Northeast Group estimates EV charging points to increase to over 53 million by 2028

The Northeast Group recently released its market forecase for electric vehicle charging infrastructure for 2019-2028.

According to Northeast’s March 2019 paper, today’s 3 million globally available EV charging points is poised to increase to 53.9 million by 2028, which is expected to produce a $55.7 billion market. The forecast is possibly to materialize with electric vehicles global sales continue to emerge as its annual sales approximately quadrupled since 2015.  

“Ultra-fast public charging is making the headlines but the market will actually be concentrated in the residential segment as the EV market grows in countries with high single-family home ownership rates,” said Steve Chakerian, a senior research analyst at Northeast Group. “Additionally, utilities are now offering special EV rates that will make home charging even more attractive. Of the 53.9 million total EV charging points in 2028, we project 48.4 million will be residential 'level 2' chargers.”

Northeast Group gathered a bottom-up analysis and dataset to size the market for 70 individual countries and considers country-by-country factors including but not limited to power sector dynamics, and ongoing EVSE initiatives.

Read the report here.

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