Global EV infrastructure spending to reach US$80B by 2025: report
Navigant Research finds that declining battery costs are paving the way for longer-range plug-in electric vehicles, and this shift is driving an uptick in charging infrastructure investment and creating opportunities for new charging technologies
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Technology / IIoT
BOULDER, Colo.—According to a new report from Navigant Research, the research division of Chicago-based professional services firm Navigant Consulting Inc., more than US$80 billion is expected to be spent on global EV infrastructure by the end of 2025, leading to the development of nearly 230 gigawatts of charging capacity.
The report, Market Data: Electric Vehicle Charging Equipment, analyzes the global market for plug-in electric vehicle (PEV) charging equipment sales, and finds that the PEV market is entering a new phase thanks to battery cost declines, making way for longer-range PEVs and a wider range of vehicle body types.
Navigant says this shift is driving an uptick in electric vehicle charging investment by major stakeholders, and creating opportunities for specific charging technologies such as DC fast chargers and smart, grid-integrated chargers.
According to the report, stakeholders with the ability to fund large-scale projects—such as governments, utilities and automakers—will continue to play a major role in the growth of EV charging installations during the next three to five years.
After that period, Navigant expects the market to reach a more demand-driven status, as an increasing number of PEVs drives interest in a range of charging options.
The report also predicts the global market for EV supply equipment for light, medium and heavy duty PEVs will grow from around 875,000 sales in 2017 to over 6 million in 2026.
“Rising PEV penetration across multiple vehicle types and into a wider variety of environments and customer segments is creating a lot of room for innovative business models and technologies,” said Scott Shepard, senior research analyst with Navigant Research.
Shepard continued, “The market is currently trending toward the development of publicly available ultra-fast solutions, but there is still much ground to be gained in private network development for fleets, apartments and workplaces.”