EV infrastructure: More than 200 million charging ports expected by 2040

The number of electric vehicle (EV) charging ports globally is expected to grow at an annual rate of 12.3% over the next 15 years – reaching 206.6 million ports by 2040.

This is according to analysis published this week by Wood MacKenzie, which also forecasts an 8% annual increase in EV infrastructure spend from 2026 to 2040, reaching US$300 billion by the end of the next decade.

This increased investment, as well as improvements in infrastructure efficiency, would help the ratio of public chargers to EVs increase from 7.5 battery-electric vehicles per charger in 2025 to 14.2 in 2040

Still, the firm expects most of the new charging infrastructure to be installed within homes, with 133 million residential charging ports by 2040.

Emil Koenig, senior research analyst, EV charging and power and renewables for Wood Mackenzie, said: "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 leading the expansion

Much of the increase will come from the Asia Pacific region, with China leading the way globally – particularly for public charging infrastructure.

The region is forecast to see an annual growth rate of around 10% in direct current (DC) charging from 2025 to 2040, with public and residential segments representing the largest annual capital spend by 2040 at US$54 billion and US$33 billion respectively. 

India will also emerge as a key growth market, with DC fast chargers expected to surge from 14,000 today to 1.1 million by 2040 thanks to strong policy support, Wood MacKenzie adds.

Meanwhile, the US public charging segment is expected to maintain a robust growth rate of 14% by 2040 despite policy setbacks, reaching 475,000 ports and generating US$3.3 billion in annual market value.

EMEA region supported by government targets

In South America, residential charging is forecast to grow at a 22% rate, with the residential segment dominating investment at US$11.2 billion by 2040. Europe will also demonstrate strong momentum, with an 11.3% annual growth in European public chargers and 57 million residential alternative current (AC) chargers by 2040. 

Saudi Arabia could see an exceptional 29% annual growth rate in public DC charging, supported by ambitious government targets. By 2040, the EMEA region is expected to see annual spending of US$14 billion in public charging and US$30 billion in residential infrastructure.