States in the US received $424mn that could be used for charging stations as part of a $2.8bn settlement by Volkswagen AG. Yet, private investment for charging stations has fallen short, in part because there aren’t enough EVs on the road yet for most charging stations to turn a profit.
This could potentially benefit:
- E-bus market:
- Considering that only 0.5 percent of the total US public transit bus market consisted of electric buses in 2017 (a nascent market when compared to deployment rates of 12-14 percent in Europe and Asia), e-bus market is expected to boom.
- AB Volvo and VDL Groep are among the e-bus innovators racing to deliver a portion of the 1.2 million e-buses expected to be on the road in the US and globally by 2025.
- EV charging stations:
- Companies in the electric charging stations market could benefit from this lack of public charging investment in the US. Examples of such companies include Shell, Tesla, Daimler, Siemens and Schneider Electric.
- Suppliers of EV charging parts:
- Prysmian Group, Eaton, Bosch, ChargePoint and RWE are among the key suppliers that provide EV charging parts such as plugs, cables and stations.