Siemens leads as EV charger market to top $300bn by 2027

Siemens leads as EV charger market to top $300bn by 2027

Market news |
By Nick Flaherty

Siemens has been ranked the leading supplier of electric vehicle charger by market research firm Juniper Research.

Juniper predicts the global market for EV charging systems will rise from $66 billion this year to £300bn by 2027, but found fragmentation in charging networks, a common theme, is restricting EV adoption. 

Part of the problem is that EV chargers are overwhelmingly located in urban areas, leading to widespread range anxiety among potential drivers. This is coupled with the difficulty of accessing charging points via different apps and cards, as well as lack of standards for charging vehicles at the same rate.  As such, EV charging networks must simplify access and work with local authorities to roll out chargers to a wider range of locations, or the EV market will struggle to accelerate.

The research assessed leading EV charging vendors and evaluated them on a number of criteria, including depth and breadth of offerings, innovation and future prospects. It ranked Siemens as the top supplier, followed by ChargePoint and then ABB.

“Siemens demonstrates an intricate knowledge of the market; targeting currently underserved segments, particularly public transport and fleets. Competing vendors must diversify their portfolio away from just home and public chargers, and start targeting alternative high-growth market segments to maximise their market share,” said Jordan Rookes, author of the research.

The research also predicts by 2027, the total number of plug-in vehicles will surpass 137 million globally, up from 49 million in 2023. As this adoption grows, charging vendors must differentiate their services in a highly fragmented market.

This means it is important for EV charging vendors to target consumers as early as possible to build brand loyalty. Accordingly, vendors must develop strategic partnerships with automotive manufacturers, offering benefits such as discounted rates to encourage owners of certain EV brands to use their charging stations; helping EV charging vendors remain competitive.

If you enjoyed this article, you will like the following ones: don't miss them by subscribing to :    eeNews on Google News


Linked Articles