San Francisco, 02 May 2024: The Report 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

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, 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 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.

The market growth can be attributed to the growing initiatives taken by both public as well as private sectors to encourage the adoption of Electric Vehicles (EVs). These initiatives have promoted the sale of electric vehicles and have also spread consumer awareness about the benefits of using these vehicles.  Moreover, the development of technologies like portable charging stations, smart charging with load management, automated payment technology, and bi-directional charging is further expected to create new growth opportunities for the market over the forecast period.

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Numerous electric vehicle charging station providers are focusing on developing new products that provide customers with better-charging infrastructures. For instance, in September 2021, SemaConnect Inc. announced the launch of the new Series 8 retail EV charging station. Series 8 is a level 2 charging station that features SemaConnect's slim design, an easy-to-use network platform, and interactive LED lights. Such initiatives are expected to create more growth opportunities for the market 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

The U.S. is adopting aggressive emission reduction measures by implementing regulatory policies and regional initiatives to reduce atmospheric CO2 concentrations. Many metropolitan cities such as New York City, Los Angeles, and Houston, among others, have been facing air quality issues, which have caused respiratory diseases. Such conditions are making it difficult to survive in the existing environment.

In 2016, the EPA approved new rules (National Emissions Ceilings (NEC) Directive) for its member states to cut down air pollution levels. All these factors together are propelling the need for an eco-friendly and low residual mode of transportation. Thus, promoting the adoption of electric vehicles, along with the increasing need for supporting electric vehicle charging infrastructure.

Many original equipment manufacturers (OEMs) of electric vehicles, such as Tesla, Ford, and General Motors, offer a wide range of electric vehicles that have attracted many consumers, resulting in an increased market for electric vehicles. For instance, in June 2021, General Motors announced its plans to invest USD 35 billion to develop and increase its EV production capacity to more than one million by 2030.

Moreover, in January 2022, General Motors said that it had planned to invest roughly USD 6.6 billion in its home state of Michigan by 2024 to increase its electric pickup truck production and build a new EV battery cell plant. Such investments are expected to boost the U.S. electric vehicle charging infrastructure (EVCI ) industry over the forecast period.

Technological advancements such as fast charging and increased vehicle range are anticipated to transform the U.S. automotive industry over the forecast period. The major trends driving the adoption of Electric Vehicles (EVs) are the emergence of self-driving vehicles and the growth of shared mobility. Both of these factors have a significant impact on U.S. EV vehicle sales.

U.S. Electric Vehicle Charging Infrastructure Market Report Scope

The growth of ride-hailing and ridesharing services will enable users to increase their utilization rate which in turn will provide economical transportation facilities to commuters. The growing popularity of the mobility-as-a-service (MaaS) model is also anticipated to lead to increased adoption of electric vehicles. However, high costs of infrastructure and initial set-up are emerging as major factors hampering the market growth.

Even though electric vehicle adoption is increasing at an increasing rate, costs incurred for research & development activities are highly significant since they require a dedicated workforce. The need for financial and human resources to develop innovative charging equipment is expected to restrain the market growth during the forecast period. Moreover, the shortage of lithium-ion batteries, the issue of disposing of electric vehicle batteries, and the potential wastage that it would create, are expected to hinder the market’s growth.

List of Key Players of U.S. Electric Vehicle Charging Infrastructure Market

• ChargePoint, Inc.
• Leviton Manufacturing Co., Inc.
• SemaConnect, Inc.
• Tesla, Inc.
• ClipperCreek, Inc.
• General Electric Company
• Delta Electronics, Inc
• Webasto Group
• ABB Ltd.
• BP pulse