Electric Vehicle (EV) Charging Market Could Grow Nearly Tenfold By 2030
Palm Beach, FL – April 3, 2023 – FinancialNewsMedia.com News Commentary – The EV industry is growing rapidly around the world, especially in China and North America. The EV charging industry is a dynamic industry with a wide range of applications. Government initiatives of several countries around the world play a vital role in the development of vehicle charging stations. The race for electric vehicle (EV) adoption is heating up, backed by the tailwinds of consumer interest, massive buy-in by automakers and ramped-up government funding. According to a PwC analysis, the EV charging market could — and will need to — grow nearly tenfold to satisfy the charging needs of an estimated 27 million EVs on the road by 2030. While building such a national charging network can be challenging and require numerous stakeholders and investments, it will be a necessary step to shape — and determine — the viability of a future of all-electric vehicular transport in the US. The report said: “The number of charge points in the US is poised to grow from about 4 million today to an estimated 35 million in 2030. The electric vehicle supply equipment (EVSE) market could grow from $7 billion today to $100 billion by 2040 at a 15% compound annual growth rate. The number of EVs in the US is estimated to hit 27 million by 2030 and 92 million by 2040, according to PwC’s analysis. The at-work and on-the-go EV charging segments are potentially the fastest growing through 2030. Electric vehicle supply equipment: a $100 billion market by 2040, led by charge point operators, according to a PwC analysis.” Active in the markets this week include: Hypercharge Networks Corp. (OTCQB: HCNWF) (NEO: HC), ABB Ltd (NYSE: ABB), ChargePoint Holdings, Inc. (NYSE: CHPT), EVgo Inc. (NASDAQ: EVGO), Blink Charging Co. (NASDAQ: BLNK).
PwC continued: “The four main value pools of the EVSE market include hardware, software, installers and charge point operators (CPOs). Of these, according to our analysis, CPOs (which build, operate and maintain EV charging stations) are estimated to account for the bulk of the market’s value from roughly half currently to 65% in 2040 (for revenues of about $65 billion). EV infrastructure market is projected to grow to ~$100B by 2040 – Charge Point Operators (CPO) will generate most of the revenue among EVSE players through integrated turn-key solutions. Bi-directional charging and advanced home energy systems will require advanced hardware solutions that will drive ~20B in hardware revenue.” It concluded: “The fastest-growing charging segment is expected to be the at-work segment, set to grow from nearly zero percent of the entire market to about 17% (or about 6 million charge points) in 2030, according to our study. Apartment buildings (multi-unit residential) are forecast to be another fast-growing segment, rising from nearly nil currently to about 15% of all the market in 2025 and 17% in 2030. Such growth will likely hold important implications for companies as well as engineering and construction firms, which will likely be expected to build charging points into the design of new buildings (e.g., in parking lots or garages) — or retrofit that infrastructure in existing buildings.”
Hypercharge Networks Corp. (OTCQB: HCNWF) (NEO: HC) BREAKING NEWS: Hypercharge Announces 128 EV Charging Stations at Lark Group Development – Hypercharge Networks Corp. (FSE: PB7) (the “Company” or “Hypercharge”), a leading, smart electric vehicle (EV) charging solutions provider, is pleased to announce it has been selected by the Lark Group of Companies (“Lark”) to provide 128 Level 2 EV chargers to its City Centre 4 development, a new premium office & retail building located in Surrey, BC, with installation due to be completed in Q1 2024.
Lark is an award-winning development and construction group with an extensive portfolio of office, mixed-use, residential, and recreational projects. In addition to founding the Health and Technology District, which City Centre 4 will be located within, the Lark Group has delivered a wide variety of healthcare, recreational and mixed-use facilities across British Columbia.
“We are thrilled to partner with Lark in support of sustainable transportation options for Surrey’s rapidly growing Health & Technology District,” said Chris Koch, Head of Growth and Partnerships at Hypercharge. “City Centre 4 is perfectly positioned near prominent retail, education, and hospitality facilities, making it a prime spot for Hypercharge charging stations that will be accessible to both the building’s tenants and the public.”
Hypercharge will complete the project in collaboration with Colwin Electrical Group, which will manage the infrastructure requirements and installation of all chargers. Locally owned and operated in Port Moody, BC, Colwin Electrical Group, a Hypercharge Preferred Partner, delivers a range of electrical services from system design, cost planning and commercial installation to thermal imaging diagnostics and responsive maintenance service. CONTINUED…. Read this release for the Hypercharge Networks news at: https://www.financialnewsmedia.com/news-hc/
Other recent developments in the markets include:
ABB Ltd (NYSE: ABB) recently said it is reinforcing its commitment to the US market and Utility industry with the addition of a new manufacturing facility in Albuquerque, New Mexico, for its Installation Products Division, formerly Thomas & Betts. Planning and construction of the new 90,000-square-foot facility is underway and represents an investment of $40 million. The greenfield facility will create 55 new jobs in the area and produce cable products used by electric utility providers in grid hardening and resiliency initiatives.
With over 75,000 miles of underground cabling estimated to be in place by 2040 across the US, ABB’s new facility will meet increased demand for its leading Elastimold® solutions essential to wildfire mitigation, as well as underground and grid hardening projects that power homes, businesses and communities in a safe and reliable way. When completed in 2024, the Albuquerque facility will include ABB Robotics technology and digital automation to produce more than 1 million additional units annually – the vast majority will be supplied to US customers.
Fisker Inc. (FSR), driven by a mission to create the world’s most emotional and sustainable electric vehicles, recently named ChargePoint Holdings, Inc. (NYSE: CHPT), a leading electric vehicle (EV) charging network, as Fisker’s North American partner for electric vehicle public charging solutions.
The Fisker and ChargePoint collaboration will provide Fisker EV owners with access to more than 210,000 active ports under management, with over 16,700 DC fast charge ports and over 400,000 roaming ports, making it easy to find reliable charging. The two companies intend to make it easy for drivers to access ChargePoint’s industry-leading network of Level 2 and DC fast chargers, and roaming partner stations; which together encompass more than 80% of public charging spots in North America.
“The minute they get their new Fisker Ocean, our owners want convenient and easy-to-locate public charging stations, a quick, easy experience when using a public charger, and super-simple payment options. Together with ChargePoint, we are providing a class-leading public charging option for Fisker owners at delivery,” Chairman and CEO Henrik Fisker said. “ChargePoint is a leading charging network in North America, and their commitment to sustainable mobility makes the partnership a perfect fit for our customers and our business.”
EVgo Inc. (NASDAQ: EVGO) recently announced results for the fourth quarter and full year ended December 31, 2022. Management will host a conference call today at 11:00 a.m. ET / 8:00 a.m. PT to discuss EVgo’s results and other business highlights.
Revenue increased to $27.3 million in the fourth quarter of 2022, compared to $7.1 million in the fourth quarter of 2021, representing 283% year-over-year growth. For the full year 2022, revenue increased to $54.6 million, compared to $22.2 million for the full year 2021, an increase of 146% year-over-year and at the high end of the Company’s revenue guidance range. Revenue growth was primarily driven by retail charging, eXtend, and ancillary revenues.
Network throughput increased to 14.4 GWh in the fourth quarter of 2022, compared to 8.2 GWh in the fourth quarter of 2021, representing 76% year-over-year growth. For the full year 2022, network throughput reached 44.6 GWh, reflecting growth of 69% year-over-year. The Company added approximately 59,000 new customer accounts during the fourth quarter, bringing the overall number of customer accounts to approximately 553,000 at quarter-end, an increase of approximately 63% year-over-year.
Blink Charging Co. (NASDAQ: BLNK) recently announced that it has received a Multiple Award Schedule (“MAS”) contract from the U.S. General Service Administration (“GSA”). The agreement allows government customers and federal agencies to easily procure Blink’s electric vehicle (EV) equipment. Following the news, Blink’s stocks gained momentum and rallied +8.64% to close at $8.05 per share.
GSA Schedules make the federal procurement process more efficient. When companies like Blink receive MAS contracts, they can sell their products and services to all federal agencies and some state and local agencies. Blink fulfilled all the criteria to become a GSA Schedule contractor and sell equipment to government customers at all levels.
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