EV charging to generate $300 billion globally by 2027, report finds
A new study from Juniper Research has found revenue from electric vehicle charging will exceed $300 billion globally by 2027.
The figure is up from $66 billion in 2023, according to the report entitled ‘EV Charging: Key Opportunities, Regional Analysis & Market Forecasts 2023-2027’.
It found fragmentation in charging networks is restricting EV adoption, and chargers are overwhelmingly located in urban areas leading to widespread range anxiety among potential drivers.
This is coupled with the difficulty of accessing charging points via different apps and cards, as well as lack of standards for charging vehicles at the same rate. As such, EV charging networks must simplify access and work with local authorities to roll out chargers to a wider range of locations, or the EV market will struggle to accelerate.
The research assessed leading EV charging vendors and evaluated them on a number of criteria, including depth and breadth of offerings, innovation and future prospects; providing extensive analysis of the competitive landscape in this dynamic market.
The Competitor Leaderboard ranked Siemens, ChargePoint and ABB as the three leading vendors.
Research author Jordan Rookes explained: “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 maximise their market share.”
The research also predicts by 2027, the total number of plug-in vehicles will surpass 137 million globally; up from 49 million in 2023. As this adoption grows, charging vendors must differentiate their services in a highly fragmented market. As such, 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 to encourage owners of certain EV brands to use their charging stations; helping EV charging vendors remain competitive.
