The global spend on EV charging at home will exceed US$16 billion by 2026, up from $3.4 billion in 2021, a new study has found.
According to Juniper Research, the rapid growth exceeding 390 per cent over the next five years is driven by the convenience and lower cost of home charging for EVs, rather than the more pricey and usually inconvenient public charging networks.
However, the lack of home charging access for urban residents still presents itself as a major issue. Given that EVs are usually priced at a premium, owners would most likely have access to off-street parking. The research recommends that home charging vendors and automotive manufacturers work together to prioritise home charging for future EV transitions, given the scattered availability and high costs of public charging networks.
“Home wall boxes 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,” explained Maynard, the research’s author.
The study, EV Charging: Key Opportunities, Challenges, and Market Forecasts 2021-2026, found that during the next five years, over 21 million households worldwide will charge using a home wall box, from just two million in 2021. This shows that while public charging networks are growing rapidly in accessibility, home wall boxes are predicted to exceed that growth.
In addition, the global hardware revenue from home charging wall boxes will reach $5.5 billion by 2026, from just $1.8 billion in 2021. The bundling of home wall boxes with their EVs is an incentive to users who are willing to limit themselves to specific charging points at the point of vehicle purchase.
Lastly, the report recommends that EV charging manufacturers focus on partnerships with car manufacturers to accelerate adoption or risk being overtaken by the competition.
