A new study by a Texas firm indicates that demand for electric vehicles will create a multi-billion business for charger manufacturers before the end of the decade.
Verify Markets of San Antonio, Texas declares, in a market research report, that the North American electric vehicle charging industry will grow rapidly over the next five to seven years, reaching $3.09 billion by 2017. (See 15 Minute Recharging Underway for Electric Vehicle Owners from Eaton and Murphy Oil)
“The key factors that are driving the sale of EVs, and in consequence EV charging equipment, are the low costs to operate and maintain an electric vehicle, the desire for countries to be energy independent and more green, and advances in technology. This includes better performing batteries and improved charger to grid/vehicle to charger communications, which make this industry possible,” the report said.
One factor that will help the growth of the industry is the adoption of uniform standards for such things as the plugs used by various vehicles and chargers. This interchangeability is already in place for 110-volt and 220-volt chargers and is expected to be adopted for high-speed, 440-volt chargers, as well, over the next several years.