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North American Electric Vehicle Charging Infrastructure Market Sees High-voltage Growth, Finds Frost & Sullivan

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North American Electric Vehicle Charging Infrastructure Market Sees High-voltage Growth, Finds Frost & Sullivan PR Newswire MOUNTAIN VIEW, California, July 26, 2012 - Continuous research and development (R&D) to beat back attendant issues of market emergence MOUNTAIN VIEW, California, July 26, 2012 /PRNewswire/ -- The electric vehicle (EV) charging station market in North America has grown immensely, helped along by favorable government level (federal, state and municipal) incentives and subsidies for the purchase of EVs. The government is extending these plans to the installation of charging station and funding programs such as ECOtality's EV project, which is trying to install electric vehicle charging infrastructure in six major states. New analysis from Frost & Sullivan (http://www.automotive.frost.com), Strategic Technology and Market Analysis of Electric Vehicle Charging Infrastructure in North America, finds that there will be approximately 4.1 million charging points by 2017. The most common ones will be the level 1 charging stations, as every EV sold will have a level 1 charging cord included in the vehicle. Level 1 charging station can be plugged in a household socket which takes approximately 8 to 10 hours to charge the vehicle and does not involve any installation cost. About 71 percent of the charging stations are expected to be level 1 followed by level 2, which will account for 27 percent of the market share by 2017.
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North American Electric Vehicle Charging Infrastructure Market Sees High-voltage Growth, Finds Frost & Sullivan
PR Newswire MOUNTAIN VIEW, California, July 26, 2012
- Continuous research and development (R&D) to beat back attendant issues of market emergence MOUNTAIN VIEW, California,July 26, 2012/PRNewswire/ -- The electric vehicle (EV) charging station market inNorth Americahas grown immensely, helped along by favorable government level (federal, state and municipal) incentives and subsidies for the purchase of EVs. The government is extending these plans to the installation of charging station and funding programs such as ECOtality's EV project, which is trying to install electric vehicle charging infrastructure in six major states. New analysis from Frost & Sullivan (http://www.automotive.frost.com), Strategic Technology and Market Analysis of Electric Vehicle Charging Infrastructure inNorth America, finds that there will be approximately 4.1 million charging points by 2017. The most common ones will be the level 1 charging stations, as every EV sold will have a level 1 charging cord included in the vehicle. Level 1 charging station can be plugged in a household socket which takes approximately 8 to 10 hours to charge the vehicle and does not involve any installation cost.About 71 percent of the charging stations are expected to be level 1 followed by level 2, which will account for 27 percent of the market share by 2017. Nearly 87 percent of the EVs are expected to be charged in residential locations, as they will be parked in the garage for 10 to 12 hours in a day. If you are interested in more information on this research, please send an email to Jeannette Garcia, Corporate Communications, at jeannette.garcia@frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. "EVs are more expensive than conventional vehicles, therefore, federal government is granting customers as much as$7,500in incentives to purchase an EV," saidFrost & Sullivan Research Associate Prajyot Sathe. "Incentives include discounts on the purchase of EVs, tax credits or exemption and other advantages such as usage of heavy occupancy vehicle (HOV) lanes and free parking." The charging infrastructure is expected to grow at a compound annual growth rate (CAGR) of 128.12 percent, due to the currency of the 'green' concept and oil prices' volatility. Attracted by its potential and low entry barriers, participants are emerging from multiple industries such as technology, vehicle manufacturers, and utilities. Even while offering substantial opportunities, the EV charging infrastructure market is plagued by issues typical to a nascent market. Participants are looking for solutions to ensure standardization of charging systems in vehicles, charging stations, and business models. EV owners are also inconvenienced by