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Global spending on home electric vehicle (EV) charging will exceed $16 billion by 2026, up from $3.
4 billion in 2021, according to a new report released Monday by Juniper Research.
Research shows that more than 390% of the rapid growth over the next five years will be driven by the low cost and convenience of EV home charging, rather than using expensive and often inconvenient public charging networks
.
By 2026, more than 21 million households worldwide will be charging in home wall-mounted boxes – up from just 2 million in 2021
.
While public charging networks are growing rapidly in terms of access, home charging installations will experience very strong growth
over the next five years.
Study author Nick Maynard said: "Home wall-mounted charging units are more convenient and less costly than alternatives, and both automakers and governments have a responsibility to support the rollout of home charging to secure the future
of electric vehicles.
”
The inability of city dwellers to charge at home is a major concern, but given the current high cost of electric vehicles, users may use on-street parking
.
The study found that global hardware revenue for home charging wall installations will reach $5.
5 billion from $1.
8 billion in 2021 to $5.
5 billion in 2026.
Given the decentralized availability and high cost of public charging networks, home charging suppliers and automakers will forge partnerships to make home charging central to the future EV transition
, the study said.
Global spending on home electric vehicle (EV) charging will exceed $16 billion by 2026, up from $3.
4 billion in 2021, according to a new report released Monday by Juniper Research.
Research shows that more than 390% of the rapid growth over the next five years will be driven by the low cost and convenience of EV home charging, rather than using expensive and often inconvenient public charging networks
.
By 2026, more than 21 million households worldwide will be charging in home wall-mounted boxes – up from just 2 million in 2021
.
While public charging networks are growing rapidly in terms of access, home charging installations will experience very strong growth
over the next five years.
Study author Nick Maynard said: "Home wall-mounted charging units are more convenient and less costly than alternatives, and both automakers and governments have a responsibility to support the rollout of home charging to secure the future
of electric vehicles.
”
The inability of city dwellers to charge at home is a major concern, but given the current high cost of electric vehicles, users may use on-street parking
.
The study found that global hardware revenue for home charging wall installations will reach $5.
5 billion from $1.
8 billion in 2021 to $5.
5 billion in 2026.
Given the decentralized availability and high cost of public charging networks, home charging suppliers and automakers will forge partnerships to make home charging central to the future EV transition
, the study said.
