Verify Markets released a market research report on the North American electric vehicle (EV) charging industry. The market is expected to grow rapidly over the next five to seven years, reaching $3.09 billion by 2017.

The key factors that are driving the sale of EVs, and consequently the 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 market is expected to reach unit shipments of 2.8 million by 2017, with more than 85 percent of unit sales composed of residential and multiunit housing chargers. The Level 3 charging industry, which will follow right behind the Level 2 infrastructure, is expected to ship more than 10,000 units by 2017 and yield revenues of more than $250 million on unit installations alone.

Competition in the industry will pick up drastically over the next two to three years when several major players, including ABB, GE, Eaton Electrical Corp., Leviton Manufacturing Co., Schneider Electric and Siemens, 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 unit price by 50 percent in three to five years.

For a complete analysis of the North American Electric Vehicle Supply Equipment market report, visit www.verifymarkets.com.