EV Charging Networks Set for Significant Growth

Published On
Oct 10, 2018

All of the signs are pointing to a significant growth curve for electric vehicle (EV) charging stations and networks as a result of the continuing rapid growth in EV sales.

According to a new Bloomberg New Energy Finance report, EV sales are expected to grow significantly faster in the next few years than initially estimated.

"The electrification of road transport will move into top gear in the second half of the 2020s, thanks to tumbling battery costs and larger-scale manufacturing, with sales of electric cars racing to 28 percent, and those of electric buses to 84 percent, of their respective global markets by 2030," the Bloomberg report states.

The report adds that EV sales are expected to increase from a record 1.1 million in 2017 to 11 million by 2025 and then surge to 30 million in 2030. By 2040, according to the report, approximately 60 million EVs are expected to be sold, representing 55 percent of the global light-duty vehicle market.

ChargePoint, which currently has 54,000 "charging spots," announced it will develop 2.5 million EV "charging spots" by 2025.

"Our commitment to deploy 2.5 million charging spots by 2025 comes as the company embarks on the most significant period of growth in our history and in the midst of a revolution in transportation," said Pasquale Romano, president and CEO of ChargePoint. "ChargePoint's 2.5 million charging spots will support the forecasted 20 million EVs that will be on the road in North America and Europe by 2025."

Furthermore, Kristof Vereenooghe, CEO of EVBox, announced that his company will target 1 million "charging points" globally by 2025.

This comes on the heels of the announcement by EVgo and Nissan that they have completed development of a series of fast-charging stations along the 500 miles from Washington, D.C. to Boston.

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