Axios Pro Exclusive Content

EV charging eyes record profits

Average projected profits in electric vehicle charging market in <span style="color:#3fb4ff">2021</span> and <span style="color:#0b6abf">2030</span>
Data: Bain & Company; Chart: Baidi Wang/Axios

The electric vehicle charging sector is expected to see a 20x jump in profits by 2030, from about $300 million last year to more than $6 billion in the U.S. alone.

Why it matters: Cars may be fun, but the humble chargers that keep them running are set to be a huge revenue center.

Driving the news: Potential profits from EV charging in the U.S., EU and China are expected to swell to nearly $14 billion by the end of the decade, per a report from Bain & Company.

Zoom in: Among the biggest growth areas is what the consulting firm calls "next-generation smart energy services" — think vehicle-to-grid and vehicle-to-home EV charging.

  • "These services will become increasingly important as the volume of solar and wind energy grows because production is sporadic, and it is difficult to efficiently store irregular streams of electricity," the report says.

Context: By 2030, battery-electric vehicles are expected to account for 32% of all U.S. car sales, 40% in China and 55% in Europe.

Between the lines: There's a reason GM and Ford have announced big charging initiatives.

Go deeper