U.S. Electric Vehicle Charging Infrastructure Market Expected to Deliver Dynamic Progression until By 2028
U.S. Electric Vehicle Charging Infrastructure Market Growth & Trends
The U.S. electric vehicle charging infrastructure market size is expected to reach USD 28.39 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 38.9% during the forecast period. Government policies and initiatives favoring the adoption of electric vehicles are also driving the demand for electric vehicle charging stations in the U.S. Moreover, government agencies are also signing long-term contracts with EVCI manufacturers, such as Siemens, Tesla, Chargepoint, among others for the development of bus and car charging stations on highways.
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. Moreover, research and 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.
In the wake of rising demand for sustainable and cost-effective mobility, various governments are emphasizing the development of ‘electric highways’. Level 2 and Level 3 DC charging stations with a power output in the range of 100 kW to 200 kW are being mostly used for highway charging station projects. Technologies, such as Radio Frequency Identification (RFID) and Near-Field Communication (NFC), have enabled the installation of interactive, kiosk-based, and self-operated charging stations within highway charging stations. Several private organizations are keen on investing in the development of electric vehicle charging stations along the highways. All these factors are driving the demand for highway charging stations.
Various government agencies are also partnering with each other on the development of highway electric charging stations. For instance, in the U.S., the Washington State Department of Transportation has partnered with the Oregon Department of Transportation to construct the West Coast Electric Highway (WCEH) that consists of 57 electric vehicle charging stations across Oregon and Washington.
As a part of the global EVCI expansion strategy, various EV charger manufacturers are adopting a collaborative model under which they are partnering with EV vehicle manufacturers and other businesses, such as hotels & retail chains, and utility service providers to deploy EV charging stations. At the same time, major EVCI manufacturers are working on integrating ultra-fast charging, autonomous park and charge, and wireless charging technologies to enhance the operational functionality of the electric vehicle, increase consumer convenience and minimize the charging time. Thus, the increased efforts of car manufacturers to make enhancements in electric vehicle charging infrastructure is driving the market growth. Further, Electric vehicles are experiencing a smaller dip in their sales compared to traditional automobiles due to the effects of a shrinking economy in response to the global coronavirus pandemic. This is expected to adversely impact the electric vehicle charging infrastructure market.
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U.S. Electric Vehicle Charging Infrastructure Market Report Highlights
- Technological advancements in battery technology and the growing impetus on autonomous vehicles are driving the U.S. market growth. Eco-friendly benefits offered by EVs 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
- North America is a leading market in terms of the number of electric vehicles to fuel-driven vehicles in the region. New York is emerging as a dominant state in the adoption of electric vehicles, which is expected to grow over the forecast period
U.S. Electric Vehicle Charging Infrastructure Market Segmentation
Grand View Research has segmented the U.S. electric vehicle charging infrastructure market based on charger type, connector, and application:
U.S. Electric Vehicle Charging Infrastructure Charger Type Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)
- Slow Charger
- Fast Charger
U.S. Electric Vehicle Charging Infrastructure Connector Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)
- Combined Charging System
U.S. Electric Vehicle Charging Infrastructure Application Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)
List of Key Players of U.S. Electric Vehicle Charging Infrastructure Market
- BTC Power
- Delta Electronics, Inc
- Webasto Group
- ChargePoint, Inc.
- AeroVironment Inc.
- General Electric Company
- Leviton Manufacturing Co., Inc.
- SemaConnect, Inc.
- Tesla, Inc.
- ClipperCreek, Inc.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.