The U.S. electric vehicle charging infrastructure market size is expected to reach USD 49.14 billion by 2030, growing at a CAGR of 36.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the growing environmental concerns and rising demand for sustainable and energy-efficient transportation. Additionally, the increasing advancement in the communication technologies, such as the availability of real-time information on all the electric vehicle charging stations for better connectivity, will help to propel the market growth.
Several electric vehicle charging station providers are focusing on launching innovative payment technologies on all of their stations across the U.S. to provide a better customer experience. For instance, in November 2020, Electrify America, an electric vehicle charging station provider, launched the Plug&Charge payment capability on all its charging stations across the U.S. The charger efficiently communicates with the vehicle to authenticate, identify, authorize and bill the customer's registered account for the charging session. The entire process allows for a seamless charging experience for the customer.
The technological progress of both electric vehicle charging software and hardware is expected to change the way electric vehicle owners use and benefit from electric vehicle charging applications. Technologies such as Smartcar API and charging networks precisely determine an electric vehicle’s charge time even before the car driver plugs the car into a station. Additionally, green energy is expected to play a significant role in both public and residential electric vehicle charging spaces.
The COVID-19 pandemic had an adverse impact on the market. The lack of electric vehicle charging infrastructure is seen as a major impediment to the electric vehicle sector. However, as governments across the globe are focusing on emerging from this global pandemic with a stronger and more resilient economy, electric vehicles are expected to continue to gain significant attention. For instance, in the U.S., California is emerging with strong electric vehicle targets, which is expected to have a positive impact on the electric vehicle charging infrastructure market during the forecast period.
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Technological progress in battery technology and the growing impetus for autonomous vehicles are driving the U.S. market growth. In addition, eco-friendly benefits offered by EVs help increase their sales
Consumers’ preference for using electric vehicles for long-distance travel and the increasing deployment of electric vehicle charging infrastructure by corporates is anticipated to drive the U.S. demand for fast chargers during the forecast period
Easy integration with smart grid infrastructure and bi-directional charging capability is anticipated to drive the growth of the CHAdeMO segment during the forecast period
North America is a leading market in terms of the number of electric vehicles to fuel-driven vehicles in the region. New York is emerging as a dominant state in the adoption of electric vehicles, which is expected to increase during the projection period
Grand View Research has segmented the U.S. electric vehicle charging infrastructure market based on charger type, connector, and application:
Charger Type Outlook (Revenue, USD Million; Volume, Units, 2017 - 2030)
Connector Outlook (Revenue, USD Million; Volume, Units, 2017 - 2030)
Combined Charging System
Application Outlook (Revenue, USD Million; Volume, Units, 2017 - 2030)
List of Key Players in the U.S. Electric Vehicle Charging Infrastructure (EVCI) Market
Delta Electronics, Inc
General Electric Company
Leviton Manufacturing Co., Inc.
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