EV Charging Station Market - Top Players & Market Outlook

With the advancement in the field of technology, the world is shifting towards sustainable transportation which is why most automobile companies are introducing electric cars. This is the most viable option for doing both short as well as long-distance travel. Having said that, the journey is only possible with the proper charging infrastructure.

Importance of EV Charging Stations

Charging infrastructure plays a crucial role in the deployment of electric vehicles. If there is no proactive plan, there won’t be any mass adoption of electric vehicles. The EV charging infrastructure consists of both hardware as well as software which ensures proper charging of the automobiles.

Strategic charging locations along with acceptable charging times will increase the functionality of battery electric vehicles and decrease public charging needs. To encourage people to convert from traditional internal combustion engine automobiles to electric vehicles, a reliable charging infrastructure is required. Potential EV owners might be reluctant to make the switch in the absence of simple and accessible charging stations.

Electricity needed for electric vehicles is 50% affordable as compared to diesel and petrol. However, it needs the installation of large and advanced charging station infrastructures across the nation. This is the main reason behind such a huge demand for EV charging stations not only in India but also across the world.

Top EV Charging Stations

As we have already mentioned above the importance of electric vehicle charging stations in the country. Now, let us go through the top EV charging stations that are contributing to the market growth:

ChargePoint

With almost over a decade of installation as well as innovation of charge point, the company is ranked the top installers in the US which provides access to myriads of charging stations with a single account. The company has successfully installed over 158 million chargers and most of its clients are ranked in the Fortune 50 list. The company is especially known for its singular solution type charging which has increasingly gained popularity among clients which serve over 5,000 companies. ChargePoint is used by the EV drivers who have complete knowledge about issues faced by the public when making the shift from ICEs over 70 of its employees have over 5 years of experience in the space.

Tesla

Tesla is one of the popular EV manufacturers and providers of fast-charging solutions across the world. Earlier, Tesla had already dominated the market before it introduced its Supercharger network. Presently, the company is also well known for its all-round public charging for the EV industry and is planning to expand its network. Apart from this, the company’s vehicles also ranked at the top EVs for various categories and it is aiming to make a revolution in the logistics sector by introducing its semi truck.

EVgo

One of the top American suppliers of electric vehicle (EV) charging solutions was EVgo. The main goal of EVgo was to make it simpler for EV owners to rapidly and conveniently charge their vehicles by offering fast-charging infrastructure. With the expansion of its charging network throughout numerous states and American cities, EVgo has been seeing rapid development. In order to establish EV charging stations at busy sites like shopping malls, grocers, office buildings and apartment complexes, the company actively collaborated with retail enterprises, property developers and other stakeholders. Infact, the California Energy Commission (CEC) has chosen EVgo, one of the largest public fast charging networks in California, for proposed awards of $6.6 million to install over 100 new DC fast charging stations at 17 locations in central as well as eastern California.

Blink Charging

Blink Charging is a Miami, Florida based company which aims to focus in climate change and the urge to reduce carbon emissions produced by automobiles. Blink Charging provides a range of charging options, including subscription services, pay-as-you-go choices, and joint ventures with property owners and companies to set up and manage charge stations at their sites. They have been aggressively growing their network of charging stations and collaborating with many stakeholders to improve the use and accessibility of charging infrastructure for electric vehicle owners. For instance, in June 2023, Blink Charging declared at EVS36 the launch of its new EV DC Fast Charger with Dual-Port CCS and NACS Connectors.

Allego

Electric vehicle (EV) charging solutions are provided by Allego, a firm that also manages EV charging stations all throughout Europe. The market for EV charging infrastructure is dominated by Allego, which provides electric vehicle owners with a range of charging services. The EV charging stations from Allego are made to meet both public and private charging requirements. In addition to AC chargers, DC fast chargers, and ultra-quick chargers, they provide a wide variety of charging options. For the convenience of EV owners, their charging stations are placed in a variety of settings, including cities, roads, parking garages, and commercial areas. Recently, the company has signed an agreement with Spartan Acquisition Corp III which helps Allego to become a publicly listed company. The company has been listed in the New York Stock Exchange with the market value of about USD 3.14 billion.

The broad adoption and commercial success of electric vehicles will be significantly influenced by the development of EV charging stations, which has a bright future. The standardised charging protocols and connectors will provide compatibility between various charging networks and vehicle models, improving the convenience and effectiveness of charging.