Autobayng News Team
Annual global spending on EV charging infrastructure is forecast to grow at 8% CAGR in this period, reaching $300 billion.“>
India’s DC fast chargers are projected to grow from 14,000 at present to 1.1 million by 2040, according to Wood Mackenzie’s Electric Vehicle (EV) Charging Infrastructure Forecast. The report attributes the growth to strong policy support and rapid EV market expansion in the country.Globally, the number of EV charging ports is expected to increase at a 12.3per cent CAGR from 2026-2040, reaching 206.6 million ports. The residential charging market will continue to dominate, with 133 million ports worldwide by 2040.Annual global spending on EV charging infrastructure is forecast to grow at 8per cent CAGR in this period, reaching $300 billion.“As utilisation in public charging increases and infrastructure efficiency improves, we expect the ratio of EVs to public chargers to increase from 7.5 battery electric vehicles per charger in 2025 to 14.2 in 2040,” said Oliver McHugh, senior EV charging research analyst for Wood Mackenzie.
Emil Koenig, senior research analyst, EV charging and power and renewables for Wood Mackenzie, said, “Residential Level 2 charging dominates the global market, and will comprise approximately two out of every three charging ports worldwide through 2050. This segment’s sustained appeal stems from its ability to deliver the optimal balance of convenience, charging performance, and value that resonates most strongly with EV owners.”
Regional outlook
In the Asia-Pacific region, China will continue to dominate public charging infrastructure. The region is expected to see ~10per cent CAGR growth in DC charging between 2025 and 2040, with public L3 and residential L2 segments accounting for the largest annual CAPEX spend of $54 billion and $33 billion respectively by 2040.
In the Americas, the US public DC fast charging (DCFC) segment is projected to grow at 14per cent CAGR during 2025-2040, reaching 475,000 ports and generating $3.3 billion in annual market value by 2040. South America will see residential charging expand at 22per cent CAGR, with the residential L2 segment accounting for $11.2 billion CAPEX by 2040.
In Europe and the Middle East, public chargers in Europe are forecast to grow at 11.3per cent CAGR through 2040, led by DC charging at 13.7per cent. The residential segment is expected to reach 57 million AC chargers by 2040, while commercial charging grows at 12per cent CAGR.
Saudi Arabia is projected to record 29per cent CAGR growth in public DC charging, backed by government targets. The EMEA region is forecast to see $14 billion annual spending in public charging and $30 billion in residential infrastructure by 2040.
Join the community of 2M+ industry professionals.
Subscribe to Newsletter to get latest insights & analysis in your inbox.
All about ETAuto industry right on your smartphone!
- Download the ETAuto App and get the Realtime updates and Save your favourite articles.
