This projected growth would be more than 390% over the next five years. It’s being driven by the lower cost (compared to public chargers) and convenience of home charging for EVs, according to researchers.
They recommend in their study, “EV Charging: Key Opportunities, Challenges & Market Forecasts 2021-2026,” that charging vendors and auto manufacturers partner up to make home charging a central part of future EV adoption.
The report states that by 2026, over 21 million households globally will charge using a home wallbox, which would be a huge increase from just 2 million in 2021. Further, global hardware revenue from wallboxes will reach $5.5 billion in 2026, up from just $1.8 billion in 2021.
Researchers specifically suggest that auto retailers bundle wallboxes with vehicle purchases and EV charger manufacturers form partnerships with car manufacturers to accelerate EV and home charging adoption.
Research author Nick Maynard said:
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.
