In this article, we will be taking a look at the 9 biggest EV charging and infrastructure companies in the world. To skip our detailed analysis, you can go directly to see 5 biggest EV charging and infrastructure companies in the world.
If you’re still unsure whether climate change is real or not, just have a look around you. For decades, we’ve been hearing about the potential impact of burning fossil fuels, but over the past few years, the changes are actually occurring and causing devastating impact to the world. Europe saw a record heatwave in July, which ended up breaking records in many areas, including the UK where the temperature crossed 40 degrees centigrade for the first time in history. Pakistan is still battling floods after record rainfall, with some provinces receiving more than 500% of its average rainfall. More than a third of the country is under water, with over 30 million people impacted. The situation is expected to further worsen as the glacial melt, which is three times higher than normal, has led to a deluge of water flowing from North to South, inundating villages and towns throughout.
While countries have pledged to reduce emissions, with perhaps the most important pledge being the Paris Climate Accords, even that may not be enough, according to new research. Also, many fossil fuel companies are not decarbonising fast enough to meet some of the requirements of the Paris Agreement. However, one thing that most countries agree on is that to reduce the consumption of fossil fuels, the world has to move away from traditional cars to electric vehicles. Transportation tends to account for almost a third of total carbon dioxide emissions, one of the leading greenhouse gases.
Tesla, Inc. (NASDAQ:TSLA) has been a game changer in the electric vehicle world, introducing models which while not exactly cheap, are still affordable to many people, with higher-end versions of electric vehicles available as well. The share price of Tesla, Inc. (NASDAQ:TSLA) has exploded since the pandemic, resulting in a 3:1 stock split which took the share price to under $300. Other companies have realized the lucrative potential in the market, as well as regulatory incentives, and Volkswagen, the largest automaker in the world, has announced its aim to achieve 70% battery electric vehicle sales by 2030, part of its ambition to become net carbon0-neutral by 2050. Meanwhile Hertz, one of the biggest car rental companies in the world, announced a deal to purchase 100,000 vehicles from Tesla for its rental fleet, as the maintenance costs of electric vehicles are much lower.
In 2020, there were more than 20 million electric vehicles in the world, a 43% increase compared to 2019. In 2016, there were less than 2 million electric vehicles in the world, demonstrating the exponential growth in the past half decade. While Europe’s car market contracted by 22% in 2020 driven by the pandemic, electric car registrations actually doubled with Germany registering the biggest increase. There were two main reasons behind this drive, pun not intended; 2020 was the target year in the European Union’s CO2 emission standards which reduced the CO2 emission per kilometer driven for new cars, and secondly, many governments in Europe introduced subsidy schemes for electric vehicles to encourage purchase. This represents large scale acceptance of electric vehicles in Europe, which fared better than the United States, where the electric vehicle market contracted in 2020, though it is encouraging that the contraction was less than the decline faced by the overall market.
While most countries are trying to move towards electric vehicles, it is not as easy to convince the general population. There are a lot of reasons behind this, with one of the biggest ones simply being that people always struggle against change. Other issues include the availability of such cars, the price generally being higher than traditional vehicles and in many developing nations, a lack of electric charging stations and related infrastructure. Hence, it is not just important to have electric vehicles available for purchase for the general population but the related infrastructure as well.
This is why our article is focusing on the biggest EV charging and infrastructure companies in the world. These are the companies which may not be grabbing headlines like Volkswagen or Tesla, Inc. (NASDAQ:TSLA), but are still absolutely essential to the adaptation and evolution of the EV industry. As per Strategic Market Research, the electric vehicle charging stations market was worth $12.41 billion in 2021, and is expected to reach $142.36 billion by 2030, representing a CAGR of 31% from 2021 to 2030, while the electric commercial vehicle market will increase from $57 billion in 2021 to $800 billion in 2030.
Of course, the major driving reason behind this significant expected growth is the major increase in demand for electric vehicles, which has prompted governments to provide massive investment in EV infrastructure. This, combined with advances in technology for EV charging stations, which include an automated method of payment, development of ultra-fast charging technology, and increase in the usage of V2G EV charging stations has provided several opportunities for fast growth.
We consulted Strategic Market Reseach, who mentioned “According to INSIDE EVS, Tesla’s Supercharger n/w network has nearly 382 points across the UK, and it launched its first 150kW EV charging station at Heathrow in August with just two charging points, but the 400kW EV charging points promised by Tesla for 2021 appeared to be out of reach. As a result, 50kW chargers are a much better indicator of rapid charging. They are far more common at gas stations and account for up to 22% of the public charging infrastructure.”
Further, Strategic Market Research mentioned that fuel prices have been incredibly unstable in 2022, beating all-time highs in many countries globally, driven mainly by the war in Ukraine and the impact on oil prices and production. While oil prices have since decreased, fuel is still quite expensive for many people and since most countries import fuel from oil-producing countries, using electricity for powering vehicles is a much more cost-effective solution.
The Asia Pacific market has been ruling the electric vehicle market, mainly because of the two fastest growing economies in India and China being located in the region. The governments of both countries have focused on the growth of the EV charging station market to attract major companies in the segment to operate in the countries. The Asia Pacific market is followed by Europe, where the governments are laying significant emphasis on the growth of the electric vehicle industry to fight off climate change. So let’s now take a look at the companies which are driving the growth in the EV charging and infrastructure market, courtesy of data provided by Strategic Market Research:
9. Blink Charging Co. (NASDAQ:BLNK)
Blink Charging Co. (NASDAQ:BLNK) provides fast, level 2 EV charging stations and networks, with solutions for both customers and businesses. Blink Charging Co. (NASDAQ:BLNK) is working on the deployment and operation of EV charging infrastructure not just in the United States, but aim to operate globally as well. Blink Charging Co. (NASDAQ:BLNK) boasts “the most advanced equipment in the industry”.
Previously we featured Blink Charging in our article titled “Short Sellers Are Targeting These 5 Stocks“.
Webasto is a German automotive industry, considered among the 100 leading suppliers to the automotive industry, and in 2018, purchased AeroVironment, Inc.’s (NASDAQ:AVAV) Efficient Energy System for $35 million, which includes the electric chargers component. The company was in the news as its location in China saw one of the first human to human transmissions of the Covid-19 virus in late January 2020. The company is also working with Bosch to create a self-driving car.
Alfen is a smart energy solution company based in the Netherlands. Founded in 1937, Alfen is among the biggest EV charging and infrastructure companies in the world, and boasts that its Smart Charging Network allows for unparalleled mutual charging station cooperation, while you can even see what you’re doing while charging through the large HD screens available in the charging stations.
6. EVgo, Inc. (NASDAQ:EVGO)
EVgo, Inc. (NASDAQ:EVGO) claims to be America’s biggest public electric vehicle fast charging network, with more than 850 fast charging states in at least 30 states in the United States, and is available for EV drivers, business owners, policymakers, fleets and automakers among other groups. EVgo, Inc. (NASDAQ:EVGO) further claims that more than 140 million Americans live less than 10 miles form an EVgo, Inc. (NASDAQ:EVGO) charger. EVgo, Inc.’s (NASDAQ:EVGO) chargers are powered completely through 100% renewable energy.
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Disclosure: None. 9 biggest EV charging and infrastructure companies in the world is originally published at Insider Monkey.