Electric vehicle revolution will drive power market – report

As a result smart charging has become a developer and investment opportunity, according to a recently published report by IoT market research firm ON World.

The survey of 2,000 EV users in California found that over half are concerned about the availability of public charging stations.

Although 80% of charging is done at home, charging availability is consumers’ number one concern while driving around town as well as, increasingly, at work.

The residential Electric Vehicle Supply Equipment (EVSE) market will make up three quarters of the installed units over the next five years but public and workplace segments will make up the majority of the revenues.

Mareca Hatler, ON World’s research director, writes:

“Tesla, Google, Apple and others are investing billions in deep learning electric vehicles that will completely revolutionise our transportation systems.”

In 2022, there will be a million EVSE connectors installed in North America.

EV chargers in private locations such as residences, multi-tenant buildings and workplaces will increase by 955% from 2016, nearly two times faster than public locations such as malls, rest stops, hotels, groceries and convenience stores.

ON Word’s recently published report, “Electric Vehicle Smart Charging” is based on 2,100 interviews and surveys.

Image: Tesla Powerwall