Industry: Automotive & Transportation | Publish Date: 03-Dec-2024 | No of Pages: 176 | No. of Tables: 146 | No. of Figures: 115 | Format: PDF | Report Code : AT843
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. Electric vehicle chargers are defined by the amount of energy delivered to the vehicle’s battery per unit of time. It is an infrastructure that is used to connect the plug-in electric vehicle to an electrical outlet to charge the battery of the vehicle. Electric vehicle chargers are used to provide charging to EVs with a battery and the electrical source that helps to charge the battery.
Electric vehicles, neighborhood EVs, and plug-in hybrids can all be charged at a charging station by connecting to an electrical source. Advanced features including smart meters, cellular connectivity, and network access are available on some charging stations. The charging of EVs can be carried out through several levels of charging such as level 1, level 2, and level 3. The higher the level of charging, the faster the charging process causing more power to be delivered to the vehicle. The use of electric vehicles significantly reduces the carbon footprints released into the atmosphere, which contain toxic gas. The growing threat of carbon emissions and other harmful gases stemming from transportation has triggered the vital necessity of adopting electric vehicles.
In addition, the penetration of EV charging is high in commercial spaces as compared to residential ones. Long-distance trips would benefit from ultra-fast charging capabilities made possible by public charging infrastructure. However, EV chargers for residential spaces offer significant growth potential as they are affordable and more convenient for charging electric vehicles as compared to commercial charging stations.
The market for EV charging in North America is steadily growing due to factors such as the emphasis by government bodies on EV infrastructure across the region boosting the demand for the EV charging 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.
The latest innovations in EV charging by prominent world leaders to accelerate the current infrastructure are expected to create the demand for market growth. For instance, in September 2022, Tesla launched its CCS adapter for USD 250 that enables Tesla drivers to access public charging stations. This is a product that Tesla owners have been wanting for a long time as Tesla owners do not have access to most non-Tesla charging stations owing to them being equipped with CCS connectors.
Lack of incentives and worries about the high installation costs of EV charger installation could prevent the growth of the sector. One of the biggest barriers to the expansion of this business is the high initial cost of level 3 and ultra-fast chargers. While level 1 and level 2 chargers can take anything from 6 to 16 hours to fully charge, consumers typically charge their fossil fuel vehicles in 5 to 7 minutes.
Fast chargers that can charge EVs in under 30 minutes are therefore in demand on the market. A level 3 charging station can be somewhat expensive at first, though. For those who might want to transition to EVs, this could be a deterrent because a lengthy charging period might interfere with their already hectic schedules.
A technology called vehicle-to-grid (V2G) EV charging allows plug-in EVs and the power grid to exchange electrical energy in both directions. Electric vehicles (EVs) can store extra electricity and release it to the grid thanks to V2G technology. This may enhance the functionality of the electrical component and increase value for EV owners.
The development of this concept has made charging for electric vehicles easier, and EVs are now among people's top transportation options. As a result, the entire market for charging stations is essential for connecting the electric vehicle to the grid and enabling the vehicle to charge.
Two V2G EV vehicle charging stations were erected by Enel Energia S.p.A. at the Italian Institute of Technology's Genoa headquarters. The installation is a part of MOV-E, a Nissan-sponsored corporate electric car sharing trial project. The Italian Institute of Technology received two battery electric vehicles (LEAF models) from Nissan as well as the Glide app management platform. The partnership between Enel and Nissan represents a shift in the way that technology is used for sustainable transportation.
As a result, manufacturers have a great chance with the V2G charging technology because it is predicted to change the EV industry and determine how EVs will be charged in the future. Although V2G infrastructure is more beneficial than smart charging, installing V2G charging stations has a hefty up-front cost. Manufacturers of EV connectors are projected to have opportunities to produce sophisticated connectors to withstand electrical architecture due to the predictable and anticipated expansion of V2G technology.
The North America Electric Vehicle (EV) Charging industry includes several market players such as ABB Ltd., ChargePoint, Inc, Tesla Inc, Shell Recharge Solutions, Star Charge, TELD, Siemens, BYD, EVgo, and Hyundai Motor Company.
The North America Electric Vehicle (EV) Charging market report provides a quantitative analysis of the current market and estimations through 2023-2030 that assists in identifying the prevailing market opportunities to capitalize on.
The study comprises a deep dive analysis of the market trend including the current and future trends for depicting the prevalent investment pockets in the market.
The information related to key drivers, restraints, and opportunities and their impact on the market is provided in the report.
The competitive analysis of the market players along with their market share in the North America Electric Vehicle (EV) Charging market.
The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
Off-Board Top-Down Pantograph
On-Board Bottom-Up Pantograph
Charging Via Connector
Level 1 (<3.7 KW)
Level 2 (3.7–22 KW)
Level 3 (Above 22 KW)
Slow Charger
Fast Charger
Non-Connected Charging Stations
Smart Connected Charging Stations (Networked)
AC (Normal Charging)
DC (Super Charging)
Inductive Charging
Commercial
Residential
Commercial Public EV Charging Stations
On-Road Charging
Parking Spaces
Destination Chargers
Commercial Private EV Charging Stations
Fleet Charging
Captive Charging
Portable Charging
Fixed Charging
Wall Mount
Pedestal Mount
Ceiling Mount
CCS
CHADEMO & GB/T
Type 1/Normal Charging
Tesla Super Charger
Type-2
Level 3
North America
U.S.
Canada
Mexico
ABB Ltd.
ChargePoint, Inc
Tesla Inc
Shell Recharge Solutions
Star Charge
TELD
Siemens
BYD
EVgo
Hyundai Motor Company
Report Scope and Segmentation
Parameters |
Details |
Market Size in 2022 |
USD 1.12 Billion |
Market Volume in 2022 |
105 Thousand Units |
Revenue Forecast in 2030 |
USD 11.15 Billion |
Growth Rate |
CAGR of 33.9% from 2023 to 2030 |
Analysis Period |
2022–2030 |
Base Year Considered |
2022 |
Forecast Period |
2023–2030 |
Market Size Estimation |
Million (USD) |
Growth Factors |
Increased government initiatives The emergence of significant market players |
Countries Covered |
3 |
Companies Profiled |
10 |
Market Share |
Available for 10 companies |
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |