The global spend on electric vehicle (EV) charging at home will exceed $16bn globally in 2026, up from $3.4bn in 2021, a new study finds.
According to Juniper Research, the rapid growth in excess of 390 per cent over the next five years is being driven by the lower cost and convenience of home charging for EVs, rather than using costly and frequently inconvenient public charging networks.
Juniper reports the lack of access to charging at home for urban residents is a major issue, but given EVs are currently high cost, the likelihood is that users will have access to off-street parking.
Given the fragmented availability and high costs of public charging networks, the research recommends that home charging vendors and automotive manufacturers form partnerships to make home charging central to future EV transitions.
The report, EV Charging: Key Opportunities, Challenges & Market Forecasts 2021-2026 found that by 2026, more than 21 million households globally will charge using a home wallbox, from just two million in 2021.
This reflects that, while public charging networks are growing rapidly in terms of access, home wallboxes will experience very strong growth over the next five years.
“Home wallboxes are convenient and lower cost than alternatives, with the onus being on both car manufacturers and governments to support home charging roll-outs to secure the future of electric mobility,” said research author Nick Maynard.
The research found that the global hardware revenue from home charging wallboxes will reach $5.5bn in 2026, from just $1.8bn in 2021. The bundling of home wallboxes will incentivise users to take up specific charging points at the point of vehicle purchase.
The report recommends that EV charger manufacturers focus on partnerships with car manufacturers to accelerate adoption, or they will be overtaken by better-partnered manufacturers.
Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.
Source: IOT NETWORK NEWS