The number of electric vehicle (EV) charging ports worldwide is expected to increase sharply over the next two decades, reaching 206.6 million by 2040, according to a new forecast from Wood Mackenzie. The report predicts a compound annual growth rate (CAGR) of 12.3% between 2026 and 2040.
Residential charging is expected to remain the backbone of the market, with 133 million home ports projected by 2040. Annual spending on EV charging infrastructure is forecast to grow 8% per year, reaching $300 billion by the end of the period.
“Residential Level 2 charging dominates the global market and will make up about 2 out of every 3 charging ports worldwide through 2050,” said Emil Koenig, senior research analyst at Wood Mackenzie. “Its appeal comes from the balance of convenience, performance, and value that resonates most strongly with EV owners.”
Public charging is also expected to expand, though at a slower pace than home-based setups. Oliver McHugh, senior EV charging research analyst at Wood Mackenzie, said: “As utilization in public charging increases and infrastructure efficiency improves, we expect the ratio of EVs to public chargers to rise from 7.5 battery electric vehicles per charger in 2025 to 14.2 in 2040.”
The Asia-Pacific region will continue to lead the global market, with China dominating public charging networks. DC fast charging is projected to grow around 10% annually from 2025 to 2040, while annual capital spending for public Level 3 and residential Level 2 chargers in the region is expected to reach $54 billion and $33 billion, respectively. India is emerging as a fast-growing market, with its DC fast charger network projected to expand from 14,000 today to 1.1 million by 2040.
In the Americas, the United States’ public fast-charging market is forecast to grow at a 14% annual rate, reaching 475,000 ports and generating $3.3 billion in annual market value by 2040. South America is expected to see residential Level 2 charging expand at 22% annually, reaching $11.2 billion in spending by 2040.
Europe’s public charging infrastructure is projected to grow 11.3% annually through 2040, with DC fast chargers expanding 13.7% per year. Residential charging in the region is expected to reach 57 million AC ports, with commercial charging growing 12% annually. In the Middle East, Saudi Arabia’s public DC charging segment is forecast to grow 29% per year, contributing to an overall $14 billion annual spend on public charging and $30 billion on residential charging across the EMEA region by 2040.
