Worldwide revenue from electric vehicle supply equipment sales is forecast to grow from $567 million annually in 2013 to $5.8 billion in 2022, according to market intelligence analyst Navigant Research.
Navigant has released a report entitled "Electric Vehicle Charging Equipment," which says that global sales of plug-in electric vehicles (PEVs) rose by more than 55% in 2013.
The analyst expects the market to continue to grow at a steady pace during the next nine years.
The expansion has led to solid growth in the market for electric vehicle charging equipment (better known in the industry as electric vehicle supply equipment, or EVSE) -- growth that is expected to accelerate over the next several years.
"The market for EV charging has seen an imbalance between the relatively high number of available chargers and the number of vehicles on the road, but that ratio is moving toward equilibrium and in some markets, charging demand outstrips supply," explained Lisa Jerram, senior research analyst with Navigant Research, in a statement. "The market has seen a wealth of offerings, including a wider range of EVSE at varying power levels and price points, and this diversity will help drive demand as consumers' choices increase." The EVSE market is divided between residential (intended for use by a single person or family) and commercial equipment, which includes workplace, public, and private facilities. The market will see higher demand for residential units than for commercial units through 2014, according to the report, as early PEV buyers are more likely to own their own homes. As the PEV market grows, it will reach a broader base of consumers living in multi-family dwellings, leading to greater growth in the sales of commercial EVSE for private use.