EV Infrastructure Predicted to Grow

Image by mohamed Hassan from Pixabay
Published On
Oct 22, 2021

EV Infrastructure Predicted to Grow
By Rick Laezman

Like renewable power and battery storage, electric vehicles (EVs) and public charging go together.

There is no question that EV use is increasing around the globe. According to the BloombergNEF Electric Vehicle Outlook October 2021, “there are 12 million passenger EVs on the road globally today.”

Analysts expect this growth to continue. Varying scenarios forecast anywhere from 145 million to 230 million EVs will be on the road globally by the year 2030. That's a tenfold to twentyfold increase over the next decade.

Not surprisingly, the numbers of EV chargers are also on the rise, and that need will continue to grow. In the United States alone, there is a swelling demand for EV charging infrastructure. The NREL estimates that the United States needs a total of 27,500 DC fast-chargers and 601,000 Level 2 chargers to meet the country’s charging needs by 2030. That's a 40% and 86% increase, respectively.

With all this mind, market research firm Guidehouse Insights, Boulder, Colo., has revised its estimates upward for the EV charging infrastructure market.

Released in the third quarter of this year, “Market Data: EV Charging Equipment” provides a global market analysis and forecasts for the EV charging industry.

The study notes that charging equipment is riding on a surge of interest in decarbonization in the transportation sector, with pressure from government, corporations and auto manufactures to eliminate internal combustion engine vehicles as quickly as the next 5-15 years.

Guidehouse Insights estimates that the global EV charging market size, including charger production, installation and operations and maintenance, surpassed $23 billion in 2020. This exceeds the firm’s prior expectation for 2020 of $21 billion. Looking ahead, Guidehouse has more than doubled its forecasts for annual spending on EV charging infrastructure, with the market expected to reach more than $207.5 billion by 2030 at a compound annual growth rate of 24.6%.

The forecast looks at AC- and DC-based charging systems. Each addresses different needs within the market, which reflects an EV market that is growing and changing in terms of the charging needs and capabilities of the vehicles and their owners

 

About the Author

Rick Laezman

Freelance Writer

Rick Laezman is a Los Angeles-based freelance writer who has been covering renewable power for more than 10 years. He may be reached at richardlaezman@msn.com.

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