The EV revolution is well and truly in full flow as the global sales of Elective Vehicles continue to grow yearly. The rising popularity of EVs has also paved a way for other new businesses to crop up, such as EV charging stations. According to the numbers presented by NoKyc.com, the annual revenue from EV charging stations is set to reach $17.47 billion by 2029.
Annual revenue is set to increase by 257% in the next five years
The popularity of electric vehicles is growing at a more than healthy rate globally. According to one estimate, automobile manufacturers are expected to sell 16.7 million units of EVs in 2024. Last year, this figure stood at 13.7 million units. Hence, it’s no wonder that the growing prevalence of EVs has led to the birth of secondary industries, such as EV charging stations.
As things stand, EV charging stations already constitute a multi-billion-dollar industry globally. According to the latest Statista data, the annual revenue from EV charging stations is set to reach $4.89 billion in 2024. This has been a hugely impressive growth curve for the industry that produced just $0.47 billion as revenue in 2019. Thus, the industry has grown almost ten times, 940.4% to be exact, during the span of the last five years.
The growth was rather slow in 2020 due to the pandemic, but since then the revenue from EV charging stations has been growing at a steady pace. This industry crossed the billion mark in annual global revenue in 2021.
Compared to the last five years, the rate of growth is not expected to remain the same in the coming years. Nevertheless, the industry is expected to continue growing at an impressive rate. The annual revenue is expected to reach $6.61 billion in 2025, indicating an increase of 35.2% on a YOY basis.
By the time 2029 comes around, the annual revenue from EV charging stations is expected to reach $17.47 billion, following a growth of 257.3% from 2024 to 2029.
