ChargePoint Holdings Inc. (CHPT) saw its stock surge 5.34% in Monday's pre-market trading session, as investors remained optimistic about the growing demand for electric vehicle (EV) charging infrastructure worldwide. The company, a leading player in the EV charging space, is poised to benefit from the accelerating adoption of EVs globally.

According to a report by Gartner, there will be 85 million EVs on the road by 2025, with battery electric vehicles (BEVs) accounting for 73% of the total EV fleet. This surge in EV adoption is driving the need for expanded charging infrastructure, with the global EV charging market projected to reach a staggering $257.03 billion by 2032, growing at a CAGR of 35.6%.

ChargePoint, a leader in the EV charging industry, boasts one of the largest networks, with over 300,000 activated ports and access to roughly 700,000 ports through partnerships. The company's focus on innovation and cost-cutting measures, such as its recent workforce reduction aimed at saving $41 million annually, positions it well to capitalize on the growing demand for charging solutions. With its affordable Level 2 charger, priced at $699, ChargePoint is catering to both fleet operators and individual EV owners seeking cost-effective charging options.