The global spend on electric vehicle charging at home will exceed $16 billion in 2026, up from $3.4 billion in 2021, according to a new report by UK-based digital technology research firm Juniper Research.
UnderstandSolar is a free service that links you to top-rated solar installers in your region for personalized solar estimates. Tesla now offers price matching, so it’s important to shop for the best quotes. Click here to learn more and get your quotes. — *ad.
This projected growth would be more than 390% over the next five years. It’s being driven by the lower cost (compared to public chargers) and convenience of home charging for EVs, according to researchers.
They recommend in their study, “EV Charging: Key Opportunities, Challenges & Market Forecasts 2021-2026,” that charging vendors and auto manufacturers partner up to make home charging a central part of future EV adoption.
The report states that by 2026, over 21 million households globally will charge using a home wallbox, which would be a huge increase from just 2 million in 2021. Further, global hardware revenue from wallboxes will reach $5.5 billion in 2026, up from just $1.8 billion in 2021.
Researchers specifically suggest that auto retailers bundle wallboxes with vehicle purchases and EV charger manufacturers form partnerships with car manufacturers to accelerate EV and home charging adoption.
Research author Nick Maynard said:
Wallboxes are convenient and lower cost than alternatives, with the onus being on both car manufacturers and governments to support home charging rollouts to secure the future of electric mobility.
Read more: 6 ways electric car drivers can save money on home charging
Electrek’s Take
To state the obvious, home EV charging is great if you have the means to do it. People who live in apartments or park on the street might not have access, and hopefully the charging industry can figure out a workaround. I suspect they will.
Also, gas car drivers can’t fill up at home. This is yet another clear advantage EVs have over ICE cars. Even using a regular 120v outlet at home is a great perk of electric car ownership, despite its slowness. It worked for my family until I could sort out a faster solution with an electrician.
Photo: “Charging up the Tesla on Miami Beach” by Wayan Vota is licensed under Creative Commons
FTC: We use income earning auto affiliate links. More.
Comments