches to serve PEV drivers and fleet operators. The market is also young, and the potential value that vehicle electrification offers drivers via charging remains largely untapped. Reduced vehicle downtime through increased charging speed; improved charging convenience through wireless and on-demand mobile charging; and more efficient charging through grid and renewables integration are major areas for development as PEV adoption increases. Click to tweet: According to a new report from @WeAreGHInsights, the global PEV charging market—inclusive of charger production, installation, and operations and maintenance (O&M)—is expected to exceed $21 billion in 2020. From there, it is anticipated to slow in 2021 and 2022 and then accelerate again to reach more than $70 billion by 2030.
“Though the plug-in EV (PEV) market contracted in 2019 and is likely to do so again in 2020, due to the coronavirus pandemic, the market for charging infrastructure has been and will likely remain resilient,” says Scott Shepard, senior research analyst with Guidehouse Insights. “This market more than doubled its market size in 2018, an increase driven almost entirely by a surge of charge point deployments, estimated at nearly 800,000 stations, in China. As the balance of supply and demand in China corrects in 2021 and 2022, growth is expected to slow before increasing again toward the end of the decade.”
According to the report, the growing PEV fleet demands significant investment in technologies and services for charging equipment, installation, and O&M. Ubiquitous electrical infrastructure in developed geographies enables these investments to take place in a variety of locations such as homes, apartment complexes, workplaces, fleet depots, driver destinations, and retail fuel sites. This variety creates a highly diverse market with hundreds of competitors.
The report, EV Charging Equipment Overview, provides an overview of the global PEV charging market. It includes an assessment of charging technologies and their applications, market drivers and challenges, the competitive landscape, and the extent by which the market is likely to grow to 2030. Forecasts include AC and DC chargers, wireless chargers, and pantograph poles. These are split by major charging application identified as home, private network, fleet depot, destination, and fast charge service. Additional review and analysis of supporting technologies such as energy storage devices, cloud-based charger management platforms, load controllers, and power converters is provided alongside how they are typically integrated in charge point deployments. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, EV Charging Equipment Overview, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.