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Electric vehicle service equipment market sales will reach $3.4 billion by 2021

Press Release   •   Jul 03, 2012 15:02 BST

The electric vehicle service equipment market exploded in 2010 and 2011, a necessary increase as auto manufacturers finally started mass producing over a half dozen different plug-in electric vehicle (PEV) models worldwide.

Electric vehicle service equipment market sales will reach $3.4 billion by 2021, selling over 4.1 million charging points. The US and Japan will continue to lead the electric vehicle service equipment market.

The number of charging stations around the globe increased by more than 230% across 2010 and 2011, with over 116,000 new charge points sold worldwide in the latter. Given the fast rate of adoption of both PEV and electric vehicle service equipment, the electric vehicle service equipment market will be a mainstream market by decade's end.

The US and Japan lead for public charge points by volume, with both countries enjoying strong sales for both residential and commercial electric vehicle service equipment. However, The US lags both Japan and China in terms of electric vehicle service equipment market value because of a weak fast DC charger segment.

China is the next largest electric vehicle service equipment market, but lacks residential sales as most electric vehicle service equipment sold in China to date have been charging points and battery swapping charging systems for charging stations used by fleets and taxis. Europe is also a strong electric vehicle service equipment market, accounting for 21% of global electric vehicle service equipment sales by market value in 2011.

The PEV market will continue to be the main driver behind global electric vehicle service equipment sales, followed by government incentives for both PEV and electric vehicle service equipment.

For more information on the electric vehicle service equipment market, see the latest research: Electric Vehicle Service Equipment Market Report

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