EV charging infrastructure expected to surpass $62B in 2025

A MoneyTransfers.com analysis shows that the global EV charging market will surpass $62 billion in 2025. MoneyTransfers' analysis cites several factors pushing the expected growth in investments in charging infrastructure. 

What's driving investments in EV charging?

One of them is the increase in the EVs available to consumers. In 2021, global EV sales topped 6.3 million, with projections pointing to the figure crossing the 14 million mark by 2025. 

Additionally, the cost of ownership for EVs has dropped significantly. Several manufacturers have EVs that retail at par with internal combustion engine (ICE) vehicles. This has made them accessible to the average consumer.

Another factor is the growing awareness about electric vehicles and their benefits. The awareness will drive the EV charging infrastructure market.

What does the growth portend?

So what does this mean for consumers? For starters, they can expect to see more chargers out on the road within the next several years. Additionally, they can expect to see more innovative solutions rolling out of production lines. 

Already some automakers are collaborating with charging infrastructure providers to increase access to charging stations. Volvo USA and ChargePoint, for instance, run one such venture. In it, the latter will offer Volvo EV owners Home Flex chargers enabling them to recharge their vehicles from home.

In addition, many companies are now making EV charging stations available at their premises. This move enables employees and customers to charge their vehicles while there. 

Car owners can look forward to increased availability of battery storage systems and solar charging stations. These will allow EV owners to charge their vehicles from almost anywhere. Furthermore, they'll enable vehicles to keep their charges for longer mileages.

Smart charging solutions will also ease the charging woes that many EV owners face on highways. These include NFC and RFID, allowing you to charge your car without plugging it into the mains electricity. 

Get the full story and statistics here: EV charging infrastructure expected to surpass $62B in 2025