EV charging points to hit 64 million globally by 2029

Even though the growth in private sales of electric vehicles (EVs) have slowed in the last year, new research published this week suggests that the number of charging points around the globe will skyrocket to 64 million by 2029.

The figures headline new research from British market research firm Juniper Research, which forecasts EV charging points will rise from 21.8 million globally in 2024 to 64 million by 2029.

According to Juniper, the growth in private EV sales have slowed in the last year due to various factors including range anxiety and reduced EV purchase subsidies for consumers.

This differs from the IEA’s assessment. Its Global EV Outlook 2024 suggested EV sales continue to remain strong globally through the first three months of 2024, surpassing the same period of 2023 by around 25 per cent.

However, the majority of these additional sales come from China, where smaller and cheaper EVs make up a greater share of sales and where many EV segments are already cheaper than ICE models.

In other regions, according to Juniper, government support has shifted from rebates to support the purchase of EVs to building EV charging infrastructure – such as the On-street Residential Chargepoint Scheme in the UK, and the Bipartisan Infrastructure Law in the US.

This trend is reflected in Australia, where many states have dumped EV rebates but increased the number of charging rollouts  across  the country.

The Juniper research says the United States and United Kingdom will be the largest adopters of rapid DC chargers of speeds up to 150kW, accounting for over 45% of EV charging infrastructure by 2029.