Electric vehicle (EV) charging revenues are expected to be more than four times its current worth in the next five years as the automotive market continues its global transition to electrification, according to a new report from Juniper Research.
EV revenues are forecast to grow to $300 billion by 2027, up from $66 billion this year. Main growth will come overwhelming from urban areas, Juniper said.
Because urban areas will be covered, Juniper fears that range anxiety among drivers will continue as EV chargers will be hard to find outside of cities coupled with the difficulty of accessing charging points via different apps and cards.
To better help the automotive electrification push, charging networks will need to be simplified and work with local governments to roll out charging stations to a wider range of locations.
Juniper identified the three leading EV charging vendors as: Siemens, ChargePoint and ABB.
“Siemens demonstrates an intricate knowledge of the market; targeting currently underserved segments, particularly public transport and fleets,” said Jordan Rookes, researcher at Juniper. “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.”
Other EV predictions
Juniper also forecasts that the total number of plug-in vehicles will surpass 137 million globally, up from 49 million this year.
As a result of the adoption of EVs growing, Juniper recommends:
- Charging vendors differentiate services to garner demand.
- Targeting consumers as early as possible to build brand loyalty and awareness.
- Developing partnerships with automotive OEMs.
- Offering discounted rates to encourage owners of EV brands to use their charging stations.
The full research can be found in Juniper’s EV Charging: Key Opportunities, Regional Analysis & Market Forecasts 2023-2027 report.
