The North American electric vehicle charging stations market was evaluated at US$1,160.209 million for the year 2020, growing at a CAGR of 11.86%, reaching a market size of US$2,542.291 million by the year 2027.
A charging station for electric vehicles (EVs) is a device that links an EV to a power source, allowing electric cars, neighbourhood EVs, and plug-in hybrids to be charged. While some charging stations include advanced capabilities such as smart metering, cellular connectivity, and network connectivity, others are more basic. The electric vehicle business is quickly expanding around the world, particularly in North America.
The market for electric car charging is a fast-paced business with a wide range of applications in North America. Over the next few years, the North American electric car market is predicted to rise significantly. The growth of automobile charging stations there is aided by government programs in several nations throughout the world. In North America, the adoption of electric vehicles is quickly expanding. Moreover, automakers have committed to making significant investments in the transition to electric mobility and the growth of the EV market in North America by 2020. Tesla, for example, has committed the US $1 billion to the construction of a Gigafactory in Austin, Texas, that would produce Cybertruck EVs by the end of 2021. Volkswagen invested $800 million in upgrading its Chattanooga, Tennessee plant to produce electric vehicles. Work on the upgrade began in August 2020. These factors drive up demand for electric vehicles and create chances for the electric charging station industry in North America to flourish. Furthermore, the government's increasing measures to construct EV charging infrastructure are credited to the region's strong market growth rate. For example, by the end of 2020, Canadian Tire plans to create a network of 240 fast chargers and 55 Level 2 chargers at 90 of its retail sites across the country. FLO, Tesla, and Electrify Canada collaborated on the network's development. As a result, these factors are linked to the market's expansion over the forecasted period. Furthermore, stringent government car emission rules have encouraged consumers to switch to electric vehicles, which will help the electric charging station industry grow in the coming years. Moreover, the market expansion would be aided by advances in communications technology such as real-time information on all-electric automobile charging stations for smart connectivity.
However, in certain regions of North America, commercial charging stations are still few, forcing consumers to rely on charging options available at their offices and residences. Furthermore, the growing number of electric cars may have an impact on charging station functionality, such as the quantity of power generated, the transformer load level, and the load curve.
Because of the rising use of electric vehicles, the AC Level 1 and Level 2 sectors are likely to dominate the electric vehicle charging station market. Charging with alternating current (AC) is often referred to as level 1 or level 2 charging. An in-car inverter converts alternating current (AC) to direct current (DC), which subsequently charges the battery at either level. The majority of electric car drivers charge their vehicles at home or work using AC power. As more EVs enter the market, this is projected to stimulate demand for AC charging, which will be aided by government restrictions.
The HEV category dominates the market by type, accounting for a sizable revenue share. The HEV provides a dual-fuel and electric driving option, which is particularly beneficial in locations where charging infrastructure is limited. The demand for electric battery vehicles is increasing as private companies and governments seek to build a global network of charging infrastructure to encourage the use of renewable energy. Furthermore, the PHEV market is growing steadily. The demand for these vehicles is expected to increase in future years as their prices fall.
This market is divided into commercial and residential segments depending on the application. The residential usage segment dominates the electric car charging stations market and is expected to continue to do so over the forecast period. This is due to the growing popularity of EVS and the expanding number of charging stations. Furthermore, the commercial market is anticipated to see significant expansion, aided by increased government financing for the development of public charging stations, in coming years.
Over the projection period, the United States is the third-largest electric vehicle market, as per the International Council on Clean Transportation, with around 320,000 new EV sales in 2019, and according to the International Energy Agency (IEA), about 1.8 million electric vehicles (EVs) were registered in the United States as of 2020, which is more than three times the number registered in 2016. The country's high market growth rate can be ascribed to local and state governments and utility players, taking steps to decrease consumer barriers to policies, subsidies, and incentives for electric vehicles and charging stations. The use of charging stations is likely to expand as a result of government support and incentives, such as a tax credit on the purchase of electric vehicles. California began establishing charging station networks to assist the widespread adoption of electric vehicles. In the United States, there are almost 42,000 publicly accessible charging stations in this network as of 2021.
Daimler AG, Mercedes-Benz, and CATL teamed up in August 2020 to develop cutting-edge battery technology to enable the Mercedes-Benz model portfolio's high-volume electrification. The deal incorporated the CATL cell-to-pack (CTP) design, which eliminates traditional modules and integrates cells directly into the battery.
In July 2020, EV Connect and Greenlots, a Shell Group company, announced the completion of the driver roaming integration between their charging networks to improve the EV driver experience. Later in 2020, customers of the EV Connect charging digital platform will be able to find, start, and pay for charging sessions at Greenlots charging stations and vice versa, owing to a previously announced arrangement for inter-network roaming.
In April 2022, in collaboration with the Colorado Energy Office, ChargePoint, a major electric vehicle (EV) charging network, announced the completion of the first of six electric car fast-charging lanes. Corridor A follows along Highway 40 from Boulder to Dinosaur, near the Utah border.ChargePoint announced a collaboration with Goldman Sachs Renewable Power (GSRP), a long-term strategic investor in sustainable energy projects, in March 2022. ChargePoint and Goldman Sachs Renewable Power have teamed up to offer new customized financing options as part of the ChargePoint as a Service (CPaaS) product line to help eligible customers save money on EV charging equipment upfront.
ABB, a global technology company, launched its unique all-in-one electric vehicle (EV) charger in October 2021, claiming to offer the fastest charging experience on the market. The new Terra 360 module charger will charge a maximum of four EVs at once owing to dynamic power distribution. The new charger has a maximum output of 360kW and can fully charge an electric vehicle in much less than 15 minutes.
COVID-19 had a positive impact on the North American Electric Vehicle charging stations market. According to the National Renewable Energy Laboratory First Quarter Report 2020, due to its smaller scale and considerable expenditures from state and local governments, and utilities, the EV charging business has not been as hard hit as other parts of the energy sector, such as the oil industry. Early 2020 saw a continued significant growth of EV charging stations. As the popularity of electric cars (EVs) has grown in recent years, so has the infrastructure to charge them along interstate highways, at businesses, and in public parking lots across the country. State regulators, for example, continue to approve new utility electrification projects, such as infrastructure development plans and consumer incentive programs for chargers and PEVs, despite a large fall in automobile travel and a decrease in demand for charging. Idaho Power, for example, offered incentives to commercial clients who installed charging stations for employee, fleet, or public usage between January 1, 2020, and November 15, 2020.
Electrify America LLC.
EV Charging Installers of America LLC
Addénergie Technologies, Inc.
EV Connect, Inc.
ChargePoint Holdings, Inc.
Kitu Systems, Inc.
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