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EV Charging Equipment Market Forecast to Grow from 200,000 Units in 2012 to 2.4 Million in 2020

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The More the Merrier
The network effect describes scenarios where the value of something goes up along with the number of that thing (or a complimentary thing). So a few decades ago when fax machines first came out, they were pretty worthless. But as more and more people go them, each one became more useful because there were more people you could send faxes to and receive faxes from. There’s a similar effect going on with electric vehicles and charging stations, though the force of the effect isn’t as strong as with fax machines because people can also charge their EVs at home. But still, the more charging stations – especially very fast ones – there are out there, the more useful electric vehicles become. That’s why it’s important to keep an eye on progress on that front.

Quinn Dombrowski/CC BY-SA 2.0

Pike Research has recently released a forecast on that industry, and it’s pretty positive. Here are some highlights:

Pike Research forecasts that global sales of electric vehicle (EV) charging equipment (EVSE) will grow at a steady pace from 2012 to 2020 as the global market for plug-in electric vehicles (PEVs) grows. The EVSE market will rise from below 200,000 units sold in 2012 to almost 2.4 million in 2020 at a compound annual growth rate (CAGR) of 37%, according to Pike’s projections. […]
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