generic 9 Biggest EV Charging and Infrastructure Companies in the World
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.
The highly evident effects of climate change all over the world are forcing the governments to take important steps towards making the all-important shift to electric vehicles. In Europe, a massive heatwave in 2022 left people sweltering as temperatures set new records which included the United Kingdom seeing temperatures exceeding 40 degrees centigrade for the first time in history. On the other hand, Pakistan saw massive floods which directly affected more than 30 million people while killing more than 1,700 people. The floods have also resulted in the spread of water-borne diseases which have inflicted further misery on the millions inflicted. In the United States, the South and Southwest have been gripped by one of the worst droughts in centuries. All of these incidents just serve as small examples of how humans are impacting the climate.
Photo by Kumpan Electric on Unsplash
Most countries have realized that they need to reduce carbon emissions to try and stave off the effect of climate change and perhaps the biggest role in this is played by moving on from traditional cars to electric vehicles. After all, more than a third of total carbon emissions are sourced from transportation requirements. The Paris Agreement was signed by 196 countries in 2015 and the primary long-term goal of the agreement was to ensure that the rise in global temperatures does not exceed 2 degrees centigrade while preference was to limit the rise to 1.5 degrees centigrade which requires a decrease of 50% to current carbon emission levels by 2030.
One of the first companies to realize the opportunity in the EV domain was Tesla, Inc. (NASDAQ:TSLA), which in terms of market cap, is by far the biggest automotive company in the world. Tesla, Inc. (NASDAQ:TSLA) is considered to be the pioneer among manufacturers of electric vehicles available commercially, producing more than 930,000 vehicles in 2021 alone. Many other companies have realized how lucrative the electric vehicle industry is as well, including the biggest automotive company in the word in terms of numbers of vehicles produced and revenue, Volkswagen Group. Volkswagen aims to make the electric vehicle share 70% of its total sales by 2030, adding several different electrical models in its lineup. Car rental companies are also pivoting towards electrical vehicles. Recently, Hertz announced a deal to purchase 100,000 electric vehicles from Tesla, Inc. (NASDAQ:TSLA).
The electric vehicle market is continuing to go from strength to strength, year after year. In 2021, electric vehicle sales doubled from the previous year to reach more than 6.6 million units, which is astonishing considering that just a decade ago, there were less than 120,000 electric vehicles globally. Now, there are more than 20 million. Of total car sales in 2021, electric vehicles made up around 10%, a number which is expected to continue to grow and in 2022, 2 million cars were sold in just the first quarter, which is a 75% increase when compared with the first quarter in 2021. Despite encouraging statistics, many of which have been driven by government incentives, subsidies and tax-breaks to electric vehicle manufacturers and purchases to encourage more people to switch from diesel engines, many people are still not convinced. For such people, potential issues include simply having to make a change from something they're comfortable with, the number of miles that can be driven on a single charge and most importantly, the lack of charging infrastructure available in most countries.
While companies like Tesla, Inc. (NASDAQ:TSLA) and Volkswagen are manufacturing electric vehicles, these unsung companies are working on developing and maintaining the infrastructure needed to support the global switch to electric vehicles. According to Strategic Market Research, the electric vehicle charging station market was worth more than $12 billion in 2021, and the market is expected to jump to $142.3 billion in 2030, representing an astounding CAGR of 31% from 2021 to 2030. The electric vehicle market meanwhile is expected to jump to $800 billion in 2030 from a modest $57 billion in 2021. This growth will be a result of positive government decisions and steps which have been taken to encourage electric vehicles and to stop production of traditional vehicles. Meanwhile, EV charging station manufacturers have also been innovating and exciting developments are expected in the industry such as automated methods of payment, development of ultra-fast charging technology and V2G EV charging stations.
Further, the Strategic Market Research report 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.
While the West has taken more steps with respect to moving towards electric vehicles, the fastest growing region in this regard is the Asia Pacific Region, with two of the biggest car markets in the world in India and China located here. China has also started to move towards electric vehicles as it aims to reduce the level of pollution present in most of its big cities. It has been successful in its efforts as Chinese cities have now dropped off the lists of the most polluted cities in the world or fallen in their ranks significantly.
To determine the biggest EV charging and infrastructure companies in the world, we again referred to Strategic Market Research, which has carried out extensive research into the industry. So, without further ado, let's take a look at the leaders of a relatively new industry, starting with number 9:
9. Blink Charging Co. (NASDAQ:BLNK)
We kick off our list with Blink Charging Co. (NASDAQ:BLNK), which designs, manufactures, owns and operates electric vehicle charging stations. Established more than a decade ago, Blink Charging Co. (NASDAQ:BLNK) aims to continue expanding its network to locations where the presence of electric vehicles necessitates its presence. Blink Charging Co. (NASDAQ:BLNK) recorded revenues of nearly $21 million in 2021.
8. Webasto
Webasto is a German company which was established in 1961 and is engaged in the manufacture of electric-car chargers, air-conditioning systems and sunroofs. The company is also currently working with Bosch to develop a self-driving car.
7. Alfen
Alfen is a Dutch company which provides transformer stations, charging stations for electric vehicle and energy storage systems. The company recorded nearly $250 million in revenue in 2021 and has a current market cap of $2.3 billion. The company recently announced its next generation of electric vehicle charging equipment. This technology aims to improve smart charging capabilities as well as bi-directional charging. The charging stations provided by Alfen are relevant for work, home and the public domain. Alfen is one of the few electric vehicle charging station suppliers to Engie, a French energy giant and among the biggest energy companies in the world, which is also engaged in the selling and installation of electric vehicle charging stations.
6. EVgo, Inc. (NASDAQ:EVGO)
EVgo, Inc. (NASDAQ:EVGO) is one of the biggest EV charging and infrastructure companies in the world, with over 850 charging locations in the United States. EVgo, Inc. (NASDAQ:EVGO) has charge stations located in at least 34 states in the United States and these charge stations are compatible with all kinds of electric vehicles. In 2022, EVgo, Inc. (NASDAQ:EVGO) announced a partnership with General Motors to expand access and compatibility for GM vehicles. In 2021, the company recorded revenue in excess of $22 million.
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Disclosure: None. 9 biggest EV charging and infrastructure companies in the world is originally published at Insider Monkey.
