EV Charging to Generate $300 Billion by 2027
The revenue from Electric Vehicle charging will exceed $300 billion globally by 2027; up from $66 billion in 2023, according to Juniper Research. The report 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, 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 assessed leading EV charging vendors and evaluated them on several criteria, including depth and breadth of offerings, innovation, and prospects; providing an extensive analysis of the competitive landscape in this dynamic market. The Competitor Leaderboard ranked Siemens as the top player in the field, followed by ChargePoint and ABB.
“Siemens demonstrates an intricate knowledge of the market; targeting currently underserved segments, particularly public transport, and fleets. 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,” explained research author Jordan Rookes.
The research also predicts that by 2027, the total number of plug-in vehicles will surpass 137 million globally; up from 49 million in 2023. As this adoption grows, charging vendors must differentiate their services in a highly fragmented market. As such, it is important for EV charging vendors to target consumers as early as possible to build brand loyalty. Accordingly, vendors must develop strategic partnerships with automotive manufacturers, offering benefits such as discounted rates to encourage owners of certain EV brands to use their charging stations; helping EV charging vendors remain competitive.