According to a new study in the UK conducted by Juniper Research there is a growing volume of EV charging sessions, where an EV’s battery is charged using a charging point. It is expected that in 2026 the number will rise to 1.5 billion a year when compared to 200 million in 2021.
This remarkable growth rate of more than 665% over the next five years will be driven by greater government incentives for electric vehicles, as well as more widespread charging service availability.
The report provides a detailed assessment of how the EV market is developing and what companies are leading the market. It presents a future outlook for the development of EV charging, combined with a full exploration of the value chain of a highly congested market. Lastly, it lists 25 countries that will play a leading role in the charging infrastructure sector and amongst those listed were South Africa, Mexico, India, Portugal and Brazil.
The research also identifies incentives for EV ownership as having significantly increased take-up in Europe, with coordinated incentives packages needed in North America to stimulate growth.
Home charging still dominating EV sector
Latest research shows that home charging will decline and public charging infrastructures will increase in use by 2026. Over 70% of all EV charging sessions will be through home charging in 2026, compared with just over 80% in 2021. However, the report found that this dominance does not directly translate into hardware revenue for charging point vendors, with public charging stations accounting for 56% of charging point hardware revenue globally in 2026.
Juniper Research author Nick Maynard: “While EV charging at home will largely remain dominant, public charging roll-outs will be a major focus going forward and their installation will be critical to enabling users who do not have off-road parking to join the electric mobility revolution.”
Have you read?
How to achieve an equitable global EV charging ecosystem
Fast charging DC (direct current) stations will be the next key competitive battleground within the EV charging landscape. The report recommends that vendors work on partnerships with key destinations, such as car parks and retailers now, in order to schedule fast charger roll-outs, or they will lose ground to faster-moving competitors.
Other recommendations to support the acceleration of adopting EVs is for charging vendors to work with governments and other stakeholders, including fuel retailers, to plan coordinated public charging network roll-outs, otherwise the mass electrification of mobility will stall.
Download Juniper Research’s whitepaper: HOW EV CHARGING IS DRIVING ELECTRIC MOBILITY FORWARD