The past year has seen several prominent charging companies enter administration or shut down their operations across Europe and North America, struggling to maintain viable business models. While this has led some to speculate that the EV charging sector is faltering, a broader perspective suggests that these developments are part of an inevitable process of market consolidation. As the industry matures, weaker players are being pushed out, allowing larger, more resilient players to grow and dominate the space.

Where is the market consolidating?
The first example is Tritium, formerly one of the largest manufacturers of DC chargers globally. In April 2024, Tritium filed for insolvency following financial difficulties, despite having secured numerous high-profile contracts. Shortly after, the company was acquired by Exicom, an Indian charging firm seeking to expand its presence in North America and Europe. Similarly, Austrian DC charging manufacturer, EnerCharge, entered insolvency in July, and was acquired by Austrian technology firm KEBA. These acquisitions are indicative of a broader movement towards consolidation in the industry.
In October, further signs of industry contraction came when EVBox, a subsidiary of French energy giant Engie, announced the closure of its operations in Europe, leaving an undisclosed number of chargers unsupported, with no guarantee of continued maintenance or service. Around the same time, Enel X Way, a subsidiary of Italy’s Enel, pulled out of the North American market, citing financial pressures, leaving 170,000 chargers unsupported. Blink Charging, a US-based operator, has since indicated its intent to take over Enel X Way’s customers, again underscoring the ongoing shift towards consolidation.
Where do the announcements fit in with industry trends?
Charge point manufacturers
The current difficulties facing charge point manufacturers underscore the broader challenges in the EV charging sector. Over the past year, charge point manufacturers have struggled to adapt to changing market conditions. The post-pandemic surge in demand for EVs initially led to rapid expansion of charging networks, with charge point operators (CPOs) wanting to scale their networks. However, as growth in EV sales has slowed, so too has the demand for new charging infrastructure. This has led to the stockpiling of chargers and reduced sales for charging manufacturers.
Additionally, as the charging market continuously evolve future proofing of technology for charging manufacturers is important, especially for DC technologies and new vehicles. This adds challenges to manufacturers already operating in a challenging market.
READ: Kempower, the charging company’s rapid global expansion mixed with trouble
Charge point operators
The CPO market shows significant differences between Europe and North America. In Europe, the market remains highly fragmented, with a large number of small players each holding minor shares of the market. This lack of consolidation has fostered intense competition. As the market matures, it is expected that smaller players will be edged out, leading to increased consolidation.
By contrast, the North American market is far more consolidated, with six major players controlling the majority of the market. The country has a relatively high EV to charger ratio when compared to European nations, suggesting that there is still room for smaller operators to establish a foothold. However, political uncertainty in the US and uncertainty in the EV market can leave players unwilling to invest and expand networks in the market.
Expectations for the EV market have not panned out as many CPOs anticipated just two or three years ago. Scaling operations and achieving profitability remains a significant challenge, as building and maintaining charging infrastructure demands substantial upfront investment. For many operators, this has proved too costly, forcing them to reconsider their position in the market.
READ: CATL announces plan to build a large fast-charging network in China
An expected trend?
The recent exit of several major players from the charging industry has not come as a surprise. Shan Tomouk, Charging and Energy lead at Rho Motion commented in September 2023, “The European market is fragmented with a multitude of players vying for market share, this is expected to consolidate over time” and “consolidation is beginning to take hold in the US market.”
The process of consolidation, while painful for some, is a necessary step in the development of a more sustainable and efficient EV charging network. Only those companies with the financial resources to withstand the pressures of a rapidly evolving market will remain.
More Information
For more information about the charging market see our research, or get in touch.
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