Industry research
Scope
US
Companies
49
Table of contents
What does the EV charging market landscape look like in the US?
The US EV charging market is characterized by a fragmented landscape across segments. Herein, the charging infrastructure segment is the least fragmented, with ChargePoint and Tesla emerging as the leading players. The broader EV charging market sees increased competition from large incumbents in adjacent industries drawn by the sector’s attractiveness. For instance, charger manufacturers increasingly have to compete with international technology conglomerates (e.g. LG, ABB), while charging infrastructure operators are increasingly challenged by oil and gas companies (e.g. BP) and major retailers (e.g. Walmart) that are building their own charging networks. Here, vertically integrated infrastructure operators (e.g. Blink Charging) that combine in-house charger manufacturing, proprietary software and deployment capabilities have an advantage. Their control over the supply chain and product quality through in-house manufacturing enables more efficient infrastructure rollout and accelerates expansion into higher-margin service segments.
What is the level of investor activity in the US EV charging industry?
Sponsor interest has been moderate, with ~37% of identified assets being sponsor-backed (as of May 2025). Reasons for investor interest include (i) rising EV adoption and ICE phase-out mandates, (ii) strong federal and state funding supporting the development of charging networks, (iii) growing ancillary revenue streams from fleet charging, advertising and subscription services and (iv) technologies such as ultra-fast charging, wireless charging and vehicle-to-grid integration enhancing user convenience and driving EV adoption. However, (i) supply chain disruptions and rising input costs from geopolitical tensions, (ii) limited profitability of charging network operators in the medium-term and (iii) intensifying competition from retailers, oil and gas companies, automakers and utility businesses serve as potential detractors for investors.
What are the key ESG considerations in the US EV charging industry?
ESG considerations in the EV charging market encompass environmental, social and governance factors. Environmentally, key challenges include reliance on fossil-fuel-based electricity and increased grid demand for charging. Industry participants respond by integrating renewable energy sources, enhancing energy management practices and incorporating sustainable materials into infrastructure development. On the social front, equitable access remains a critical concern, with efforts focused on expanding infrastructure in underserved areas. From a governance perspective, the rising threat of cybersecurity risks prompts government authorities to introduce stronger security standards and invest in enhanced protections for EV charging networks.
According to Technavio (December 2024), the global EV charging infrastructure market was valued at ~$36.6bn in 2024 and is forecasted to reach ~$233.3bn by 2029 (+44.8% CAGR 2024-2029)
According to PwC (September 2022), the US EV supply equipment (EVSE) market is expected to grow from ~$7bn in 2022 to ~$100bn by 2040, representing a +15% CAGR from 2022 to 2040
Federal support accelerates EV charging rollout in the US. For example, the National Electric Vehicle Infrastructure (NEVI) Formula Program provides ~$5bn for highway DC fast chargers and ~$2.5bn for disadvantaged communities, covering up to 80% of costs for acquiring, installing, operating and maintaining charging stations. State initiatives such as California’s Electric Vehicle Infrastructure Project (CALeVIP) and the Energy Infrastructure Incentives for Zero-Emission Commercial Vehicles (EnergIIZE) are further reinforcing this momentum (U.S. News, July 2024; Arthur D. Little, July 2023)
Growing ancillary revenue opportunities (e.g. fleet charging, advertising and subscription-based services) are set to drive top-line growth as charging infrastructure players increasingly diversify their monetization strategies. As charger utilization rates rise with greater EV adoption, players can effectively capitalize on these additional revenue streams (Arthur D. Little, July 2023)
The adoption of the North American Charging Standard (NACS) will boost EV adoption by enabling interoperability across brands and charging networks. This standardization expands access for drivers, while enabling charging infrastructure operators to improve utilization rates and top-line growth (ICCT, February 2024; Driivz, July 2023)
Ongoing geopolitical tensions, particularly US-China trade relations, are expected to drive up component costs and disrupt supply chains for US EV charger developers. With a significant share of critical components (e.g. semiconductors) sourced from Taiwan, rising tariffs may inflate input costs, strain sourcing reliability and compress developers’ margins (ChargedUp, April 2025; TimesTech, April 2025)
Intense competition from new entrants, with retail giants (e.g. Walmart), oil and gas companies (e.g. BP), vehicle manufacturers (e.g. Mercedes-Benz), dedicated platforms (e.g. LNG Electric) and utility companies (e.g. Florida Power) starting to develop, own and operate public charging stations as opposed to partnering with charging infrastructure developers. This growing internalization will intensify competition, making it more challenging for charging infrastructure developers to secure attractive sites and maintain high utilization rates across existing charging networks (Arthur D. Little, July 2023)
Regulatory uncertainty driven by political shifts and federal funding volatility is a major barrier to EV charging expansion, given the sector’s reliance on stable government support. This is further compounded by complex, fragmented permitting processes and inconsistent regional policies, which create delays and hinder timely deployment (CNBC, March 2025; Politico, February 2025; Lectron, October 2024; Amppal, June 2024)
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A clear overview of all active investors in the industry
An in-depth look into 49 private companies, incl. financials, ownership details and more.
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ESG assessments with highlighted ESG outperformers
