EV CHARGING ZOOMS PAST US$300 BLN GLOBALLY BY 2027 - JUNIPER RESEARCH

KUALA LUMPUR, Feb 21 (Bernama) -- Revenue from Electric Vehicle (EV) charging will exceed US$300 billion globally by 2027, up from US$66 billion in 2023, according to a new Juniper Research study. (US$1=RM4.43)

The report titled EV Charging: Key Opportunities, Regional Analysis & Market Forecasts 2023-2027, found fragmentation in charging networks is restricting EV adoption.

Chargers are overwhelmingly located in urban areas leading to widespread range anxiety among potential drivers, 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, according to Juniper Research in a statement.

The research assessed leading EV charging vendors and evaluated them on a number of criteria, including depth and breadth of offerings, innovation and future prospects, providing extensive analysis of the competitive landscape in this dynamic market.

The three leading vendors ranked by the Competitor Leaderboard are Siemens, ChargePoint and ABB.

Its research author, Jordan Rookes said: “Siemens demonstrates an intricate knowledge of the market; targeting currently underserved segments, particularly public transport and fleets.

“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.”

The research also expects the total number of plug-in vehicles will surpass 137 million globally by 2027, an increase from 49 million in 2023. As this adoption grows, charging vendors must differentiate their services in a highly fragmented market.

-- BERNAMA