North America Electric Vehicle (EV) Charging Market is expected to reach USD 11.15 billion by 2030

The government initiatives and latest innovations in EV charging by prominent world leaders in North America region are driving up demand for the North America Electric Vehicle (EV) Charging market during the forecast period.

North America Electric Vehicle (EV) Charging Market was valued at USD 1.12 billion in 2022, and is predicted to reach USD 11.15 billion by 2030, with a CAGR of 33.9% from 2023 to 2030, according to new research by Next Move Strategy Consulting.

Recent advancements in EV charging infrastructure by global industry leaders are anticipated to drive market growth. Notably, in September 2022, Tesla introduced a CCS adapter priced at USD 250, allowing Tesla drivers to use public charging stations. This product addresses a longstanding need among Tesla owners, as they typically cannot utilize non-Tesla charging stations due to the different CCS connectors used by these stations.

The North American EV charging market is experiencing consistent growth, primarily driven by government initiatives promoting EV infrastructure development throughout the region. This emphasis on expanding EV infrastructure is fuelling the demand for EV charging services in the market. 

For instance, in June 2022, the U.S. Transportation Department (USDOT) proposed minimum standards and requirements for EV charging projects funded under a USD 5 billion government program. This proposal would require government-funded EV charging stations to use DC fast chargers and have at least four ports capable of simultaneously charging four EVs and each must be at or above 150 kW. Moreover, it also bars charging stations from requiring a membership to use them.

However, the potential hindrances to the growth of the EV charging sector include the absence of incentives and concerns about the substantial installation costs. A major obstacle to the industry's expansion is the high initial expense associated with level 3 and ultra-fast chargers. While level 1 and level 2 chargers can take anywhere from 6 to 16 hours for a full charge, consumers are accustomed to refueling their conventional fossil fuel vehicles in just 5 to 7 minutes.

This has created a demand for fast chargers that can recharge EVs in under 30 minutes. However, the initial cost of setting up a level 3 charging station can be somewhat daunting, potentially deterring individuals who are considering transitioning to EVs, as the extended charging times could disrupt their busy schedules. 

On the other hand, the advent of vehicle-to-grid (V2G) EV charging technology enables plug-in EVs to exchange electrical energy with the power grid bidirectionally. With V2G, electric vehicles (EVs) can store surplus electricity and feed it back into the grid, enhancing the electrical component's functionality and delivering added value to EV owners.

This technological advancement has simplified the charging process for electric vehicles, making EVs a preferred choice for transportation. Consequently, the entire market for charging stations plays a crucial role in connecting EVs to the grid, enabling them to charge efficiently.

Enel Energia S.p.A. installed two V2G EV charging stations at the Italian Institute of Technology's Genoa headquarters as part of the MOV-E project, sponsored by Nissan for corporate electric car sharing trials. Nissan provided the Italian Institute of Technology with two battery electric vehicles (LEAF models) and the Glide app management platform. This partnership between Enel and Nissan signifies a transformative shift in sustainable transportation technology.

Manufacturers stand to benefit significantly from V2G charging technology, which is poised to revolutionize the EV industry and redefine the way EVs are charged in the future. While V2G infrastructure offers more advantages compared to smart charging, the initial cost of installing V2G charging stations can be substantial. Consequently, manufacturers of EV connectors have the opportunity to develop advanced connectors capable of withstanding the electrical demands arising from the expected expansion of V2G technology.

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According to the report, leading players in the North America Electric Vehicle (EV) Charging market include ABB Ltd., ChargePoint, Inc, Tesla Inc, Shell Recharge Solutions, Star Charge, TELD, Siemens, BYD, EVgo, and Hyundai Motor Company.

Key Insights from the North America Electric Vehicle (EV) Charging Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the North America Electric Vehicle (EV) Charging market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The market share of players in the North America Electric Vehicle (EV) Charging market is provided in the report along with their competitive analysis.

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