A new study from Juniper Research has found that revenue from electric vehicle (EV) charging will exceed $300-billion globally by 2027, up from $66-billion in 2023.
The report – ‘EV Charging: Key Opportunities, Regional Analysis & Market Forecasts 2023-2027’ – also found that fragmentation in charging networks is restricting EV adoption.
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 the lack of standards for charging vehicles at the same rate.
As such, the report suggests that 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 also assessed global EV charging vendors and evaluated them on a number of criteria, including depth and breadth of offerings, innovation and future prospects.
The report ranked the three leading vendors with Siemens at number one, ChargePoint at two, and ABB in third spot.
“Siemens demonstrates an intricate knowledge of the market, targeting currently underserved segments, particularly public transport and fleets,” says research author Jordan Rookes.
“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 report also predicts that by 2027 the total number of plug-in vehicles will surpass 137-million globally, up from 49-million in 2023.
As such, it is important for EV charging vendors to target consumers as early as possible to build brand loyalty.
Accordingly, vendors are advised to develop strategic partnerships with automotive manufacturers, offering benefits such as discounted rates to encourage owners of certain EV brands to use their charging stations.