The number of global electric vehicle (EV) charging ports is projected to reach 206.6 million by 2040, growing at a compound annual rate of 12.3%, a new report shows.

The report, Electric Vehicle Charging Infrastructure Forecast, published by data and analytics firm Wood Mackenzie, outlines global trends in EV charging, predicting a major expansion in residential infrastructure and rising investment across regions.

Residential charging will remain the dominant segment, with 133 million ports by 2040, while annual global spending on EV charging infrastructure is expected to grow 8% annually, reaching £236bn by 2040.

“As utilisation in public charging increases and infrastructure efficiency improves, we expect the ratio of EVs to public chargers to increase from 7.5 battery electric vehicles per charger in 2025 to 14.2 in 2040,” said Wood Mackenzie senior EV charging research analyst, Oliver McHugh.

The firm's senior research analyst ofEV charging and power and renewables, Emil Koenig added: “Residential Level 2 charging dominates the global market, and will comprise approximately two out of every three charging ports worldwide through 2050.

"This segment's sustained appeal stems from its ability to deliver the optimal balance of convenience, charging performance, and value that resonates most strongly with EV owners.”

Asia-Pacific will lead growth, with China dominating public infrastructure and India emerging as a key player, with fast chargers expected to grow from 14,000 to 1.1 million by 2040.

The Americas will see strong growth in public DC fast charging, particularly in the US, while South America's residential market is set to grow rapidly, reaching £8.8bn in annual spend by 2040.

Europe and the Middle East is also expected to experience robust expansion, with the region reaching 57 million residential chargers and £35bn in annual spending, driven by countries like Saudi Arabia, where public DC charging is set to grow at 29% annually.

---