Navigant Predicts $80 Billion Will Be Spent On Global EV Charging Infrastructure By 2025
Navigant Research in a report on electric vehicle charging, forecasts that a total of $80 billion will be spent on EV charging infrastructure worldwide by the end of 2025.
With the charging capacity to reach 230 GW – which honestly isn’t a number we can mentally put into prospective.
Navigant also finds that in the next 3 to 5 years governments, utilities, and automakers are likely to play an outversized role in the growth of electric vehicle charging installations.
“According to the report, stakeholders with the ability to fund large-scale deployments—such as governments, utilities, and automakers—will continue to play an outsized role in the growth of EV charging installations during the next 3-5 years. After that period, the market is expected to reach a more truly demand-driven status, as the growing PEV population drives interest in a range of charging options.”
Sales of EV supply equipment (EVSE) for light, medium, and heavy duty plug-ins is expected to increase from around 875,000 sales in 2017 to over 6 million in 2026.
Scott Shepard, senior research analyst with Navigant Research said:
“Rising PEV penetration across multiple vehicle types and into a wider variety of environments and customer segments is creating a lot of room for innovative business models and technologies. The market is currently trending toward the development of publicly available ultra-fast solutions, but there is still much ground to be gained in private network development for fleets, apartments, and workplaces.”