Global electric vehicle (EV) charging ports are expected to grow at an annual rate of 12.3% from 2026 to 2040, surpassing 206 million worldwide, according to a new report by consultancy Wood Mackenzie.
Residential charging will remain the dominant segment, reaching 133 million ports by 2040. To support this expansion, global EV charging infrastructure spending is forecast to rise at a compound annual growth rate of 8%, hitting $300 billion by 2040.
"As utilization in public charging increases and infrastructure efficiency improves, the ratio of EVs to public chargers will rise from 7.5 battery electric vehicles per charger in 2025 to 14.2 in 2040," said Oliver McHugh, senior EV charging research analyst at Wood Mackenzie.
- Asia-Pacific leads growth
Asia-Pacific will lead the global expansion, with China keeping its dominance in public charging, according to Wood Mackenzie.
DC charging in the region is forecast to grow around 10% annually from 2025 to 2040.
By 2040, public Level 3 and residential Level 2 will account for the largest spending at $54 billion and $33 billion, respectively.
India is expected to become a key market, with DC fast chargers rising from 14,000 to 1.1 million by 2040, driven by policy support and rapid EV adoption.
- Americas see rapid DC fast charging expansion
In the Americas, US public DC fast charging will grow 14% annually to 475,000 ports by 2040, generating $3.3 billion in yearly value.
South America will see faster growth in residential charging, expanding at 22% annually as EV adoption accelerates.
- Europe, Middle East and Africa ramp up capacity
In Europe, the Middle East and Africa, public charging is expected to grow 11.3% annually, led by DC charging at 13.7%.
Residential AC chargers will reach 57 million by 2040, while commercial charging expands at 12%.
Saudi Arabia stands out with 29% annual growth in public DC charging, supported by ambitious government targets.
Overall, the region will see annual spending of $14 billion in public and $30 billion in residential charging by 2040.
By Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr