Dublin, May 11, 2023 (GLOBE NEWSWIRE) -- The "U.S. Electric Vehicle (EV) Charging Infrastructure Market Size, Share & Trends Analysis Report By Charger Type, By Connector Type, By Level of Charging, By Connectivity, By Application, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The U.S. electric vehicle charging infrastructure market size is expected to reach USD 24.07 billion by 2030, expanding at 29.1% CAGR from 2023 to 2030
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 communication technologies such as the availability of real-time information on all the electric vehicle charging stations for better connectivity will propel the market growth.
Several electric vehicle charging station providers are focused on launching innovative payment technologies on all of their stations across the U.S. to provide a better customer experience.
For instance, in November 2020, Electrify America, an electric vehicle charging station provider, launched the Plug&Charge payment capability on all its charging stations across the U.S. The charger efficiently communicates with the vehicle to authenticate, identify, authorize, and bill the customer's registered account for the charging session. The entire process allows for a seamless charging experience for the customer.
The technological progress of both the charging software and hardware is expected to change the way electric vehicle owners use and benefit from electric vehicle charging applications. Technologies such as Smartcar API and charging networks precisely determine an electric vehicle's charge time even before the car driver plugs the car into a station. Such initiatives are expected to drive the market's growth. Additionally, green energy is expected to play a significant role in the growth of both public and residential electric vehicle charging spaces.
The COVID-19 pandemic had an adverse impact on the market. The lack of electric vehicle charging infrastructure (EVCI) is seen as a major impediment to the electric vehicle sector. However, as governments across the globe are focusing on emerging from this global pandemic with a stronger and more resilient economy, electric vehicles are expected to continue to gain significant attention.
For instance, in the U.S., California is emerging with strong electric vehicle targets, which is expected to have a positive impact on the electric vehicle charging infrastructure industry over the forecast period.
U.S. Electric Vehicle Charging Infrastructure Market Report Highlights
- Technological progress in battery technology and the growing impetus on autonomous vehicles are driving the U.S. electric vehicle charging infrastructure industry's growth. In addition, eco-friendly benefits offered by EVs also help increase their sales
- Consumers' preference for using electric vehicles for long-distance travel and increasing deployment of electric vehicle charging infrastructure by corporates is anticipated to drive the U.S. demand for fast chargers over the forecast period
- Easy integration with smart grid infrastructure and bi-directional charging capability is anticipated to drive the growth of the CHAdeMO segment over the forecast period
- The level 3 charging level segment is expected to witness the fastest growth over the forecast period. The growth can be attributed to the ability of level 3 charging stations to fast charge EVs, with time ranging from an hour to just fifteen minutes. Growing deployment for commercial charging stations is anticipated to boost the growth of level 3 chargers
- Connected charging stations are expected to witness the highest growth over the forecast period. The growth of the segment can be attributed to its ability to establish a wireless connection, which allows real-time communication between the charging station, EV driver, maintenance, and service provider
- The commercial segment is anticipated to gain traction owing to the rise in the deployment of fast-charging stations across highways, hotels, shopping malls, and public parking facilities
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 105 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $3.15 Billion |
| Forecasted Market Value (USD) by 2030 | $24.07 Billion |
| Compound Annual Growth Rate | 29.1% |
| Regions Covered | United States |
Market Dynamics
Market driver analysis
- Growing contribution of transportation sector toward carbon emissions
- Advances in battery technology and growing emphasis on autonomous vehicles
- Government regulations and tax exemptions further promote the adoption of EVs
Market restraint analysis
- High costs of setting-up EV infrastructure
- Need for dedicated charging space and fluctuating power tariffs
- Emergence of hydrogen fuel cell vehicles
Market opportunity analysis
- Declining lithium-ion battery costs
U.S. Electric Vehicle Charging Infrastructure Market - Porter's Five Forces Analysis
U.S. Electric Vehicle Charging Infrastructure Market - PESTEL Analysis
U.S. Electric Vehicle Charging Infrastructure (EVCI) - Trend Analysis
U.S. Electric Vehicle Charging Infrastructure - Pricing Analysis
U.S. Electric Vehicle Charging Infrastructure Market - Evolving Role Of Utility Companies
Competitive Profiles
- ChargePoint, Inc.
- Leviton Manufacturing Co., Inc.
- SemaConnect, Inc.
- Tesla, Inc.
- ClipperCreek, Inc.
- General Electric Company
- Delta Electronics, Inc
- Webasto Group
- ABB Ltd.
- bp pulse
For more information about this report visit https://www.researchandmarkets.com/r/lygj8j
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