The automotive industry has been on the cusp of electrification for a long time. That push has picked up speed recently, with major automakers announcing plans to invest in charging infrastructure. That means that the global electric vehicle (EV) charging market is poised for an unprecedented boom. In fact, a MoneyTransfers.com analysis shows that the global EV charging market will surpass $62 billion in 2025.

What’s driving investments in EV charging?

MoneyTransfers’ analysis cites several factors pushing the expected growth in investments in charging infrastructure. One of them is the increase in the EVs available to consumers. In 2021 global EV sales topped 6.3 million, with projections pointing to the figure crossing the 14 million mark by 2025. That increase in EV units will also push up the demand for additional charging stations.

Additionally, the cost of ownership for EVs has dropped significantly. Several manufacturers have EVs that retail at par with internal combustion engine (ICE) vehicles. This has made them accessible to the average consumer, therefore, shoring their demand. EVs’ increased popularity and affordability will drive demand for public and workplace charging infrastructure.

Another factor is the growing awareness about electric vehicles and their benefits. The awareness among consumers about benefits such as reduced carbon emissions and low fuel costs associated with EV charging will drive the EV charging infrastructure market.

Get the full story and statistics here: EV charging infrastructure expected to surpass $62B in 2025