Global EV charging ports to grow 12% annually through 2040, says Wood Mackenzie

EV charging ports are forecast to grow to over 206 million ports deployed by 2040, reaching a $300 billion market, said the report.

EV charging ports are expected to grow globally at a 12.3% compound annual growth rate from 2026 through 2040, according to Wood Mackenzie’s infrastructure forecast report.

Wood Mackenzie said it expects 206.6 million charging ports to be deployed globally by 2040, reaching a market of $300 billion. Wood Mackenzie also said it expects the residential charging sector to remain the dominant sector, adding 133 million ports globally.

“As utilization 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 Oliver McHugh, senior EV charging research analyst for Wood Mackenzie.

Level-2 residential charging dominates the market, and Wood Mackenzie said it expects the segment to 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,” said Emil Koenig, senior research analyst, EV charging and power and renewables for Wood Mackenzie.

Despite challenges in the market, Wood Mackenzie expects the U.S. public charger segment to outpace global growth, increasing at a compound annual growth rate of 14% through 2040. The U.S. market is expected to reach 475,000 ports and generate $3.3 billion in annual market value by 2040.

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