In 2023, over 80 million light vehicles were sold, out of which electric vehicles (EVs) captured a 13,5 million segment, reflecting a 30%+ YoY growth. As EV adoption took off, supplementary services such as charging infrastructure lagged. Recognizing this critical gap, VC investors stepped in, contributing $3.4 billion to the EV charging sector in 2022. The majority of funding flowed towards growth-stage companies offering proven technologies, showcasing the risk associated with early-stage ventures in a hardware-intensive industry like automotive.