The global volume of EV charging sessions will exceed 1.5 billion per annum in 2026, up from 200 million in 2021, according to a new study by Juniper Research.
It adds that this 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 research identified incentives for EV ownership as having significantly increased take-up in Europe, with coordinated incentives packages needed in North America to stimulate growth.
The new research, EV Charging: Key Opportunities, Challenges & Market Forecasts 2021-2026, found that home charging will decline slightly, but will still account for more than 70% of all EV charging sessions 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.
Research author Nick Maynard explained: “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.”
The research also found that as EVs become longer range and more powerful, 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.