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Electric Vehicle Chargers to be $1.27 Billion Industry in Europe by 2020

Renault and Nissan have gotten a head start on developing an electric infrastructure

Electric vehicle chargers are poised to become a $1.27 billion industry in Europe by 2020 according to Pike Research.

Currently a spider's web of laws and differing standards make electric vehicle charging in Europe complicated and more expensive. Still, sales of charging equipment will increase as electric vehicles become more popular. In 2012, electric vehicle charging equipment was a €72 million industry ($90 million), but that will increase to €1 billion ($1.27 billion) by 2020.

"European sales of charging equipment have lagged North America because of a lack of standards and slower than expected EV sales. However, Pike Research expects that in a few years, consensus will be reached by auto manufacturers in the region on both AC and DC charging equipment, and market demand will accelerate rapidly beginning in 2015," said Pike Research director John Gartner.

Germany will be the largest market for both electric cars and charging equipment in the coming years with a 23% share of the European industry.

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are working hard in Europe to establish an electric charging infrastructure. These early efforts have given the companies a head start in the European market.