As the adoption of electric vehicles grows, the demand for efficient and widespread EV charging infrastructure is increasing. Key areas include:

Figure 19: US EV infrastructure revenue projection [16]

The US electric vehicle (EV) infrastructure market is anticipated to expand significantly, reaching approximately $100 billion by the year 2040. Charge Point Operators (CPOs) are expected to generate the majority of revenue within the Electric Vehicle Supply Equipment (EVSE) sector through comprehensive turn-key solutions. Revenue from advanced hardware solutions, essential for bi-directional charging and sophisticated home energy systems, is projected to contribute around $20 billion. While software plays a crucial role in enabling CPO solutions, the direct revenue from software alone is expected to represent only a small fraction of the total market.

Figure 20: EV charging point by segment [16]

According to recent PWC studies, the workplace charging segment is projected to experience rapid growth, expanding from virtually nonexistent to approximately 17% of the market, translating to about 6 million charging points by 2030. Similarly, charging infrastructure in apartment buildings, or multi-unit residential settings, is expected to see significant growth. Starting from almost zero, it's anticipated to capture about 15% of the market by 2025 and further increase to 17% by 2030.

Figure 21: EV charging station market ecosystem [17]

The electric vehicle charging infrastructure (EVCI) landscape is shaped by various strategic approaches:

  1. Pure-Play CPOs: Companies like Electrify America and EVgo focus on high-speed charging in premium locations, using a model based on electricity arbitrage. They are exploring partnerships to stay competitive.
  2. Energy Companies (Oil and Gas): Firms such as BP and Shell are integrating EV charging into their existing fuel stations as part of a broader move towards renewables, aiming to keep their infrastructure highly utilized.
  3. Utilities: Known for competitive electricity pricing and strong customer relationships, utilities offer integrated energy packages but lack experience in dedicated EV charging operations. Regulatory barriers also limit their direct involvement in the energy resale market.