New Delhi– The spending on electric vehicle (EV) charging at home will exceed $16 billion globally in 2026, up from $3.4 billion in 2021, a new report showed on Monday.
This rapid growth in excess of 390 per cent over the next five years is being driven by the lower cost and convenience of home charging for EVs, rather than using costly and frequently inconvenient public charging networks, according to a new study from Juniper Research.
By 2026, over 21 million households globally will charge using a home wallbox — from just 2 million in 2021.
While public charging networks are growing rapidly in terms of access, home wallboxes will experience very strong growth over the next five years.
“Home wallboxes 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,” said research author Nick Maynard.
The lack of access to charging at home for urban residents is a major issue, but given EVs are currently high cost, the likelihood is that users will have access to off-street parking.
The research found that the global hardware revenue from home charging wallboxes will reach $5.5 billion in 2026, from just $1.8 billion in 2021.
The bundling of home wallboxes will incentivise users to take up specific charging points at the point of vehicle purchase.
The home charging vendors and automotive manufacturers form partnerships to make home charging central to future EV transitions, given the fragmented availability and high costs of public charging networks, said the research. (IANS)