North America Electric Vehicle Charging Stations Market, By Charging Stations (AC Charging/ Normal Charging Station, DC Charging/ Super Charging Station and Inductive Charging Station), Vehicle Type (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicles (PHEV)), Installation Type (Individual Houses, Commercial, Apartments, Others), Technology (Level 1, Level 2, Level 3), Charger Type (Portable Charger, Fixed Charger) – Industry Trends and Forecast to 2029.
North America Electric Vehicle Charging Stations Market Analysis and Size
Vehicles can be plugged into charging station to fuel up rather than filling gallons of gas. More and more people are inclining towards electric vehicles with the growing awareness regarding environmental issues globally.
- North America Electric Vehicle Charging Stations Market was valued at USD 426.88 million in 2021 and is expected to reach USD 42150.58 million by 2029, registering a CAGR of 47.10% during the forecast period of 2022-2029. Battery Electric Vehicle (BEV) accounts for the largest application segment in the respective market owing to the increase in the demand from the adoption of connected vehicles. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
North America Electric Vehicle Charging Stations Market Definition
An electric vehicle charging station, also known as electric vehicle supply equipment (EVSE), refers to a device that is utilized for charging plug-in electric vehicles (EVs), such as electric cars, neighborhood EVs and hybrids. The charging stations make use of energy controller, facility meter, software application, and energy conversion system connected to the power grid.
Report Scope and Market Segmentation
2022 to 2029
2020 (Customizable to 2019 - 2014)
Revenue in USD Million, Volumes in Units, Pricing in USD
Charging Stations (AC Charging/ Normal Charging Station, DC Charging/ Super Charging Station and Inductive Charging Station), Vehicle Type (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicles (PHEV)), Installation Type (Individual Houses, Commercial, Apartments, Others), Technology (Level 1, Level 2, Level 3), Charger Type (Portable Charger, Fixed Charger)
U.S., Canada, Mexico
Market Players Covered
ChargePoint, Inc. (US), Phihong USA Corp. (US), EV Safe Charge Inc. (US), Tesla (US),
North America Electric Vehicle Charging Stations Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:
- Electric Vehicle (EV) Sales
The increase in the electric vehicle (EV) sales across the region acts as one of the major factors driving the growth of electric vehicle charging stations market. The consumer preference is rapidly inclining towards passenger and commercial electric vehicle (EV) due to the rising environmental consciousness.
- Technological Advancements
The rise in technological advancements, such as integration of all-EV charging stations systems with the Internet of Things (IoT) and real-time information solutions accelerate the market growth. The technologies provide real-time data about the availability of vacant spots and locate nearby charging stations.
- Autonomous Park and Charge
The increase in the shift towards developing new technologies as autonomous park and charge, wireless charging and ultra-fast DC charging network lithium-ion batteries further influence the market.
Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the electric vehicle charging stations market.
Furthermore, use of V2G EV charging stations for electric vehicles and development of EV charging stations using renewable sources extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, rise in demand for battery swapping EV charging stations will further expand the market.
Restraints/Challenges North America Electric Vehicle Charging Stations Market
On the other hand, lack of standardization of charging infrastructure and primitive power grid infrastructure are expected to obstruct market growth. Also, high initial cost of EVs compared to ICE vehicles and stringent rules for installation of EV charging stations are projected to challenge the electric vehicle charging stations market in the forecast period of 2022-2029.
This electric vehicle charging stations market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on electric vehicle charging stations market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on North America Electric Vehicle Charging Stations Market
The COVID-19 pandemic had a moderate impact on the electric vehicle charging stations market owing to the global lockdowns. Due to the incentives from governments, the demand for EVs and related markets increased in 2021. The number of private and public EV chargers is increased top charging station manufacturers and network operators. Government and market key players adopted new safety measures for developing the manufacturing practices. The advancements in the technology escalated the sales rate of the charging as it targeted the right audience. The increase in sales of electric vehicles across the globe is expected to further drive the market growth in the post-pandemic scenario.
- In March 2020, ChargePoint, Inc. introduced the first Charging Forward report modules named as “Charging Forward at Work” that will serve as a reference for those exploring the electric vehicle (EV) mobility market. Charging Forward at Work will bring the Electric Revolution to the workplaces of customers. This has helped the company to enhance their product portfolio and grow in the market.
- In November 2019, ABB collaborated with Vatten fall to develop an electric vehicle charging network in Sweden with a complete solution that includes both the fast-charging station and all the necessary grid connection hardware. This technology from ABB is now charging EVs at almost 40 public locations across Sweden for Vattenfall. This has helped the company to enhance its customer base and grow in the market.
North America Electric Vehicle Charging Stations Market Scope and Market Size
The electric vehicle charging stations market is segmented on the basis of charging stations, vehicle type, installation type, technology and charger type. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- AC Charging/Normal Charging Station
- DC Charging/Super Charging Station
- Inductive Charging Station
On the basis of charging stations, the electric vehicle charging stations market is segmented into AC charging/normal charging station, DC charging/super charging station and inductive charging station. In 2020, AC charging/ normal charging station segment holds major market share in charging stations segment as commercial stations are mostly installing AC charging stations for faster charge.
- Battery Electric Vehicle (BEV)
- Plug-In Hybrid Electric Vehicles (PHEV)
On the basis of vehicle type, the electric vehicle charging stations market is segmented into battery electric vehicle (BEV) and plug-in hybrid electric vehicles (PHEV). In 2020, vehicle type segment is dominated by battery electric vehicle (BEV) segment and is expected to grow at higher rate owing to its low cost and lower maintenance.
- Individual Houses
On the basis of installation type, the electric vehicle charging stations market is segmented into individual houses, commercial, apartments and others. In 2020, individual houses segment accounts for the largest share in installation type segment as most of EV owners prefer to charge their vehicle at residence.
- Level 1
- Level 2
- Level 3
On the basis of technology, the electric vehicle charging stations market is segmented into level 1, level 2 and level 3. In 2020, level 2 segment dominates the technology segment as it resembles AC charging; however Level 3 is expected to grow at higher rate as it collaterally resembles DC charging.
- Portable Charger
- Fixed Charger
On the basis of charger type, the electric vehicle charging stations market is segmented into portable charger and fixed charger. In 2020, charger type segment is dominated by fixed charger segment as fixed chargers provide better efficiency; also due to rising number of commercial charging station, need for portable chargers is reducing.
Competitive Landscape and North America Electric Vehicle Charging Stations Market
The electric vehicle charging stations market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to electric vehicle charging stations market.
Some of the major players operating in the electric vehicle charging stations market are
- ChargePoint, Inc. (US)
- Phihong USA Corp. (US)
- EV Safe Charge Inc. (US)
- Tesla (US)
Research Methodology : North America Electric Vehicle Charging Stations Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
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 versus Regional and Vendor Share Analysis.
To know more about the research methodology, drop in an inquiry to speak to our industry experts