According to a new report from Juniper Research, the global spend on EV home charging is set to exceed US$16 billion in 2026. This is a significant increase from EV home charging spend in 2021, which reached US$3.4 billion — in fact, it represents a growth rate of over 390 per cent.
Specifically, over 21 million households (globally) are expected to utilize a home wallbox by 2026, up from 2 million in 2021. The report also estimated that global hardware revenue from home chargers will reach US$5.5 billion in 2026 — an increase from just US$1.8 billion in 2021, comparatively.
The report notes that the lower cost and convenience of home charging is the catalyst to this momentum, as many current and prospective EV drivers look to equip their home(s) with charging stations to help ease range and public charging anxiety.
In their study, “EV Charging: Key Opportunities, Challenges & Market Forecasts 2021-2026,” researches suggested that “charging vendors and auto manufacturers partner up to make home charging a central part of future EV adoption.” They also highlighted the importance of partnerships between EV charger manufacturers and car manufacturers, in an effort to accelerate EV and home charging adoption and offer up home charging station “bundles” with the purchase of an EV.
“Wallboxes are convenient and lower cost than alternatives, with the onus being on both car manufacturers and governments to support home charging rollouts to secure the future of electric mobility,” said research author Nick Maynard.