U.S. Electric Vehicle Charging Infrastructure Market Size, Share & Trends Report

U.S. Electric Vehicle Charging Infrastructure Market Size, Share & Trends Analysis Report By Charger Type, By Connector (CHAdeMO, Combined Charging System), By Application, And Segment Forecasts, 2021 - 2028

  • Published Date: Jan, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-3-68038-309-6
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 74

Report Overview

The U.S. electric vehicle charging infrastructure market size was valued at USD 2.08 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 38.9% from 2021 to 2028. Governments across the globe are focusing on investing in the charging infrastructure and technologies that are supporting the transition to clean and zero-emission electric vehicles. The increasing adoption of electric vehicles, owing to benefits such as energy efficiency, lower costs for fuel, and vehicle maintenance, is expected to create growth opportunities for the electric vehicle charging infrastructure market over the forecast period. Through the Clean Transportation Program, which was formerly known as the Alternative and Renewable Fuel and Vehicle Technology Program, the California Energy Commission is heavily investing in the smart charging technology and charging infrastructure, thereby facilitating the transition to zero-emission electric vehicles across the state.

U.S. electric vehicle charging infrastructure market size, by connector, 2016 - 2028 (USD Million)

The U.S. Department of Energy’s (DOE) Alternative Fueling Station Locator app provides information on the locations of public and private non-residential substitute fueling stations across the U.S. and Canada and tracks biodiesel, compressed natural gas, ethanol (E85), electric vehicle (EV) charging, liquefied natural gas, hydrogen, and propane stations. Of these aforementioned stations, electric vehicle charging continues to witness rapid advancements in technology and developments in infrastructure.

The presence and concentration of the large automotive manufacturing and electrical equipment companies in the U.S. provide a high potential market for the deployment of electric vehicle charging infrastructure (EVCI). Factors such as the rise in government regulations on carbon emissions and pollution levels followed by the rising popularity and adoption of electric vehicles that require the deployment of supporting infrastructure are some of the growth opportunities identified.

On the other hand, high costs of infrastructure and initial set-up are emerging as a major factor hampering the EV charging infrastructure market growth. Costs incurred for research & development activities are highly significant since they require a dedicated workforce. Overall, the need for financial and human resources to develop innovative charging equipment is expected to restrain the market growth during the forecast period. Moreover, the outbreak of the COVID-19 pandemic has resulted in a slowdown of the automatic sector in numerous countries, which is expected to hinder the market growth in recent days.

The market penetration of electric vehicle charging stations in the U.S. is significantly high in commercial spaces, as compared to residential places. The commercial charging stations are predicted to increase with time and the growing adoption of electric vehicles. To promote the adoption of electric vehicles, efforts toward increasing supporting infrastructure would be higher in commercial spaces, as overnight charging at residential complexes or homes would not be sufficient for long-distance travel requirements.

Charger Type Insights

The fast charger segment led the market and accounted for more than 93% share of the global revenue in 2020. The growth of the segment is attributed to the rise in the number of consumers preferring electric vehicles for long-distance travel. The extensive deployment of infrastructure for charging electric vehicles by the corporate sector is expected to drive the demand for fast chargers in the U.S. over the forecast period.

On the other hand, the slow charger segment is anticipated to grow at a fast pace accounting for a high market volume by 2028. The demand for slow chargers is significantly driven by vehicle owners who prefer charging vehicles at home using a standard electricity outlet. The segment is expected to witness remarkable growth over the forecast period attributed to the rise in the popularity of EVs and the inclination of users toward buying plug-in hybrid electric vehicles.

Connector Insights

The Combined Charging System (CCS) segment dominated the market and accounted for more than a 46% share of the global revenue in 2020. The increasing electrification and support by major manufacturers and OEMs, including Daimler AG, Ford Motor Company, General Motor Company, and Volkswagen is driving the segment growth. A CCS connector is developed by combining the basic SAE J1772 and two additional large pins for quick charging. A CCS connector supports slow and fast charging since it uses the Programmable Logic Controller (PLC) protocol that is a part of smart grid protocols. For instance, Hyatt has installed electric vehicle charging stations in the parking facility of the hotel. These stations have been deployed by Tesla, Inc., and consist of eight Levels 1 connectors that deliver an output of up to 6 kW.

CHAdeMO is expected to emerge as the fastest-growing segment owing to the easy integration of CHAdeMO with the smart grid infrastructure and its bi-directional charging capability. Also, research & development initiatives and investments by electric vehicle manufacturers, such as Nissan Motor Co. Ltd and Mitsubishi Motors Corporation, for developing DC fast charging networks to support long-range travel is expected to drive the demand for CHAdeMO in the U.S. market. For instance, The Washington State Department of Transportation has partnered with the Oregon Department of Transportation to construct the West Coast Electric Highway (WCEH), which consists of 57 electric vehicle charging stations across Oregon and Washington.

Application Insights

The commercial segment dominated the market and accounted for more than 89.0% share of the global revenue in 2020. Government initiatives and funding for the installation of publicly accessible electric vehicle charging stations and active participation from electric vehicle manufacturers are expected to drive the growth of the segment. Several governments are pursuing various initiatives toward the development of electric highways, such as the Trans-U.S. highway project, and the West Coast Electric Highway (WCEH). Governments are also providing subsidies for the deployment of highway electric vehicle charging stations. Besides, the need for the development of supporting infrastructure at public places is expected to increase as overnight charging or charging at homes would not be sufficient in the coming years. Thus, increasing demand for chargers at public places is expected to drive the segment growth in recent days.

U.S. electric vehicle charging infrastructure market share, by application, 2020 [%]

Electric vehicle chargers for residential spaces can also offer significant growth potential as they provide a cheaper and convenient mode for charging electric vehicles as compared to commercial charging stations. Residential application is the fastest-growing segment and is anticipated to exhibit a higher revenue share by 2028. Since users prefer charging their vehicles at home owing to ease and convenience, they opt for AC charging stations for EVs, as the cost of installation is reasonably low as compared to DC charging stations. Hence, DC charging stations have a lower adoption rate in the residential segment due to significant costs involved in their installation.

U.S. Electric Vehicle Charging Infrastructure Market Share Insights

In October 2020, Redwood Residential and Redwood Capital Group, a Chicago-based real estate company, announced the installation of an electric vehicle charging station of SemaConnect Inc. at Deer Park Crossing Apartments. Thus, the rising enhancements in electric vehicle chargers are propelling the market growth in current days. Moreover, in August 2020, the Venture Port District announced the installation of five new SemaConnect Inc. charging stations for visitors of Venture Harbor. At the same time, the Series 6 charging stations are designed to replace the old pair of charging stations at Island Packers, which will be opened for all plug EV drivers at the harbor

Acquisition and partnerships are undertaken by companies to expand their geographic presence in key markets. For instance, in October 2018, ChargePoint, Inc. partnered with Total Gas & Power, a subsidiary of Total SA. Through the partnership agreement, ChargePoint, Inc. would provide EV charging solutions across the U.K. This agreement was a result of a decision taken by various European countries to reduce the sale of petrol and diesel vehicles over the next few decades. Some prominent players operating in the U.S. electric vehicle charging infrastructure market include:

  • ABB

  • BTC Power

  • Delta Electronics, Inc

  • Webasto Group

  • ChargePoint, Inc.

  • AeroVironment Inc.

  • General Electric Company

  • Leviton Manufacturing Co., Inc.

  • SemaConnect, Inc.

  • Tesla, Inc.

  • ClipperCreek, Inc.

U.S. Electric Vehicle Charging Infrastructure Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 2.85 billion

Revenue forecast in 2028

USD 28.39 billion

Growth rate

CAGR of 38.9% from 2021 to 2028

Base year of estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million, Volume in Units, and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Charger type, connector, application,

Country scope

U.S.

Key companies profiled

ABB; BTC Power; Delta Electronics, Inc.; Webasto Group; ChargePoint, Inc.; AeroVironment Inc.; General Electric Company; Leviton Manufacturing Co., Inc.; SemaConnect, Inc.; Tesla, Inc.; ClipperCreek, Inc.

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Segments Covered in the Report

This report forecasts revenue growth at the country level and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For this study, Grand View Research has segmented the U.S. electric vehicle charging infrastructure market report based on charger type, connector, and application:

  • Charger Type Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)

    • Slow Charger

    • Fast Charger

  • Connector Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)

    • CHAdeMO

    • Combined Charging System

    • Others

  • Application Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)

    • Residential

    • Commercial

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