The growth of electric vehicle (EV) sales globally has created an increasingly valuable charging infrastructure market. According to research firm ReportLinker, the market was worth US$8.8bn in 2021, with the capacity to increase to over US$23.4bn by 2028—a CAGR of 15%.
In the years prior to 2020, China reportedly invested US$2.4bn in EV charging infrastructure, while other countries like the US, Japan, and South Korea were not far behind. The COVID-19 pandemic briefly slowed growth as workforce and supply chain disruption set in, but with EV sales increasing 160% in Q1 and Q2 of 2021, investment in EV charging has regained ground.
However, this focus on public charging points ignores the consumer reality: estimates suggest that 80% of all EV charging is done at home and overnight. This makes home charging hardware integral to the electrification of the automotive industry. However, in this burgeoning sector, charging and its effect on battery deterioration should be a core consideration.
Subscribe to Automotive World to continue reading
Sign up now and gain unlimited access to our news, analysis, data, and research
Already a member?
