Verify Markets has released a market research report on the North American Electric Vehicle (EV) charging industry indicating the sector is predicted to grow rapidly during the next five to seven years, reaching US$3.09 billion by 2017.
The market – estimates Verify – is expected to reach unit shipments of 2.8m by 2017, with more than 85% of unit sales comprised of residential and multi-unit housing chargers.
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The level three charging industry, which will follow the level two infrastructure, is expected to have more than 10,000 unit shipments by 2017 and revenues of more than US$250m in unit installations.
Competition in the industry will pick up drastically estimates Verify during the next two to three years, when several major players including ABB, General Electric, Eaton, and Leviton, are expected to have some type of product in the market.
Greater competition will increase the downward price pressure of EV chargers. This will likely decrease the unit price by 50% in three to five years.
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