The North America EV charging infrastructure market is expected to grow from US$ 1,472.90 million in 2021 to US$ 3,275.41 million by 2028. It is estimated to grow at a CAGR of 12.1% from 2021 to 2028.
Support from Government Policies
The scaling of EV adoption across the region has resulted in the rising importance of convenient and affordable public chargers, which requires strong government support. Several governments have provided support for EV charging infrastructure by implementing measures such as direct investment to install publicly accessible chargers and incentives for EV owners to install charging points at home. Various metro cities and prominent urban center planners have taken stringent measures to support the widespread adoption of EVs, including strategic deployment of charging infrastructure and implementation of preferential/prohibited circulation or access schemes like low and zero-emission zones or differentiated circulation fees. For instance, in the US, state-level policies, like Low Carbon Fuel Standard, are fueling the EV adoption in the country, where most of the states, having specific policies to offer purchase incentives to EV buyers, are providing financial and technical assistance for installing charging infrastructure. The resilient policy support from governments of major economies across the region is accelerating the growth of the EV charging infrastructure market.
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Market Overview
North America is rapidly taking up electric vehicles. According to the International Council on Clean Transportation, the US is the third-largest electric vehicle market, with around 320,000 new EV sales in 2019. As per the International Energy Agency (IEA), about 1.8 million electric vehicles (EVs) were registered in the US in 2020, more than three times the number registered in 2016. The total number of electric vehicles registered in the country increased from less than 300,000 in 2016 to more than 1.1 million in 2020. As a result, numerous states in the region are concentrating on EV infrastructure development. California, for instance, has begun to build charging station networks to aid in the broad adoption of electric vehicles. This network has almost 42,000 publicly accessible charging stations in the US. The growing number of EV charging stations in public places, such as shopping malls, restaurants, commercial buildings, parking lots, and railway stations, and increasing government initiatives to install publicly accessible charging stations, are propelling the growth of the EV Charging Infrastructure Market in North America. Furthermore, 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 US$ 1 billion to the construction of a Gigafactory in Austin, Texas, to start producing Cybertruck EVs by the end of 2021. Volkswagen spent US$ 800 million upgrading its Chattanooga, Tennessee factory to make electric vehicles. Work on the upgrade began in August 2020. These factors are driving up demand for electric vehicles and creating opportunities for the North America EV Charging Infrastructure Market to flourish during the forecast period.
North America EV Charging Infrastructure Strategic Insights
Strategic insights for the North America EV Charging Infrastructure provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
key company profiles
· ABB Ltd.
· Blink Charging Co.
· BOSCH Auto Parts
· Delta Electronics, Inc.
· Driivz Ltd.
· Eaton
· EVBox
· Leviton Manufacturing Co., Inc.
· Siemens AG
· Tesla, Inc.
North America EV Charging Infrastructure Regional Insights
The geographic scope of the North America EV Charging Infrastructure refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
North America EV Charging Infrastructure Market Segmentation
The North America EV charging infrastructure market is segmented based on operator type, platform, hardware, charger type, IEC mode, and country.
- Based on operator type, the North America EV charging infrastructure market is bifurcated into charge point operator and e-mobility service providers. Charge point operator segment held a larger market share in 2021.
- Based on platform, the North America EV charging infrastructure market is bifurcated into hardware and services. Hardware segment held a larger market share in 2021.
- Based on hardware, the North America EV charging infrastructure market is bifurcated into AC charger and DC charger. AC charger segment held a larger market share in 2021. The AC charger segment is further divided into level 1 charger (120 v) and level 2 charger (240 v).
- Based on charger type, the North America EV charging infrastructure market is bifurcated into public chargers and private chargers. Private chargers segment held a larger market share in 2021.
- Based on IEC mode, the North America EV charging infrastructure market is segmented into 2, 3, and 4. The 2 segment held a largest market share in 2021.
- Based on country, the North America EV charging infrastructure market is segmented into the US, Canada, and Mexico. The US dominated the market in 2021.
ABB Ltd.; Blink Charging Co.; BOSCH Auto Parts; Delta Electronics, Inc.; Driivz Ltd.; Eaton; EVBox; Leviton Manufacturing Co., Inc.; Siemens AG; Tesla, Inc.; Tritium; Wallbox Chargers, S.L.; and Webasto Group are the leading companies operating in the North America EV charging infrastructure market.
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Author’s Bio
Akshay
Senior Market Research Expert at Business Market Insights
