The 10 Largest EV Charging Businesses Globally
Electric vehicle (EV) technology has transformed the automobile industry in significant ways. EVs have greatly decreased reliance on Internal Combustion Engine (ICE) vehicles powered by fossil fuels because of their low operating costs, net zero emissions, and ecologically favourable design.
As per estimates, electric vehicles are expected to dominate the global automotive market by 2035, accounting for roughly half of all car sales. Over 14 million brand-new electric vehicles were driven on public highways in 2023 alone, a startling 35% increase from the year before. In
Growth of Charging Stations
The growth of the EV market has spurred a corresponding expansion in EV charging infrastructure. By 2031, it's predicted that the worldwide market for EV charging infrastructure will generate an astonishing USD 62.66 billion in revenue. Top companies like Tesla, ChargePoint, and EVgo dominate the market, with Tesla boasting a market capitalization of $574.02 billion.
There are three types of electric vehicle charging stations, which include DC rapid charging, Level 1, and Level 2. Level 1 chargers offer a slow but convenient charging option. They work with regular 120V household outlets. With their 240V power supply, Level 2 chargers provide a convenient speed appropriate for most daily charging requirements. DC fast chargers are designed for long-distance travel and use direct current electricity to provide fast charging speeds on highways.
China leads the way in publicly available EV chargers, with approximately 85% of the world's fast and 55% of slow chargers. The United States boasts 128,000 charging stations, including 100,000 slow and 28,000 fast chargers, with Tesla superchargers dominating the fast charging segment. Interestingly, by 2034, there are projected to be around 25 million EV public charging stations worldwide.
Economic advantage
The distribution of electric vehicle charging stations varies across regions. High concentrations of charging stations per person can be found in Norway, the Netherlands, and Sweden, whereas lower concentrations can be seen in Bulgaria, Romania, and Lithuania. Germany is expected to dominate the world in charging points by 2024, followed by France.
Charging an EV proves to be significantly cheaper than refuelling a petrol-driven vehicle. On average, charging an EV costs one-third of refuelling a petrol car. While EVs typically cost around USD 3.23 per 100 kilometres, petrol counterparts demand approximately USD 9.18. Electric Vehicle (EV) charging stations serve as crucial components in a move towards a cleaner future.
This emerging market landscape offers an abundance of growth opportunities. The widespread use of EVs signifies the beginning of an innovative era in transportation as the world moves more rapidly towards a sustainable future.