10 Biggest EV Charging Companies in the US
In this article, we will be taking a look at the 10 biggest EV charging companies in the US. To skip our detailed analysis of the EV charging sector, you can go directly to see the 5 Biggest EV Charging Companies in the US.
The higher the demand and supply for electric vehicles, the faster the electric vehicle charging market will grow. According to a report by Global Market Insights, the US electric vehicle market was valued at $49.1 billion in 2022 and is expected to grow at a compound annual growth rate of 15.5% over the forecast years of 2023-2032. The market is projected to reach $215.7 billion by 2032. Such indicates that the future of the electric vehicle charging industry has a positive outlook.
According to a report by Fortune Business Insights, the global electric vehicle charging station market was valued at $12 billion in 2022. The market is expected to grow to $141.08 billion in 2030 from $16.43 billion in 2023 at a compound annual growth rate (CAGR) of 36%. More and more countries have begun to adopt electric vehicles and charging systems. As of now, companies in North America and Europe dominate the market. However, Asia Pacific holds the largest consumer base.
Nevertheless, the United States holds a large electric vehicle (EV) charging market. According to a report by Mordor Intelligence, the US electric vehicle charging equipment market was valued at $4.2 billion in 2022. The market is expected to grow to $11.73 billion by 2028 at a compound annual growth rate (CAGR) of 22.8%. Increasing awareness of climate hazards and a shift towards clean energy has prompted the adoption of electric vehicles in the country. With that, the demand for EV charging solutions is expected to grow to unprecedented levels.
The Functionality of EV Stations May Actually Be Gloomy
While the EV charging industry is growing and is expected to experience an exponential upward trajectory, it is important for companies and authorities to maintain these systems.
On September 13, the Wall Street Journal reported a recent event on EV charging stations that came to light. Pete Buttigieg, the transportation secretary of the United States, failed to find a functional Electric Vehicle (EV) Charger. The US Secretary of Transportation owns a hybrid minivan and was looking for an EV charger in his vicinity. He said that most EV chargers in the vicinity were dysfunctional and how other EV owners faced similar experiences in the past.
This one instance sheds light on the workings and functionality of the EV charging business in the United States. According to the report, there are almost 100,000 public EV stations in the United States. However, most are reportedly dysfunctional. On the one hand, the Biden Administration is investing heavily in the EV charging industry, and on the other, the functionality of the existing EV charging stations tells us a different yet alarming story. According to the report, the government is set to establish 500,000 new EV charging stations by 2030. However, the US Secretary of Transportation, Pete Buttigieg, seems skeptical about the initiative. The Biden Administration has allocated $7.5 billion to developing EV charging solutions in the US.
Notable Names in the EV Charging Industry
Some of the top companies that are working on developing EV charging networks and solutions include Tesla Inc. (NASDAQ:TSLA), EVgo Inc. (NASDAQ:EVGO), and ChargePoint Holdings Inc. (NYSE:CHPT). These companies are also some of the best EV stocks to buy.
Tesla Inc. (NASDAQ:TSLA) is a large multinational automotive company based in Texas, United States. The company specializes in designing and manufacturing electric vehicles, stationary battery energy storage devices, and solar panels. The company is known to dominate the electric vehicle and EV charging market with its innovative technology and strategic decision-making. On June 8, Forbes reported that General Motors Company (NYSE:GM) joined the EV charging network of Tesla Inc. (NASDAQ:TSLA). This happened two weeks after Tesla Inc. (NASDAQ:TSLA) gave Ford access to its EV charging stations. Drivers of General Motors Company's (NYSE:GM) electric vehicles will initially gain access to 12,000 Tesla supercharger ports by the start of 2024. Later in 2025, General Motors Company (NYSE:GM) is expected to integrate Tesla Inc.'s (NASDAQ:TSLA) North American Charging Standard in all its automobiles.
ChargePoint Holdings Inc. (NYSE:CHPT) is a leading electric vehicle infrastructure company based in California, United States. The company is another prominent member of the industry. The company's ability to integrate technology and innovation to keep up with trends in the market contributes to its standing in the industry. On August 8, the company announced its investment in technological systems that enable reliable and clear communication between charging stations and the Networks Operations Center, or NOC. The system by the NOC, involves a proactive station monitor system combined with predictive analytics. The system also integrates machine learning technology to detect station downtime for over 243,000 active charging ports by ChargePoint Holdings Inc. (NYSE:CHPT).
EVgo Inc. (NASDAQ:EVGO) is an electric vehicle charging company based in California, United States. The company is a major player in the industry. On September 11, the company reportedly received its first shipment of 350 KW High-Power Fast Chargers from Delta Electronics. These chargers comply with the Build America, Buy America (BABA) standards. The shipment will allow EVgo Inc. (NASDAQ:EVGO) to establish a robust and elaborate supply chain network required for the widespread adoption of electric vehicles. This supply chain network will be able to support the placement of EV charging points on a wider scale. Dennis Kish, COO of EVgo, shed light on the shipment and how it will benefit the entire electric vehicle industry and significantly improve the electric vehicle charging infrastructure. He stated:
"As states award their initial round of NEVI funding, the arrival of EVgo's first batch of BABA fast chargers—with incredible speed for onshoring—signals both a tremendous moment for domestic charger manufacturing and for additional public funding opportunities as more states announce their awards. EVgo and Delta are committed to developing a resilient supply chain here in America, and this collaboration showcases the companies' capability to deliver the high-quality, high-power fast chargers we need to meet the growing demand for fast charging across the country."
Electric vehicles are the future. This is primarily due to the rising awareness that comes with the adverse impact of climate change on the world. Therefore, it is imperative to invest time and effort in improving the industry's structure. However, this is only possible with the technological support of large companies. These companies must lead the industry with technologically equipped solutions. With that, let's look at the 10 biggest EV charging companies in the United States and how they dominate the industry.
Our Methodology
For our methodology, we conducted extensive research to shortlist the 10 biggest EV charging companies in the United States. For our research, we looked up EV ETFs' holdings to source the names of the biggest stocks. We also reviewed reports and lists for finding EV charging startups. Additionally, we looked up competitors of major EV charging companies to source the 10 biggest EV charging companies in the United States.
Our list includes both private and public pure-play EV charging companies. Public companies are ranked based on their market cap as of September 13, 2023. Private companies are ranked based on their estimated funding amounts or annual revenue for the most recent fiscal year, whichever metric was available to us. We sourced and cross checked the annual revenue and estimated fundings from Growjo and Crunchbase. The list is in ascending order of the above-mentioned metrics.
10 Biggest EV Charging Companies in the US
10. Greenlots
Estimated Annual Revenue: $5.3 Million
Greenlots is a mobility infrastructure solutions provider. The company was acquired by Shell plc (NYSE:SHEL) in 2022, to become Shell Recharge Solutions. The company provides innovative technologies to companies. These solutions allow automakers to establish electric vehicle charging infrastructure at scale. The company has offered solutions in more than 13 countries. With an estimated annual revenue of $5.3 million, Greenlots is one of the biggest electric vehicle charging companies in the United States.
9. AmpUp
Estimated Annual Revenue: $7.2 Million
AmpUp is an EV charging company based in California, United States. The company aims to make electric vehicle charging convenient and hassle-free for users. The company is a software provider and owns a leading EV charging operating system. With an estimated annual revenue of $7.2 million, the company stands as the ninth biggest EV charging company in the United States.
8. Electrify America
Estimated Annual Revenue: $79 Million
Electrify America is an electric vehicle charging station network operator based in the United States. The company has over 830 charging stations in the United States, with 118 stations launching soon. Additionally, the company owns over 3,600 fast chargers. The company ranks as the eighth biggest EV charging company in the United States, with an estimated annual revenue of $79 million.
Companies like Electrify America are innovating in the industry, however, that does not come without competition from some of the market leaders such as Tesla Inc. (NASDAQ:TSLA), EVgo Inc. (NASDAQ:EVGO), and ChargePoint Holdings Inc. (NYSE:CHPT).
7. Workhorse Group Inc. (NASDAQ:WKHS)
Market Cap as of September 13, 2023: $147.36 Million
Workhorse Group Inc. (NASDAQ:WKHS) is an equipment manufacturer and technology company based in Ohio, United States. Workhorse Group Inc. (NASDAQ:WKHS) produces electric cars, trucks, and charging stations as well. With a market capitalization of $147.36 million, as of September 13, Workhorse Group Inc. (NASDAQ:WKHS) stands as the seventh-biggest Electric vehicle charging company in the United States.
6. Blink Charging Co. (NASDAQ:BLNK)
Market Cap as of September 13, 2023: $245.67 Million
Blink Charging Co. (NASDAQ:BLNK) ranks as the sixth biggest electric vehicle charging company in the United States with a market capitalization of $245.67 million, as of September 13, 2023. With the mission to curb climate change, the company is heavily investing in research and development for new and innovative EV charging solutions. SemaConnect was acquired by Blink Charging Co. (NASDAQ:BLNK) in 2022. SemaConnect is an electric vehicle infrastructure company based in Maryland, United States, producing smart networked electric vehicle charging stations.
Some of the leading companies transforming the EV charging industry include Tesla Inc. (NASDAQ:TSLA), EVgo Inc. (NASDAQ:EVGO), and ChargePoint Holdings Inc. (NYSE:CHPT).
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Disclosure: None. 10 Biggest EV Charging Companies in the US is originally published at Insider Monkey.