The market for electric vehicle (EV) supply equipment (EVSE) is expected to reach nearly $1.3bn in 2020 from $90m in 2012, according to a new report.
Pike Research's 'Electric Vehicle Charging Equipment in Europe' report reveals that the French automaker Renault and Nissan's alliance will be the emerging leader in the European EVSE market.
Renault is launching ZOE battery electric vehicle along with the supporting infrastructure technology and deployment which will make the corresponding fast charging station economical to build.
According to the analysis, the low-cost charger could alter the economics of commercial EV charging.
Pike Research research director John Gartner said European sales of charging equipment have lagged North America because of a lack of standards and slower than expected EV sales.
"However, Pike Research expects that in a few years, consensus will be reached by auto manufacturers in the region on both AC and DC charging equipment, and market demand will accelerate rapidly beginning in 2015," Gartner said.
The analysis also revealed that Germany would be the largest market for both PEVs and charging equipment representing 23% of all EV charging systems sold through the period.
The report revealed that the absence of a single alternating current (AC) EV charging connector standard has hampered the deployment of EV charging infrastructure.
