Total investment in electric vehicle chargers is set to cross $100 billion in 2023, and the next $100 billion of spending is expected to be achieved within the next three years, a new BloombergNEF study found.

Annual spending on electric vehicle charging infrastructure almost doubled to $62 billion during the previous year.

There are currently more than 12 million active EV plug points globally, with the number of home chargers exceeding public chargers.

That is expected to soar as the adoption of EVs increases.

The report said the charging market reflects the EV market, where China and Europe are in the lead.

This is followed by the United States, which recently announced $7.5 billion of government funds for charging infrastructure under the Bipartisan Infrastructure Law.

Notable Announcements

The report mentions the top companies contributing to the growing EV charger market.

Mercedes-Benz announced plans for a network of 10,000 ultra-fast chargers last week, and the automaker would start with the U.S. for the initial set of installations.

ChargePoint in the U.S. leads the charging infrastructure market, while Tesla dominates the country’s EV market with fast and ultra-fast chargers.

The European market is more balanced, with a narrower gap between the top three EV charging operators than in the U.S.

“The U.S. market is picking up steam, while the European market is much more mature, with some consolidation potential,” said Ryan Fisher, BNEF’s lead EV charging analyst.

Automakers, oil companies, utilities, supermarkets, and pure-play charging companies are all racing to build, scale, and profit from a business that could one day be as ubiquitous as gas stations are right now.

Shell aims to have 2.5 million EV chargers operational by 2030, many of which would be fast chargers that can add 100 kilometers worth of driving distance in just five minutes.

In India, where EV adoption has been on the rise, EV sales reached a record one million units in 2022, a jump of over 300% against the 322,877 units sold in 2021.

The country so far has 5,151 operational EV charging stations.

Early last year, the Ministry of Power (MoP) issued the revised ‘Charging Infrastructure for Electric Vehicles (EVs) Guidelines’ to accelerate the e-mobility transition in the country. The guidelines aim to enable faster EV adoption in India by ensuring safe, reliable, accessible, and affordable charging infrastructure and ecosystem.

In September 2022, the U.S. Department of Transportation approved Electric Vehicle Infrastructure Deployment Plans for all 50 States covering approximately 75,000 miles of highway across the country. With the approval, all States gained access to $1.5 billion under the National Electric Vehicle Infrastructure (NEVI) Formula Program.