Electronics and Semiconductors

EV charging sessions to exceed 1.5 billion by 2026

24 November 2021

The automotive industry is in the crux of perhaps its largest transition in its history, moving from gasoline centered cars to electric vehicles (EV) as well as the integration of in-vehicle connected communications.

To meet the anticipated demand of EVs coming to market, charging networks and infrastructure must grow or it will stifle consumer adoption.

This is backed up by recent data from Juniper Research, which found that global volume of EV charging sessions — where an EV battery is charged using a charging point — will exceed 1.5 billion annually by 2026. That is up from just 200 million in 2021, a staggering growth of more than 665% over the next five years driven by greater government incentives for EVs as well as more widespread charging services.

Juniper identified that incentives for EV ownership have significantly increased in Europe, and incentive packages are needed in North America to stimulate growth. The market research firm said EV charging vendors should work with governments and others like fuel retailers to coordinate public charging network infrastructure rollouts or risk the electrification market stalling.

Home charging still king

During the next five years, Juniper forecasts the home charging market to decline slightly, accounting for more than 70% of all EV charging sessions in 2026, compared to over 80% in 2021.

While the home charging market features by far the most charging stations, it won’t translate into increased revenues for charging point vendors as public charging stations will account for 56% of charging point hardware globally by 2026.

“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,” said Nick Maynard, analyst at Juniper Research.

Fast charging coming

Juniper found that the next battleground for EV charging will be in fast charging, which will allow EVs to more efficiently charge the vehicles allowing drivers to finish the process similar to how long it would take a driver to fill up at a gas station.

The company said this is likely the next key competitive battleground and recommends vendors work to establish partnership with key destinations such as car parks and retailers to get the infrastructure started today to be ready for demand when it comes.

The full research can be found in Juniper’s EV Charging: Key Opportunities, Challenges & Market Forecasts 2021-2026 report.

To contact the author of this article, email PBrown@globalspec.com

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