Verify Markets has released a market research report on the North American electric vehicle charging industry. The market, which is limited to Level 2 and 3 chargers, is expected to grow rapidly over the next five to seven years, reaching $3.09 billion by 2017.

The key factors that are driving the sale of EVs, according to Verify, and in consequence EV charging equipment, are the low costs to operate and maintain an electric vehicle, the desire for countries to be energy dependent and more green, and advances in technology. This includes better performing batteries and improved charger to grid/vehicle to charger communications, which make this industry possible.

The market is expected to reach unit shipments of 2.8 million by 2017, with over 85% of unit sales comprised of residential and multi-unit housing chargers. The Level 3 charging industry, which will follow right behind the level two infrastructure, is expected to have more than 10,000 unit shipments by 2017 and revenues of over $250 million on unit installations alone.

Competition in the industry will pick up drastically over the next two to three years when several major players, including ABB, General Electric, Eaton, and Leviton, are expected to have some type of product in the market. Greater competition will increase the downward price pressure of EV chargers. This will likely decrease unit price by 50% in three to five years.