The North American electric vehicle (EV) charging infrastructure market was fueled by increased EV adoption, supported by government initiatives promoting sustainability and private sector investments in expanding charging networks. Notable trends included technological advancements, such as high-speed charging stations and smart solutions, aimed at improving efficiency. Governments and local authorities were actively implementing policies and incentives to alleviate range anxiety and encourage widespread EV adoption. Additionally, collaborative efforts between electric vehicle companies, charging network operators, and utility firms were underway to create a seamless and accessible charging experience for users.
According to Data Bridge Market Research analyses the North America Electric Vehicle Charging Stations Market, valued at USD 6,30.07 million in 2022, will reach USD 14,193.29 million by 2030, growing at a CAGR of 47.60% during the forecast period of 2023 to 2030.
"Rising fuel costs boost the demand for electric vehicle market growth"
Rising fuel costs in North America are driving a surge in demand for electric vehicles (EVs). With gasoline prices escalating, consumers are drawn to the lower operational costs of EVs, supported by the extended lifespan of electric vehicle batteries. The potential for further increases in fuel prices adds to the appeal of EVs as a cost-saving solution. Government initiatives, including incentives and regulations, encourage the adoption of electric transportation. Supply chain disruptions and higher import costs due to fuel price hikes further contribute to the shift towards EVs. This evolving landscape positions the electric vehicle charging stations market for substantial growth as the demand for sustainable and economical transportation options rises.
What restraints the growth of the North America electric vehicle charging stations market?
“High installation costs hampers the market growth”
In the North American Electric vehicle charging stations market, the significant restraint stems from the escalation of installation costs. This rise in costs not only deters potential investors but also slows down the expansion of charging infrastructure. As a consequence, the market faces hurdles in achieving widespread adoption, hindering the seamless integration of electric vehicles into mainstream transportation due to the financial challenges associated with establishing a robust charging network.
Segmentation: North America Electric Vehicle Charging Stations Market
The North America electric vehicle charging stations market is segmented on the basis of charging stations, charger type, charging type, charging services, mode of charging, connectivity type, charging infrastructure, vehicle type, installation type, connecting phase, technology, operations, components, application and end user.
- On the basis of charging stations, the North America electric vehicle charging stations market is segmented into AC charging/ normal charging station, DC charging/ super charging station, and others
- On the basis of charger type, the North America electric vehicle charging stations market is segmented into portable charger, and fixed charger
- On the basis of charging type, the North America electric vehicle charging stations market is segmented into off board top down pantograph, on board bottom UP pantograph, and charging via connector
- On the basis of charging services, the North America electric vehicle charging stations market is segmented into EV charging services, and battery swapping service
- On the basis of mode of charging, the North America electric vehicle charging stations market is segmented into plug in charging, and wireless charging
- On the basis of connectivity type, the North America electric vehicle charging stations market is segmented into non-connected charging stations, smart connected charging stations, pantograph, connectors, combined charging systems, and chademo, others
- On the basis of charging infrastructure, the North America electric vehicle charging stations market is segmented into normal charging, type 2, CCS, chademo, tesla SC, and GB/T fast
- On the basis of vehicle type, the North America electric vehicle charging stations market is segmented into passengers cars, commercial cars, battery electric vehicle (BEV), plug-in hybrid electric vehicles (PHEV), two wheelers and scooters, and hybrid electric vehicles (HEV)
- On the basis of installation type, the North America electric vehicle charging stations market is segmented into individual houses, commercial, apartments, and others
- On the basis of connecting phase, the North America electric vehicle charging stations market is segmented into single phase, and three phase
- On the basis of technology, the North America electric vehicle charging stations market is segmented into level 1, level 2, and level 3
- On the basis of operations, the North America electric vehicle charging stations market is segmented into mode 1, mode 2, mode 3, and mode 4
- On the basis of component, the North America electric vehicle charging stations market is segmented into hardware, software, and services
- On the basis of application, the North America electric vehicle charging stations market is segmented into public, semi-public, and private
- On the basis of end user, the North America electric vehicle charging stations market is segmented into residential, and commercial
To know more about the study visit, https://www.databridgemarketresearch.com/reports/north-america-electric-vehicle-charging-stations-market
Recent Developments in North America Electric Vehicle Charging Stations Market
- At CES 2023, ABB E-mobility unveiled its groundbreaking terra home charging solution, showcasing a distinctive design and the capability to optimize renewable energy use. The terra home charging solution is expected to be available for purchase by the middle of 2023
- In 2022, Schaltbau Holding AG, a leading supplier of charging infrastructure solutions for commercial electric vehicles, completed the acquisition of SBRS GmbH, a wholly-owned subsidiary of Shell Deutschland GmbH. This acquisition expands Shell's lower-carbon solutions portfolio for fleet and commercial road transport customers, adding expertise in electric bus charging and a substantial pipeline in electric truck charging
- In 2022, Mobilize and Renault dealerships announced the launch of Mobilize Fast Charge, an ultrafast charging network. The majority of stations will be located at Renault dealerships, strategically positioned within a five-minute drive from expressway or highway exits. Additionally, Erisha E Mobility, a subsidiary of Rana Group, introduced the E-Superior Electric Cargo Loader, E-Supreme Electric Delivery Van, E-Smart Electric Passenger Vehicle, and EV charging stations
- In 2022, the Delhi Government and MapmyIndia Mappls signed an agreement to create a web application facilitating accurate sighting of EV charging stations. This tool will play a crucial role in planning and implementing a citywide network of connected and accessible EV charging stations
- In 2022, ABB formed a strategic partnership with Tallarna Ltd to enhance its selection of user-friendly energy management technologies. The collaboration leverages AI-powered data analytics for decarbonization projects in sizable real estate portfolios and performance infrastructure
- In 2022, Hunger Point launched the CP6000 charger, an all-encompassing charging solution designed to meet the needs of fleets and businesses in Europe. Combining station and hardware, network software, and customer support, the CP6000 aims to provide a seamless, scalable, flexible, and trustworthy experience for users transitioning to electric mobility
- In 2022, Eaton expanded its contracts with the General Services Administration to include electric vehicle supply equipment (EVSE) related services. This expansion is crucial in supporting the U.S. goal of achieving net-zero emissions by 2050 and advancing the development of EV charging infrastructure
- In 2022, Tata Power and Hyundai entered into a strategic partnership to establish a robust EV charging infrastructure, accelerating the adoption of electric vehicles throughout India
The Prominent Key Players Operating in the North America Electric Vehicle Charging Stations Market Include:
- ChargePoint, Inc. (U.S.)
- ABB (Switzerland)
- Webasto Group (Germany)
- Shell International B.V. (Netherlands)
- Schneider Electric (France)
- Renault Group (France)
- Phihong USA Corp. (U.S.)
- EV Safe Charge Inc. (U.S.)
- Tesla (U.S.)
- Mercedes-Benz Group AG. (Germany)
- Siemens (Germany)
- TATA Power (India)
- Magenta EV Solutions Private Limited (India)
- Fortum (Finland)
- Volttic EV Charging (India)
- Ather Energy (India)
- Infineon Technologies AG (Germany)
- Amara Raja Group (India)
- Exicom (India)
- Griden Technologies Pvt. Ltd. (India)
Above are the key players covered in the report, to know about more and exhaustive list of North America electric vehicle charging stations market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: North America Electric Vehicle Charging Stations Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
