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Analysts name 2 stocks to play the $104 billion EV charging industry — giving one 95% upside

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TD Cowen's analysis shows that the number of public charging ports in the U.S. must grow to 1.7 million by 2030 to keep pace with a growing EV fleet.

Public electric vehicle charging infrastructure remains "critical" in driving further EV adoption, said analysts at investment bank TD Cowen. The bank's analysis shows that the number of public charging ports in the U.S. must grow to 1.7 million by 2030 to keep pace with a growing EV fleet. But questions around funding and installation remain.

"Ultimately, we think the next wave of EV charging companies will have a keen focus on the fleet /medium/heavy-duty sector," it said. It highlighted names that could benefit: Gage Zero, WattEV, TeraWatt, Voltera and Greenlane. They're not publicly listed, however. Software TD Cowen estimates that the market for charging software and warranty could reach about $6.6 billion in the U.S. by 2030 — a growth of about 31% CAGR from 2022.

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