Here's How Much You'll Be Spending to Charge Your Electric Car by 2026
Electric vehicles are more popular than ever, but what's the best way to charge them? Thanks to the fragmented availability and high costs of public charging networks, the future seems to be in at-home charging units.
According to Juniper Research, the lower cost and convenience associated with home charging will lead to a 390% increase in global spend over the next five years. This means the $3.4 billion that was spent on EV charging at home in 2021 will rise to $16 billion by 2026.
Juniper estimates that Asia will lead the way, with an average of $678 spent on EV charging per household. Europe is expected to spent $377 per household, and North American households will pay $349. South America will pay just $68 per household, and Africa will pay just $33.
Total EV charging sessions are expected to jump to 1 billion over 35 million households in the next five years. Two million households charged using home wallboxes in 2021, but that number would jump to over 21 million, if estimations hold true. Fifty-five percent of households will use a wallbox charger, and 45% of households will use mains plug chargers.
For this idea to become a reality, Juniper Research believes home-charging vendors and automotive manufacturers will need to form partnerships. In a way, this is already happening, with Tesla opening its Supercharger stations to other electric vehicles.
If the industry can pull this off, it could mean global hardware revenue will jump from $1.8 billion in 2021 to $5.5 billion in 2026.
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