Research predicts 3.8 million EV drivers by 2020

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Since 2010, plug-in electric vehicles (PEV) have become more widely available in Asia Pacific, North America, and Western Europe. Hybrid electric vehicles (HEV), are also selling steadily in those regions. Annual worldwide sales of these vehicles, collectively referred to as electric vehicles (EV), will reach 3.8 million by 2020, according to Pike Research.

"Sales of EVs have not lived up to automakers' expectations and politicians' proclamations, but the market is expanding steadily as fuel prices remain high and consumers increasingly seek alternatives to internal combustion engines," said Pike Senior Research Analyst Dave Hurst. "Indeed, sales of plug-in EVs will grow at a compound annual growth rate of nearly 40 percent over the remainder of the decade, while the overall auto market will expand by only two percent a year."

The increase in EV drivers means potentially more customers for EV charging providers.

One such provider poised to benefit is ChargePoint who was recently named as the leading electric vehicle charging station manufacturer by Pike Research for its state-of-the-art features including the ability to search for ChargePoint-enabled charging stations, get directions to charging stations, see if a station is in use or not, check pricing, reserve a station, and receive charging notifications.

"ChargePoint is focusing on its core competencies in IT and communications," said Lisa Jerram, senior analyst at Pike Research.

"ChargePoint continues to focus on all aspects of the EV charging ecosystem and leveraging the strength of the ChargePoint network by continuing to add other manufacturers' EVSE products to the network. This increases the appeal to EV drivers and subsequently, to potential new customers for ChargePoint's services. Essentially, the more comprehensive the network is, the more it becomes the de facto clearinghouse for EVSE sites," she said.

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