Verify Markets claims electric vehicle charging industry will top $3b by 2017

Dishing out $5,000 to read a report on the future of the electrical vehicle charging industry is not something that we often do around here. In fact, we'd never dish out that kind of dough to pour over some predictions based on speculation, forecasting models and perhaps some less-than-educated guesses. Paying for a just-released market research report with dubious predictions that reach seven years into the future doesn't seem like a wise investment. That's why when we heard that Verify Markets, a relatively unknown name in the automotive market research category, wants $5,000 to view its North American eMobility report, we held ourselves back and instead skimmed over the firm's charging industry outline, which reads like this:

The market is expected to reach unit shipments of 2.8 million by 2017, with over 85% of unit sales comprised of residential and multi-unit housing chargers. The level three charging industry, which will follow right behind the level two infrastructure, is expected to have over 10,000 unit shipments by 2017 and revenues of over $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, 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 unit price by 50% in three to five years.

There, we just saved you $5,000 and hours of time. Still, if you'd rather read the whole thing, then head over to Verify Market's site, pay five grand and let us know all about it.

[Source: Verify Markets]

PRESS RELEASE

The North American Electric Vehicle Charging Industry to Reach $3.09 billion by 2017

SAN ANTONIO, Sept. 21 /PRNewswire/ -- Verify Markets has just released a market research report on the North American Electric Vehicle (EV) charging industry. The market, which is limited to level two and three chargers, 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 in consequence EV charging equipment, are the low costs to operate and maintain an electric vehicle, the desire for countries to be energy dependent 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 over 85% of unit sales comprised of residential and multi-unit housing chargers. The level three charging industry, which will follow right behind the level two infrastructure, is expected to have over 10,000 unit shipments by 2017 and revenues of over $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, 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 unit price by 50% in three to five years.

A complete analysis of the North American Electric Vehicle Supply Equipment market report can be found on www.verifymarkets.com.