The global electric vehicle (EV) charging revenue is likely to exceed $300 billion by 2027, up from $66 billion in 2023, a report showed on Tuesday.
According to Juniper Research, the total number of plug-in vehicles will surpass 137 million globally by 2027, up from 49 million in 2023.
As the adoption grows, "charging vendors must differentiate their services in a highly fragmented market," the report said.
"It is important for EV charging vendors to target consumers as early as possible to build brand loyalty. Accordingly, vendors must develop strategic partnerships with automotive manufacturers, offering benefits such as discounted rates," it added.
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The leading global EV charging vendors currently are Siemens, ChargePoint and ABB.
"Siemens demonstrates an intricate knowledge of the market; targeting currently underserved segments, particularly public transport and fleets," said research author Jordan Rookes.
"Competing vendors must diversify their portfolio away from just home and public chargers, and start targeting alternative high-growth market segments to maximise their market share," he added.
Chargers are overwhelmingly located in urban areas, leading to widespread range anxiety among potential drivers.
This is coupled with the difficulty of accessing charging points via different apps and cards, as well as lack of standards for charging vehicles at the same rate.
As such, EV charging networks must simplify access and work with local authorities to roll out chargers to a wider range of locations, or the EV market will struggle to accelerate, said the report.