Unlocking High-Value Opportunities in the EV Charging Market

The electric vehicle (EV) charging market has entered a defining phase. Adoption across North America keeps climbing, pricing is settling into a sustainable range and the industry is shifting from early buildout to long-term scale. Within that shift, there are clear opportunities across FMI’s core coverage areas: energy infrastructure, construction services, hardware and technology.

The following explores where investment activity is concentrating today, how the market structure is evolving and what it means for investors and operators working in the built environment.

Market Snapshot

EV charging has grown beyond early pilots and incentive-driven programs. The industry has become an integrated part of the energy transition, touching utilities, transportation and construction. U.S. EV adoption continues to hit record levels, with EV and hybrid vehicles having reached their highest-ever market share in the U.S. in the third quarter of 2024 according to Canary Media.

While Inflation Reduction Act (IRA)-related incentives are beginning to taper, demand has held strong thanks to lower vehicle prices, wider model selection and fleet electrification. GM, Ford and Hyundai have each introduced electric models under the $40,000 range, pushing EVs into the mainstream.

Globally, growth remains even stronger. Europe and China continue to drive high-volume manufacturing and supply chain investment, further reducing costs across the industry. The IEA Global EV Outlook 2025 projects that worldwide EV sales will continue to grow steadily, resulting in upward of 250 million vehicles on the road by 2030.

For the U.S., the focus is shifting from early adoption to reliability, interoperability and network density, which are all critical in driving the next phase of infrastructure growth. These dynamics are creating steady, recurring demand for companies that plan, build and operate charging infrastructure.

FMI’s Coverage and the Charging Value Chain

FMI’s Utility and Communications Infrastructure 2025 Outlook highlights the same forces that underpin EV charging expansion: grid modernization, distributed energy and power resiliency. FMI’s coverage aligns with four distinct but connected areas of investment:

• Energy Infrastructure: Charge point operators (CPOs) and long-term asset owners
• Construction Services: Engineering, procurement and construction (EPC), installation and service providers
• Hardware: Manufacturers, distributors and component suppliers
• Technology: Software, data and payment platforms

The overlap across these areas gives investors multiple points of entry. CPOs offer recurring revenues tied to utilization. EPCs and operations and maintenance (O&M) contractors provide stable cash flow through installation and service agreements. Hardware and software players bring higher-margin, scalable platforms.

Segment Overview

Infrastructure (CPOs and Networks)

Regional operators like ChargeSmart EV, Envirospark, Red E Charge and Francis Energy are scaling quickly across commercial, fleet and corridor sites. Large national networks such as ChargePoint, EVgo, Tesla and Electrify America dominate fast charging, but hundreds of smaller CPOs are active at the state and municipal level.

This fragmentation creates room for consolidation. Building larger regional portfolios of Level 2 chargers and pairing them with select direct current (DC) fast charging sites can develop national networks that compete on uptime, reliability and customer experience.

Strategic investors are already moving in:

• GM, Ford, Honda, Hyundai, Kia, Mercedes, BMW and Stellantis created Ionna, a joint venture that is building a fast charging network across North America.
• Siemens invested $450 million in Electrify America to gain a foothold in network ownership.
• GM partnered with EVgo and Pilot Flying J to secure corridor coverage for its customers.

Execution (EPC, O&M and Facility Services)

Deployment capacity is a constraint in nearly every market. Large strategics like Black & Veatch continue to lead large-scale EPC programs for utilities and fleet operators, while companies like OWL Services (Oscar Larson) and SPATCO have expanded from fuel system service into electric vehicle supply equipment (EVSE) installation and maintenance, giving them valuable field coverage.

Many energy service and facility firms now include EVSE work as part of broader efficiency and electrification programs. These companies often have the customer relationships, safety programs and technical depth to grow quickly once they build a dedicated EV team. Investors are already consolidating this segment, targeting regional contractors and service providers with recurring maintenance contracts and utility partnerships.

Hardware (OEMs and Distribution)

Manufacturers such as Kempower, ChargePoint and ABB are leading the next generation of modular DC fast chargers, often built in the U.S. to qualify for federal incentives. Distributors like National Car Charging, EV Charge Solutions and Greentech Renewables connect these OEMs with contractors and developers, forming a critical link to market growth.

Hardware innovation continues to focus on improving reliability and minimizing energy usage during peak hours to reduce demand charges. Battery-integrated systems allow fast charging without expensive grid upgrades, improving project economics for both CPOs and site hosts.

Technology (Software and Payments)

Software remains the connective layer of the EV ecosystem. A few large players, like EV Connect, acquired by Schneider Electric, continue to lead the market in white-labeled network management. Vontier’s acquisition of Driivz demonstrates how strategic buyers are combining software with service capability.

A very active area of investment now involves payments, roaming, and interoperability. Platforms like Hubject and Ampeco support OCPI roaming so drivers can use chargers across different networks, and fintech players like Stripe are starting to offer EV-friendly, NEVI-compliant payment tools that handle open, tap-to-pay transactions.

Utilization will forever be a large focus of EV charging solutions providers. As such, investors continue to see greater value in platforms like Stable, which predicts how busy an EV charging site will be so operators can pick the best locations and understand expected utilization before they invest.

These integrations will define the long-term winners. Networks that can manage charging, payments, uptime and utilization will have a clear edge.

Investment Outlook

Capital is flowing toward business models that generate recurring, contracted revenue.

• Infrastructure funds are backing network operators and corridor developers.
• Private equity investors are rolling up O&M and installation businesses.
• Strategic acquirers are adding software and payment platforms to strengthen their energy or construction portfolios.

Across the value chain, companies that combine technology, field capability and recurring revenue are commanding higher valuations. FMI expects continued investor interest as the market scales and as policy-driven programs at the state and federal level support new project activity.

Conclusion

EV charging now sits at the center of the clean energy transition. The U.S. market has reached a tipping point where adoption, investment and utilization are reinforcing each other.

As interoperability and standardization continue to improve, FMI expects lasting opportunities across the sectors it serves. Firms that can integrate installation software, and asset ownership will be best positioned to capture value in the next phase of EV charging growth.