US-based tech research firm ABI Research foresees revenue from public EV charging growing by 2035 to more than $164 billion. EVs are expected to comprise 27% of registered cars globally by that date.
The Electric Vehicle Charging Infrastructure report also found that by 2035, about two thirds of public charging points will be AC chargers delivering up to 7 kW, but 70% of public charging industry revenue will come from 50-400 kW DC fast chargers. These are the current focus of such major players in the market as Electrify America, IONITY, EVgo and Tesla.
“The adoption of EVs is still on the rise, notably achieving a historic market share of 38% in China and 21% in the EU,” said Dylan Khoo, Electric Vehicles Industry Analyst at ABI Research. “The early adopters of EV technology are disproportionately wealthy and more likely to own homes with driveways or garages to charge their cars. As we transition to the early majority of EV adoption, public charging will be responsible for a greater share of recharging.”
Source: ABI Research