Newark, June 13, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the U.S. E.V. charging infrastructure market will grow from USD 3.92 billion in 2022 to USD 43.46 billion by 2032. The E.V. charging infrastructure market is witnessing a rise in demand amid the increasing sales of electric vehicles. Several government agencies, manufacturers and service providers are entering into agreements providing lucrative growth to the E.V. charging infrastructure market.
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Key Insight of the E.V. Charging Infrastructure Market
The connected charging infrastructure segment is expected to augment the market during the forecast period.
The connectivity type segment is divided into connected charging infrastructure and non-connected charging infrastructure. The connected charging infrastructure segment is expected to augment the market during the forecast period. Connected charging infrastructure is managed through network software. The connected charging infrastructure has several benefits, such as high-tech analytics, customer support, management features, etc.
The CHAdeMO segment is expected to grow at the highest CAGR during the forecast period.
The connector type segment is divided into combined charging systems, CHAdeMO and others. The CHAdeMO segment is expected to augment the market during the forecast period. CHAdeMO is the developing D.C. charging technology for electric vehicles. Their rapid charging allows an efficient platform for electric vehicles.
The protective devices segment is expected to grow at the highest CAGR during the forecast period.
The components segment is divided into protective devices, circuit breakers, I/O modules, A.C. couplers and others. The protective devices segment is expected to grow at the highest CAGR during the forecast period. Surge protection is another crucial factor when installing a residential E.V. charging infrastructure for an electric vehicle.
The residential segment is expected to grow at the highest CAGR during the forecast period.
The end-user segment is divided into residential and commercial. The commercial segment further includes fleet charging systems, destination charging systems, bus charging systems, highway charging systems and others. The residential segment is expected to grow at the highest CAGR during the forecast period. With the rising number of consumers opting for electric vehicles, the demand for E.V. charging infrastructure in the residential sector is rising. Most of a driver's requirements can be readily met by level 1 charging, commonly used when just a 120 V outlet is available, such as when charging at home.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 27.20% |
| 2032 Value Projection | USD 43.46 Billion |
| Base Year | 2022 |
| Market Size in 2022 | USD 3.92 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 238 |
| Segments covered | Connectivity Type, Connector Type, Components, and End-Use |
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Market Dynamics
Driver: Benefits of installing an E.V. charging infrastructure
Electric vehicles use a charging station to distribute and transmit electricity. Unlike domestic EVSEs, these stations can support quick charging at higher currents and stabilized voltage. The E.V. charging infrastructure is common in commercial places such as business parks and malls. These public charging stations are considered on-street amenities provided by electric utility companies. To make it convenient for E.V. users to locate nearby charging stations, the manufacturer of E.V. charging stations also offers cloud-based app connectivity. Also, government agencies provide certain incentives to the end-users installing EV charging infrastructure.
Restraint: High cost
Due to the high capital cost, many end-users hesitate to install an E.V. charging infrastructure. Equipment, land, labour & maintenance, installation, advertising & promotion, and electricity costs are all included in installing an E.V. charging station. They are sceptical about the returns on their investment which restraints market growth.
Opportunity: The rising need for electric buses and trucks
The electric bus industry is on the verge of revolutionizing commercial mobility around the U.S.A., especially in states where sustainable transportation alternatives are still gaining traction. Concerns about global warming and rising CO2 emissions have prompted the country to convert to green mobility, resulting in a surge in demand for electric vehicles. An electric bus, as a sustainable means of transportation, may cut GHG emissions while lowering air and noise pollution. Traditional diesel-powered buses are gradually being phased out in favour of these vehicles, which are more fuel efficient and have reduced running expenses. The conventional charging ports are not compatible with electric buses. Thus, the government authority plans to install E.V. charging infrastructure in commercial places to boost the use of electric vehicles.
Challenges: Increasing dependence on fossil fuels
The generation of electricity is dependent on the burning of fossil fuels. The E.V. charging infrastructure's electricity source is derived from fossil fuels. Thus, the E.V. charging infrastructure is limited in the states where electricity source is highly dependent on fossil fuel. The loss of electricity hampers the generation and transmission of power in this infrastructure.
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Some of the major players operating in the E.V. charging infrastructure market are:
• ChargePoint, Inc.
• SemaConnect Inc.
• Leviton Manufacturing Co., Inc.
• Tesla, Inc.
• ClipperCreek, Inc.
• Delta Electronics, Inc.
• General Electric Company
• ABB Ltd.
• Webasto Group
• B.P. pulse
Key Segments Cover in the Market:
By Connectivity Type:
• Connected Charging Infrastructure
• Non-Connected Charging Infrastructure
By Connector Type:
• Combined Charging System
• CHAdeMO
• Others
By Components:
• Protective Devices
• Circuit Breakers
• I/O Modules
• AC Couplers
• Others
By End-use:
• Residential
• Commercial
o Fleet Charging Systems
o Destination Charging Systems
o Bus Charging Systems
o Highway Charging Systems
o Others
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a country basis. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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