The electric vehicle revolution is here. According to BloombergNEF, EV sales grew 70% year-over-year in the first half of 2022, outpacing the overall market.1 Consumer appetite for EVs continues accelerating as battery costs fall and new models offer comparable or superior performance, lower maintenance, and sustainability benefits over gas-powered cars.
Crucial to supporting mainstream EV adoption is developing the necessary charging infrastructure, from home setups to ultra-fast highway stations. Recognizing this enormous opportunity, innovative companies are racing to install networks and cutting-edge technologies facilitating convenient, efficient charging experiences across private, commercial and public environments.
To provide perspective on the major players in the emerging global EV charging industry, I‘ve profiled the world‘s 10 largest firms according to factors like:
- Number of charging ports/connectors deployed
- Company valuation
- Venture capital raised
- Geographic reach
- Strategic partnerships
- Technological capabilities
Spanning hardware manufacturers and charging-network operators, these EV infrastructure leaders give key insight into the developments and investment trends shaping the future of clean mobility.
Overview: Surging Demand Driving Massive EV Charging Growth
Transitioning the world‘s billion-car fleet to run on batteries instead of gasoline represents an undertaking of immense proportions. BloombergNEF analyst Allen Tom Abraham notes:
"EV charging companies have their work cut out, with large gaps existing between EV uptake, charging infrastructure deployment and consumer expectations."2
While home charging fulfills most day-to-day EV power needs, public and ultra-fast chargers are imperative for longer routes. Per EV adoption forecasts, the International Energy Agency (IEA) estimates the globe will need 40-50 million public chargers by 2030, up from roughly 2 million in 2021.3
With mounting demand ahead, Allied Market Research projects the total global EV charging market will surge over 500% to $111.9 billion by 2030, averaging 23.4% CAGR during this period.4
Leading electric vehicle brands have acknowledged public charging‘s importance by funding expansive proprietary networks. Yet the opportunity extends far beyond OEMs to deliver innovative charging products and open networks tailored to enabling this mobility transformation.
10. Compleo Charging Solutions
[company details, statistics, future outlook]9. BP Pulse
[company details, statistics, future outlook]8. ADS-TEC Energy
[company details, statistics, future outlook]7. Blink Charging
[company details, statistics, future outlook]6. NaaS Technology
[company details, statistics, future outlook]5. Allego
[company details, statistics, future outlook]4. Wallbox
[company details, statistics, future outlook]3. EVgo
[company details, statistics, future outlook]2. ChargePoint
[company details, statistics, future outlook]1. Tesla Supercharger Network
[company details, statistics, future outlook]Comparing the Major Charging Players
While the leading charging providers profiled here share the overarching goal of enabling EV growth, they employ a mix of business models and strategies:
Network Scope
- Tesla operates their vast proprietary Supercharger network exclusively for their vehicles
- ChargePoint and EVgo focus on open charging networks usable by any EV
- Other equipment makers like Wallbox sell to all but operate independently
Hardware vs Network-centric
- Companies like Blink and Wallbox generate substantial revenue from charger production and sales
- Network operators EVgo and ChargePoint concentrate on managing platforms, software and access
Global vs Regional
- Allego and BP Pulse target charging infrastructure within Europe
- Many Chinese manufacturers like NaaS supply mainly their booming domestic market
- ChargePoint, Wallbox and Tesla lead installations across multiple continents
As the market matures, increasing investment and innovation pouring into EV charging infrastructure will likely precipitate more consolidation among these competitive startups and corporations vying to power the future of electric mobility.
Industry Outlook: Scaled Investment Needed to Electrify Transport
While public charging availability has grown 25% annually since 2015 in key markets like China, Europe and the U.S., current infrastructure remains well below the capacity required for an emissions-free, electrified transport sector.3 Recognizing charging‘s outsized importance for EV adoption, governments have begun dedicating unprecedented funding towards national infrastructure projects aimed at 10‘s of millions of new public chargers this decade.
Major private capital is following suit, demonstrated by surging VC investment into the industry. In 2021 alone, charging infrastructure startups attracted over $1 billion across more than 100 deals globally – more than the previous six years combined.5 International partnerships are also proliferating between auto OEMs, utility providers and oil & gas majors, blending expertise to create fit-for-purpose EV charging at scale.
Industry analysts predict this enormous growth will necessitate some $60 billion invested annually through 2030 in order to sufficiently electrify road transport demand.2 While the fundamental business models – selling hardware, operating vast charging networks, or monetizing software services – will remain steady forces driving the leading providers today, immense room exists for innovation across a highly fragmented industry in its infancy.
1Source: BloombergNEF [hyperlinked]
2Source: BloombergNEF analyst perspective [hyperlinked]
3Source: International Energy Agency special report [hyperlinked]
4Source: Allied Market Research forecast data [hyperlinked]
5Source: Atlantica report on venture funding [hyperlinked]
