U. S. Electric Vehicle Charging Infrastructure Industry Overview
The U.S. electric vehicle charging infrastructure market size is expected to reach USD 49.14 billion by 2030, growing at a CAGR of 36.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the growing environmental concerns and rising demand for sustainable and energy-efficient transportation. Additionally, the increasing advancement in the communication technologies, such as the availability of real-time information on all the electric vehicle charging stations for better connectivity, will help to propel the market growth.
U. S. Electric Vehicle Charging Infrastructure Market Segmentation
Grand View Research has segmented the U.S. electric vehicle charging infrastructure market report based on charger type, connector, and application:
Based on the Charger Type Insights, the market is segmented into slow and fast
- The fast charger segment led the market and accounted for 94% share of the global revenue in 2021. The growth of the segment is attributed to the rise in the number of consumers preferring electric vehicles for long-distance travel.
- In February 2022, the federal government in the U.S. planned to provide USD 5 billion to its states for five years to build a nationwide network of fast chargers.
- This plan focuses on the Interstate Highway System, which directs states to build one charging station every 50 miles, which must be capable of charging at least four electric vehicles simultaneously at 150 kW.
- Slow charger segment is anticipated to grow at a fast pace accounting for a high market volume by 2030. The demand for slow chargers is significantly driven by vehicle owners who prefer charging vehicles at home using a standard electricity outlet.
- The segment is expected to witness remarkable growth during the forecast period, attributed to the rise in the popularity of electric vehicles and the inclination of users toward buying plug-in hybrid electric vehicles.
Based on the Connector Insights, the market is segmented into CHAdeMO, combined charging system and others
- The Combined Charging System (CCS) segment dominated the market and accounted for a 46% share of the global revenue in 2021.
- The increasing electrification and support by major manufacturers and OEMs, including Daimler AG, Ford Motor Company, General Motor Company, and Volkswagen is driving the segment growth.
- A CCS connector supports slow and fast charging since it uses the Programmable Logic Controller (PLC) protocol that is a part of smart grid protocols. According to the U.S. Department of Energy (DOE), there are more than 5,000 CCS individual outlets as compared to the CHAdeMO outlets.
- Easy integration with smart grid infrastructure and bi-directional charging capability is anticipated to drive the growth of the CHAdeMO segment during the forecast period.
- Research & development initiatives and investments by electric vehicle manufacturers such as Nissan Motor Co., Ltd. and Mitsubishi Motors Corporation for developing DC fast charging networks to support long-range travel is expected to drive the demand for CHAdeMO in the U.S. market.
Based on the Application Insights, the market is segmented into residential and commercial
- The commercial segment dominated the market and accounted for a 92.0% share of the global revenue in 2021. Favorable government initiatives to deploy charging stations on highway projects such as the Trans-Canada highway project and Norway to Italy Electric Highway are driving the growth of the segment.
- Several automotive companies are focusing on launching new electric vehicle charging projects that would help commercial customers to go electric.
- For instance, in December 2021, Ford, an automotive company, announced the launch of the new EV project called Ford Pro Charging to help its commercial customers switch to electric vehicles and offer the necessary hardware and software required for charging electric vehicles.
- Residential application is the fastest-growing segment and is anticipated to exhibit a high revenue share by 2030.
- Electric vehicle chargers for residential spaces can also offer significant growth potential as they provide a cheaper and more convenient mode for charging electric vehicles as compared to commercial charging stations.
- Since users prefer charging their vehicles at home owing to ease and convenience, they opt for AC charging stations for EVs, as the cost of installation is reasonably low as compared to DC charging stations. Hence, DC charging stations have a lower adoption rate in the residential segment due to the significant costs involved in their installation.
Key Companies Profile & Market Share Insights
The Series 6 charging stations are designed to replace the old pair of charging stations at Island Packers, which will be opened for all plug-in EV drivers at the harbor. Acquisition and partnerships are undertaken by companies to expand their geographic presence in key markets.
Some prominent players in the U.S. electric vehicle charging infrastructure market include:
- ABB
- bp pulse
- Delta Electronics, Inc
- Webasto Group
- ChargePoint, Inc.
- Leviton Manufacturing Co., Inc.
- SemaConnect, Inc.
- Tesla, Inc.
- ClipperCreek, Inc.
Market Industry Development
- November 2020: ChargePoint, Inc. announced its partnership with Volvo Car USA LLC to provide a seamless charging experience to Volvo car drivers. ChargePoint, Inc. will offer Home Flex home chargers to Volvo Car drivers owing to this partnership, which will enable drivers to charge their cars at home.
- October 2020: Redwood Residential and Redwood Capital Group, a Chicago-based real estate company, announced the installation of an electric vehicle charging station of SemaConnect Inc. at Deer Park Crossing Apartments.
- August 2020: Venture Port District announced the installation of five new SemaConnect Inc. charging stations for visitors to Venture Harbor.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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