BOULDER, Colo.--(BUSINESS WIRE)--A recent report from Navigant Research analyzes the global market for plug-in electric vehicle (PEV) charging equipment sales and charging services, including global market forecasts for residential and commercial charging system unit sales and revenue from charging services through 2023.
While growth in the residential segment of the PEV charging market tends to grow alongside PEV sales, the commercial segment depends more on workable business models and, in some regions, government policy. These differences aside, revenue in both segments is expected to increase in the coming years as the industry for electric vehicle supply equipment (EVSE) continues to evolve. Click to tweet: According to a recent report from Navigant Research, worldwide revenue from electric vehicle charging services is expected to total $11.3 billion from 2014 to 2023.
“The residential charging market is entering a phase where chargers are simply a commodity, with a focus on bringing down the price,” says Lisa Jerram, principal research analyst with Navigant Research. “Meanwhile, the commercial charging market is in a state of flux, experimenting with different business models, including free charging to draw in customers, fees for usage, and the use of advertising, hoping to find the most viable options for long-term growth.”
A key barrier preventing further growth in the commercial charging market is a lack of interoperability, from the inability of stations to connect with each other across multiple networks to the challenge of paying for network access, according to the report. Though the EVSE industry has made efforts to resolve interoperability issues by adopting open standards, the issue remains important, as it allows equipment to be centrally managed regardless of hardware and charging station information to be aggregated and shared with drivers regardless of software and systems.
The report, Electric Vehicle Charging Services, analyzes the global market for PEV charging equipment sales and charging services. The report covers the residential and commercial charging market segments and analyzes the potential uptake of alternating current (AC), direct current (DC), and wireless electric vehicle charging equipment. Global market forecasts for residential and commercial EVSE unit sales and revenue, broken out by region, charger type, and segment (residential, workplace, public, and private), extend through 2023. Forecasts of revenue from charging services and electricity demand are also included. The report also examines the different regional drivers and business models related to PEV charging and the key industry players within the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
About Navigant
Navigant is a specialized, global professional services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals deliver expert and advisory work through implementation and business process management services. The firm combines deep technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism to address clients’ needs in highly regulated industries, including Construction, Energy, Financial Services and Healthcare. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, “Electric Vehicle Charging Services,” is a summary and reflects Navigant Research’s current expectations 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 Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
