The market for electric vehicle infrastructure in North America is expected to more than double in the next four years, according to SBI Energy.
That means the industry that will build electric vehicle charging stations, switching stations and advanced grids to support electric vehicles could be worth $20 billion annually by 2014 compared with $9 billion in 2009.
SBI, a market research publisher, said Europe is the current world leader in infrastructure manufacturing but that will not last forever.
“Our study projects North America will hold 20% of the electric vehicle infrastructure manufacturing market by 2014, driven by government incentive programs and the movement toward eco-friendly consumer lifestyles,” said Shelley Carr, a publisher with SBI. “Growth also depends heavily on the investment interests of the private sector, and the adoption of plug-in hybrid electric vehicles and electric vehicles by consumers.”
SBI believes the market for electric cars in North America will stagnate without significant infrastructure growth. It is up to utilities to modify their grids to meet the needs of a growing electric car industry.