Public EV Charging Infrastructure to Triple by 2026
The total global public charging stations for the general public is expected to soar to 16 million by the year 2026, a threefold increase compared to 2023 as global ownership of neighborhood electric vehicles (NEVs), including PHEVs and BEVs, reaches 96 million, according to Trendforce.
Today, the United States has over 200,000 charging stations and aims to reach 500,000 by the year 2026 where an estimated 15 million NEV ownership, resulting in a vehicle-to-charger ratio of 32:1. Europe and China are expected to achieve ratios of 9:1 and 4:1, respectively, by the year 2026.
The rapid growth of public charging stations is being driven by a number of factors, including government incentives, falling battery costs, and increasing consumer demand for electric vehicles.
Governments around the globe have taken proactive steps by offering incentives to hasten the adoption of electric vehicles. The United States federal government extends a tax credit of up to $7,500 for the acquisition of a new electric vehicle.
Battery costs have also been falling rapidly in recent years, making electric vehicles more affordable for consumers.
Furthermore, the demand for electric vehicles is on a continuous ascent. A recent survey conducted by McKinsey & Company unveiled that a substantial 73% of global consumers are contemplating buying electric vehicles as their next automobile.
The growth of the public charging infrastructure is essential for the ongoing integration of electric vehicles into mainstream transportation. Public charging stations greatly facilitate the recharging process for electric vehicle owners, particularly those devoid of home-based charging solutions.
The expansion of public charging infrastructure is also helping to address one of the main concerns about electric vehicles: range anxiety. Range anxiety is a term coined to determine the fear of running out of battery power before reaching a charging station. With more public charging stations available, electric vehicle owners can be more confident that they will be able to find a place to charge their vehicles when they need to.