The global electric vehicle (EV) charging market is poised for an unprecedented boom, according to a recent MoneyTransfers.com analysis that shows that the global EV charging market will surpass $62 billion in 2025.
What’s driving investments in EV charging?
MoneyTransfers’ analysis cites several factors pushing the expected growth in investments in charging infrastructure. One of them is the increase in the EVs available to consumers. In 2021, global EV sales topped 6.3 million, with projections pointing to the figure crossing the 14 million mark by 2025. That increase in EV units will also push up the demand for additional charging stations.
Additionally, the cost of ownership for EVs has dropped significantly. Several manufacturers have EVs that retail at par with internal combustion engine (ICE) vehicles. This has made them accessible to the average consumer, therefore, shoring their demand. EVs’ increased popularity and affordability will drive demand for public and workplace charging infrastructure.
Another factor is the growing awareness about electric vehicles and their benefits, the analysis states. The awareness among consumers about benefits such as reduced carbon emissions and low fuel costs associated with EV charging will drive the EV charging infrastructure market.
What does the growth portend?
So, what does this mean for consumers? For starters, they can expect to see more chargers out on the road within the next several years. Additionally, they can expect to see more innovative solutions rolling out of production lines. That includes increasing installations of charging points at home and in public spaces.
Already some automakers are collaborating with charging infrastructure providers to increase access to charging stations. Volvo USA and ChargePoint, for instance, run one such venture. In it, the latter will offer Volvo EV owners Home Flex chargers enabling them to recharge their vehicles from home, the analysis says.
In addition, many companies are now making EV charging stations available at their premises. This move enables employees and customers to charge their vehicles while there. The action is in line with strict government demands on motor vehicle emissions. That has seen governments incentivize them to introduce charging slots.
A significant driver for this market will be the increased availability of battery storage systems and solar charging stations. These will allow EV owners to charge their vehicles from almost anywhere. Furthermore, they’ll enable vehicles to keep their charges for longer mileages.
Smart charging solutions will also ease the charging woes that many EV owners face on highways. These include NFC and RFID, allowing you to charge your car without plugging it into the main’s electricity. Moreover, they’ll support self-operated kiosk-like charging points.
