The growing popularity of electric vehicles (“EVs”) will lead to a rise in spending in charging options, particularly home charging. According to new research, spending on home charging is set to increase by 390% by 2026.
When it comes to charging, electric car owners have to deal with the high charging costs of public networks as well as limited availability. Home charging thus provides electric car owners with convenience and reduced charging costs.
According to a research by Juniper Research, a research and consultancy firm, the amount of money spent on home charging in 2021 was $3.4 billion. These figures are set to increase to $16 billion in 2024. Last year, it was estimated that about 2 million households use a home wallbox for charging. It is expected that these home wallboxes will experience a surge in demand increasing more than 21 million households in 2026.
According to Nick Maynard, the author of the research, this is because the wallboxes have a lower cost compared to the available alternatives, and they are convenient. The research also estimates how much it will cost households to keep their EVs charged across the world. Asia, which is the biggest global market for EVs, is the highest with the average cost being $678 per household per year. Europe comes in second with the average of $377.
Meanwhile, in North America it is estimated that each household will pay $349. The list concludes with South America households paying $68 each, and Africa households paying $33. As more households spend more on home chargers, the total number of EV charging sessions is set to increase to a billion in the next five years.
Electric cars can get charged using two separate electrical currents that flow in different directions, which are direct current (“DC”) and alternating current (“AC”). AC power is that which comes from the grid and usually changes directions. Meanwhile DC power travels in a straight line and is used for energy storage in batteries. With DC chargers, power is converted from AC to DC before flowing into the car batteries.
The study estimates that 55% of households will have a wallbox charger while the remaining 45% will use direct AC power. As a result, the revenue generated from demand in charging wallboxes will rise from $1.8 billion in 2021 to about $5.5 billion in 2026.
The report suggests that manufacturers and vendors of EV chargers should form partnerships with automakers such as Mullen Automotive Inc. (NASDAQ: MULN). This will accelerate EV adoption, and according to Maynard, government support will also help in securing the “future of electric mobility.”
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
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