Identifying Tactical and Strategic Opportunities in EV Charging

May 2024

The report examines the global landscape of EV charging, comparing its development against the rising uptake of EVs. It then takes a deep dive into EV charging trends across select major economies, delving into the competitive landscape and geographic distribution of EV charge points. Finally, it identifies the strategies, innovations and challenges facing the EV charging industry.

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Key findings

EV charging is not keeping pace with EV adoption

The ratio of EVs to public EV charge points globally has risen from 8.2 in 2020 to 10.3 in 2023. This suggests that EV demand has outpaced EV charger supply, however, it remains largely within the recommended guidelines.

Most charging points are slow but a shift to fast charging is happening

In 2023, an estimated 64% of all charge points offered power outputs of less than 22kW. However, more fast charging points are appearing. Globally, over 2015-2023, the collective share of fast and ultra-fast public chargers rose from 14% to 36%.

Netherlands - leading EV charging, but needs to focus on fast charging

As of February 2024, the Netherlands was home to 148,000 charge points, making it the leader in EV charger development across Europe. However, with only 2.7% of chargers offering DC power, the country was one of the worst performing in Europe for fast and ultra-fast charging.

New strategies and innovations are driving EV charger development

The EV charging space remains in flux with new commercial strategies and innovations driving change. This includes the growing shift to payment unification and battery-swapping technologies. With range anxiety a key issue, building a more seamless charging experience will be chief to boosting EV adoption.

Challenges need to be understood

However, EV charging has numerous challenges to overcome, especially for some of its major stakeholders which include its customers, CPOs and utility companies. This includes the poor reliability of charge points, the high cost of DC charger installation and the potential grid overload during peak charging periods. 

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Scope
Definitions of terms
Key findings
Why focus on EV charging?
By 2030, 47% of new passenger cars registered will be electric, driving EV charging demand
The global public EV charging industry today
Charging networks have grown, but expansion has remained slower relative to EV growth
Most major economies have seen a rise in the ratio of EVs to EV charge points
Rapid charging networks are becoming more common, though most are found in China
Home charging dominates, but public networks are needed to serve urban populations
Governments are maintaining support for public EV charging stations…
…however, other EV stakeholders should also consider investing in EV charging infrastructure
EV demand outpacing charge point supply; AC dominates but the shift to DC is gaining traction
ChargePoint is the largest network; favourable domestic policies to help boost supply
Tesla, the largest fast charging network, is partnering with OEMS for charge port compatibility
California remains the key battleground for brands thanks to its pro-EV stance
Canada has seen robust growth of EV charge points, with a strong shift to fast charging
Four players dominate charging in Canada; Tesla, the leading fast charging operator
Key states have good charger development, but challenges remain in rural areas
Energy pricing models to become the norm, though most EV charging is time based
Developments in Italy’s EV charging industry
Enel X and Be Charge are the leading providers of EV charging in Italy
Lombardia - home to the largest and densest EV charging network in Italy
Rapid charging has continued to improve, though some geographic disparities remain
Netherlands leads in Europe for EV charging, with western provinces dominating
EQUANS is the largest charging provider; CPOs display regional preferences for EV charging
Fastned leads in DC charging, but the Netherlands falls short of high-power charging
EV charging in Switzerland is consolidated by the “big four” CPOs
Zurich canton has the largest number of EV charge points, but Basel-Stadt leads in density
DC charging geographical distribution shows some regional differences by CPO
Public access to charge points needs to be improved in a country with a high share of renters
Strategies, innovations and challenges in the EV charging space
Government regulations are pushing CPOs to deliver a more unified payment architecture
Case study: Mastercard and Last Mile Solutions working to develop a new payment gateway
Case study: Allstar beefs up its alliance with Fastned to streamline fleet EV payments
CPOs are building partnerships with service providers to enhance EV charging access
Case study: Plus and PowergGo forge partnership to instal charge points at supermarkets
Loyalty provisions can help boost usage through improved customer value propositions
Case study: KIA launches an EV charging rewards scheme to build value for EV clients
Battery swapping remains niche, but may have the potential to enhance EV ownership
Case study: Gogoro makes foray into India with electric two-wheelers and battery swapping
Wireless charging: A game-changing solution to simplifying the charging experience
Case study: WiTricity and ICON EV to launch wireless charging for small vehicles
Bi-directional charging systems can balance energy grids, but needs more regulatory backing
The challenges facing consumers and businesses in public EV charging
The challenges facing the operators of public EV charging stations
Other stakeholders: The challenges other stakeholders face in public EV charging
EV charging needs to be a close part of the EV shift, but challenges must be addressed
Commercial success is dependent on CPOs combining tactical and strategic insights
Questions we are asking in the EV charging space

Mobility

All vehicles captured by Euromonitor's vehicle volume sales data, i.e. light vehicles -passenger cars and light commercial vehicles combined. Medium and heavy-duty trucks and buses are not covered.

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