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EV Equipment Sales and Installation to Exceed US$63 Billion by 2030

Much of the market growth to occur in the latter half of the 2020s, when light duty PEVs hit an inflection point.

A new report from Navigant Research offers an overview of the current state of the global electric vehicle (EV) charging industry, with market forecasts for charger sales, installation, services, and energy consumption, through 2030. According to the report, the global market for EV equipment sales and installation is expected to grow from over US$13 billion in 2019 to more than US$63 billion by 2030.

The report, EV Charging Equipment Market Overview, covers global EV charging technologies, market drivers and challenges, the competitive landscape, and the extent to which the market is likely to grow over the next decade, given the momentum of global plug-in electric vehicle (PEV) markets. It also assesses the key emerging market and technology trends.

Alongside a growing PEV market, the EV charging industry is anticipated to mature rapidly and become increasingly competitive. Investments and acquisitions from major energy companies will drive a surge in public charger deployments and the commercialization of the next wave of chargers that can provide smarter, faster, and more convenient charging services.

According to the report, much of the market growth is expected to occur in the latter half of the 2020s, when light duty PEVs hit an inflection point, driven by the confluence of declining battery prices and innovations in charging technologies. This confluence is likely to be spurred by increasing government scrutiny of transportation greenhouse gas emissions, which is liable to be realized as bans on conventional vehicles in several markets between 2030 and 2040.

“The PEV market is growing quickly, fueling a rapid population increase that is expected to require significant investments in charging infrastructure,” says Scott Shepard, senior research analyst with Navigant Research. “By 2030, the global market for charging light, medium, and heavy duty PEVs is expected to reach more than 12 million units, growing from 1.4 million in 2019.”

An executive summary of the report is available for free download on the website of the company.

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