Photo via Wikipedia.

Photo via Wikipedia.

The number of plug-in electric vehicles (PEVs) in use is projected to reach 12 million globally by 2023, while worldwide revenue from charging services is expected to increase to $2.9 billion from $152.6 million projected for this year, according to Navigant Research.

Navigant's report, "Electric Vehicle Charging Services," analyzes the global market for PEV charging equipment sales and charging services, including global market forecasts for residential and commercial charging system unit sales and revenue from charging services through 2023.

The use of public chargers and workplace charging is picking up, and automakers and utilities are moving to the forefront in the financing and build-out of charging networks, according to the report.

However, the market for commercial chargers (defined as installations outside vehicle owners’ residences) is more dynamic and uncertain due to competition based more on price than on innovative features, the report also found.

An executive summary of the report is available for free download on the Navigant Research website.