With electric vehicles (EVs) catching on, the scramble for market share among startups selling home chargers is heating up and is likely to feed further dealmaking in the sector as tens of millions of units are installed globally over the next decade.
According to a Reuters analysis, more than 100 companies in Europe offer home EV chargers and there are more than 50 such companies in the United States. Many also sell public EV chargers.
Increasing regulations requiring software investments, from cybersecurity to smart-charging capabilities, and rapidly growing sales will only accelerate market consolidation, according to industry executives.