The report, EV Charging: Key Opportunities, Regional Analysis & Market Forecasts 2023-2027, digs into the key trends of the evolving EV market and also provides a future outlook on this growing area.

According to the report, the key drivers for growth include increasing government incentives for EV ownership, demand for EVs, and rising EV sales. It also predicted that the total number of plug-in vehicles will excel 137 million globally by 2027, up from 49 million in 2023.

While these market strengths have been outlined, the report also highlighted roadblocks that are hindering the market from further expansion, such as fragmentation in charging networks, which is currently restricting EV adoption.

As it stands, chargers are overwhelmingly located in urban areas, adding to range anxiety surrounding the lack of chargers in more rural locations. Additionally, there’s difficulty in accessing charging points as they are often gatekept via different apps and cards.

In response to these problems, the report’s author advocates for a range of solutions. These include simplifying charger access and diversifying the locations of chargers, as well as working in conjunction with local authorities to ensure successful roll outs of new chargers.

As EV adoption grows, the author also suggests that charging vendors must differentiate their services in a highly fragmented market, target consumers early on to foster brand loyalty, develop strategic partnerships with automotive manufacturers, and offer incentivising benefits — such as discounted rates — to help EV charging vendors remain competitive.

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As part of the investigation, the market research company also ranked 20 EV charging vendors — such as Tesla, BP Pulse, and ChargePoint — evaluating them on a criteria including breadth of offerings, innovation, and future prospects. But it was Siemens who clinched first place on Juniper Research’s Competitor Leaderboard.

Research author Jordan Rookes explained further: “Siemens demonstrates an intricate knowledge of the market; targeting currently underserved segments, particularly public transport and fleets. Competing vendors must diversify their portfolio away from just home and public chargers, and start targeting alternative high-growth market segments to maximise their market share.”