电动汽车充电市场展望报告（英文版）--普华永道.pdf

EV Charging Market Outlook A quest for profitable growth in the fast growing, yet highly competitive, EV charging market Strategy a hardware only play will no longer work (needs strong SW/integration) • On the other hand combinations of revenue pools into end-to-end solution providers or operator and owner plays Strategy 2) Revenue pool for electricity not included in graph (EUR ~4bn in 2021 and EUR ~120bn in 2035), this revenue pool will become increasingly addressable through the adoption of BiDi and taking trading and hedging positions Source: Strategy Corporate and M All General Debt; Locations: United States; Europe; Asia East Asia China; Middle East Israel; Search HQ Only; Emerging Spaces: Energy Electric Vehicle Charging Infrastructure; Keywords: electric vehicle charging; ev charging; public charging infrastructure; vehicle charging; charging software; charging solutions; charging infrastructure; Search Emerging Spaces OR Keywords; Strategy Corporate and M&A, PE Growth/expansion Debt: Debt Refinancing, Repayment, Convertible Debt Source: PitchBook, Strategy& analysis Types of financing split on locations EV Charging Market Outlook 29 69% 74% 68% 63% 53% 52% 6% 19% 16% 20% 23% 35% 38% 6% 3%6% 4% 2012- 2017 2%4% 4% 2018 2%4% 2019 4% 4% 2020 8% 2% 2% 2021 5% 4% 1% 2022 190 96 99 109 173 171 +16% 77% 76% 81% 72% 65% 69% 14% 14% 16%14% 10% 7% 14% 23% 5% 4% 2012- 2017 3% 7% 2018 6%1% 1% 2019 5% 2020 2% 4% 2021 3%3% 3% 2022 210 58 70 76 140 118 +19% 70% 76% 85% 64% 97% 76% 10% 10% 8% 21% 11%6% 8% 7%12% 7% 11%2% 2012- 2017 5% 5% 5% 2018 2019 2020 3% 2021 3% 2022 50 21 13 14 38 37 +15% Early stage Public equity JV M&A Debt The European market is the most mature and sees the most M&A deals, which is mainly driven by financial investors The US market is not as mature within EV charging, however, there is a high level of financial activity The Asian market is lagging in terms of quantity of deals, but experience the same growth (%) as Europe and the US 326 Europe (incl. UK + Israel) Americas (US) Asia (China) Strategy& Out of ~300 tracked M&A deals, financial sponsors account for 40% with inter-sector players 20% and Utility and O&G 17% Source: PitchBook, Strategy& analysis 2012-2022 – M&A transactions by buyer and target type (ways to play) 30 0% 20% 40% 60% 80% 100% 16% Utility 17% 20% 8% 11% 17% 29% 8% Automotive 9% 31% 9% 2% 23% 24% O&G 18% 36% 8% 21% 16% PE/Investment companies 7% 5% 7% 8% 7% 16% 21% 49% 38% 22% Infrastructure fundsCharging industry player 44% 13% 8% 3% 13% 50% 21% 12% 6% 19% 8% Other 69 14 35 12 83 37 48 68% 6% 20% 4% 3% 2012-2022 Early stage Public equity JV M&A Debt 1,683 Total # of deals M&A deals by business models allocated to investor types Smart charge point provider Installer and maintenance Value adding service provider CPO and owner Charging solution provider Charge point management software Key deal rationale per investor types EV Charging Market Outlook Charging industry player • Geographical expansion and scale of operations • Strengthened solution capability (higher vertical integration) A O&G • CPO and owner deals (asset ownership) • Software to optimize operation of its charging network B Utility • Solution capability • Energy mgmt. value add (e.g. grid integration with advanced metering and balancing) C Auto- motive • Investing in hardware to enable roll- out of charge points and improve accessibility • Software for a seamless charging experience D PE/ asset mgmt. companies • Invest broadly across hardware, software and services • Generally increasing investment appetite E1 Infra- structure funds • Focus on CPOs + owner (e.g. asset ownership deals) • Strong recent increase in investments E2 A B C D E1 E2 2.6 0.50.1 1.3 0.61.2 2.0 Total deal size ’12-’22 (EURbn) Colour highlight for segments with higher than market average share of M&A