As electric vehicle (EV) adoption continues to rise, the market for public charging networks in North America is forecast to grow rapidly by 2050, according to Wood Mackenzie’s latest ‘Commercial landscape of EV charging networks in North America’ report.
The number of DC fast-chargers (DCFC), which have a charge rate between 50 kilowatt (kW) and 350 kW, is expected to grow more than sixtyfold between 2022 and 2050. Level 2 chargers, with a slower charge rate between 3 kW and 19 kW, are also set to increase thirtyfold in the same timeframe.
Nick Esch, Research Analyst, Grid Edge at Wood Mackenzie, said: “The role of public EV charging networks is crucial to provide a reliable and seamless charging experience as EV adoption continues to accelerate in the US. We are seeing collaboration and integrations among EV charging networks both old and new, as well as significant local and federal policy support, and investment across the public charging market.”
There are currently 73 active EV public charging networks in the US and Canada, which span across seven different network types, with many more entrants expected to join the market, according to Wood Mackenzie’s findings.
Electric utilities are standing up public charging networks, most with a limited scope
According to Wood Mackenzie’s findings, there are 19 utility-owned EV charging networks operating in North America. Among all utility-owned chargers in North America, Canadian utilities account for 55% of level 2 ports and 69% of DCFC ports.
“While US utilities have initiated investments in public charging, their scope is restricted in size and locations where chargers can be installed is limited by regulators. Canadian utilities have launched province-wide networks that outsize their private competitors,” added Amaiya Khardenavis, Analyst, EV Charging Infrastructure at Wood Mackenzie.
EV automakers have emerged as key players in public charging
Automakers are starting to focus on providing vehicle owners access to reliable public charging, by exploring partnerships with charging infrastructure developers or through direct investments in the deployment of chargers. For instance, General Motors partnered with EVgo to install 3,250 DCFCs in cities and suburbs. The company also announced plans to deploy 2,000 EVgo charging ports along Pilot and Flying J travel centers.
In collaboration with ChargePoint and MN8 Energy, Mercedes has committed to installing over 2,500 charging ports at over 400 locations in North America.
“Since the public EV charging space is highly fractionalized, EV automakers are aiming to own the customer relationship after the point of sale and play a larger role in public EV charging. Many are taking on the e-mobility service provider role, facilitating payments and navigation to chargers while also curating charging networks for their customers through integrations with public charging networks,” Khardenavis added.
