EVs Are Coming: Here’s What You Need To Know About The Market And One Company That May Be At Its Center

May 18, 2023 at 09:15 AM EDT

NEW YORK, NY / ACCESSWIRE / May 18, 2023 / Charge Enterprises Inc. (NASDAQ: CRGE), a broadband, telecommunications and electric engineering and infrastructure company, and Autel Energy, a leading electric vehicle supply equipment (EVSE) developer, are partnering to deliver comprehensive, white-glove EV charging infrastructure solutions. Charge and Autel will be providing their turnkey Charging-as-a-Service (CaaS) solutions to automotive original equipment manufacturers (OEM), as well as retail, commercial and fleet EV companies.

Charge Enterprises, Inc, Thursday, May 18, 2023, Press release picture

As a hardware provider, Autel has a diverse EV product portfolio established in over 500,000 locations and 70 countries. Charge already works with multiple hardware leaders to provide its end-to-end infrastructure services, and it will facilitate the installation, maintenance and monitoring of infrastructure for Autel's customers.

"Together, Charge and Autel will develop and provide custom solutions for software, maintenance, and monitoring, including "Charging as a Service" (CaaS) for commercial clients and fleets. Our mission is to be the trusted advisor for the auto industry and their customers," said Mark LaNeve, President of Charge.

Three Causes Of Roaring Market Growth

The global EV market was worth $193.5 billion in 2022 and is predicted to see strong growth in the coming years. It is forecast to reach $693.7 billion by 2030, growing at a compound annual growth rate (CAGR) of 17.3% during the forecast period. The market boom is reportedly being driven by three distinct trends: rapid EV adoption by consumers; targeted government spending; and a shift in manufacturers' policies.

Sales have been steadily rising for a decade, as consumers see EVs as more environmentally friendly than gas-powered cars. In 2021, EV sales passed seven million, compared with 55,000 in 2011. In the U.S. alone, EV sales increased by 65% from 2021 to 2022, and records were broken again in the first quarter of 2023 when EV sales passed 250,000.
Government funding for the EV market's development has increased, to facilitate the goal that 50% of all car sales should be electric by 2030. In support of this development, the government passed the Bipartisan Infrastructure Law, investing $10 billion in clean transportation and over $7 billion in EV battery components and materials. It is already rolling out $2.5 billion of a total $7.5 billion investment in EV charging stations to fund a nationwide EV charging network.
Manufacturers' EV-first policies are the third driver of the EV market. Though Tesla still leads the EV global market, other car manufacturers are looking to close the gap. General Motors is investing $35 billion in EVs and autonomous vehicles (AVs) between 2020 and 2025. It plans to install 40,000 charging stations at its dealers across America and already has 1,000 dealers signed up to receive charging stations. Ford Motor Company has more than doubled its planned investment since 2021, with $50 billion slated for EV production by 2026. Ford has also promised that half its new vehicles will be electric by 2030.

Infrastructure Growth To Support EV Market?

To keep pace with this rapid shift in the market, the current EV charging infrastructure market is expected to reach $121.09 billion by 2030, growing at a compound annual growth rate (CAGR) of 25.5% during the forecast period.

Charge looks to be establishing itself as the leading infrastructure provider as the market expands. It already works with multiple leading hardware providers, and it is looking to make itself a sticky solution for the EV market, comparable to global infrastructure companies like MasTech, Inc. and EMCOR Group, Inc.

As it works towards this goal, Charge reports keeping itself laser-focused on the dealership segment of the market, while its capital-lite approach to the market lowers its exposure risk. The company's goal is to work with at least 1,000 dealerships by the end of 2025 and it has already made significant headway toward this target - 15% at the end of the first quarter of 2023. It will eventually advance into other commercial and private segments of the EV charging market, but for now, it is keeping its core development tightly focused on supporting dealerships.

Learn more about how Charge Enterprises is building out vital EV infrastructure.

Featured photo by Vlad Tchompalov on Unsplash.

Contact:

Christine Petraglia
christine@tradigitalir.com

SOURCE: Charge Enterprises, Inc

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