Communications of the ACM
Electric Vehicle Charging Investment Approaches the $100-Billion Mark
Public charging companies are reaching new scale, delivering delivering hundreds to thousands of gigawatt-hours of electricity, ranking them among the top-consuming electricity companies in the world.
Credit: Andreas Gebert/Bloomberg
BloombergNEF recently released its updated Zero-Emission Vehicles Factbook, which estimates cumulative investment in EV charging hardware and installation will reach $62 billion at the end of this year, with $28.6 billion having been invested just in 2022, up 228% from the year before. Of the total investment in 2022, 61% is attributed to more than 600,000 public chargers built in China.
Cumulative investment globally probably will pass the $100 billion mark in 2023 if China keeps up its relentless pace. It's a milestone that hints at the transition to a new phase of the EV charging sector lifecycle. As Jigar Shah at the US Loans Program puts it, $100 billion of deployed capital indicates an ability to address systemic industry challenges and opens up access to low-cost capital that's required to ultimately reach $1 trillion scale.
From Bloomberg
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