A new study from Juniper Research, the foremost experts in smart cities markets, found the total number of EV (Electric Vehicle) charging points globally will grow by 194% over the next five years; rising from 21.8 million in 2024.
The research found private EV sales have slowed in the last year due to a number of 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, being some of the key driving factors in expanding charging networks.
An extract from the new report, Global Electric Vehicles Charging & Batteries Market 2024-2029, is now available as a free download.
Support of Rapid Charging Technology Is Critical to Success
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 charge beyond 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.
In addition to the significant improvements in charging times, the integration of rapid DC chargers also aligns with the advancements seen in electric vehicle testing. As more rigorous and comprehensive tests are conducted, it’s evident that faster charging capabilities are not only beneficial for consumer convenience but also enhance electric vehicles’ overall performance and reliability. This improved infrastructure and vehicle technology accelerates the transition to electric mobility, reinforcing the necessity for stakeholders to invest in rapid charging solutions.
About the Research Suite
The new market research suite offers the most comprehensive assessment of the electric vehicle charging & batteries market to date; providing analysis and forecasting of over 56,500 datapoints across 60 countries over five years. It includes a ‘Competitor Leaderboard’ and examination of current and future market opportunities.
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