The global revenue from electric vehicle charging is predicted to climb to more than $300 billion by 2027, according to a report published on Tuesday.
Remarkably, that figure represents a significant increase from the $66 billion recorded in 2023.
Juniper Research forecasts that the total number of plug-in vehicles will surpass 137 million by 2027, representing a significant increase from the 49 million predicted for 2023.
Charging network producers must collaborate
The report noted that there must also be diversification in the EV charging industry.
“…charging vendors must differentiate their services in a highly fragmented market,” according to the report.
It is important for EV charging vendors to target consumers as early as possible to build brand loyalty. Accordingly, vendors must develop strategic partnerships with automotive manufacturers, offering benefits such as discounted rates.”
Juniper Research
The leading global EV charging vendors are Siemens, ChargePoint, and ABB.
“Siemens demonstrates an intricate knowledge of the market, targeting currently underserved segments, particularly public transport and fleets. Competing vendors must diversify their portfolio away from just home and public chargers and start targeting alternative high-growth market segments to maximize their market share.”
Research author Jordan Rookes
Charging stations must be accessible
The vast majority of chargers are found in urban areas, which is one of the primary causes of widespread range anxiety among prospective drivers.
This is compounded by the difficulty of accessing charging points via various apps and cards and the need for uniform standards for the rate at which vehicles can be charged.
According to the report’s findings, electric vehicle charging networks need to make it easier to access their stations and collaborate with local governments to expand the number of locations where their chargers can be installed to maintain the EV market growth.
