EV Charging Points to Reach 64 Million Globally by 2029

A new study from Juniper Research found the total number of Electric Vehicle charging points globally will grow by 194% over the next five years, rising from 21.8 million in 2024. The research found that private EV sales have slowed in the last year due to several factors, including range anxiety and reduced government EV purchase subsidies for consumers.

Government support has shifted to building charging infrastructure, with new initiatives including the On-street Residential Chargepoint Scheme in the UK, and the Bipartisan Infrastructure Law in the US, which are key driving factors in expanding charging networks. The research identified the long duration of charging sessions and the impracticability of charging on the go as key barriers to wide-scale EV adoption. It urges service stations and retail outlets to take advantage of government EV charge point initiatives by installing rapid DC (Direct Current) chargers. By doing this now, infrastructure providers will avoid paying for costly upgrades in the future.

Rapid DC chargers typically charge up to 150kW compared to fast chargers, which cannot exceed 22kW. This results in newer EV models, such as the Porsche Taycan and Hyundai IONIQ 6, becoming a more appealing option for potential adopters, due to reduced charging times via public charging services. The study predicts that the US and UK will be the largest two adopters of this emerging technology, accounting for over 45% of infrastructure by 2029.