North America Electric Vehicle Charging Station Market Size, Share & COVID-19 Impact Analysis, By Charger Type (Fast and Slow/Moderate), By Application (Commercial and Residential), and Country Forecast, 2023-2030

The North America electric vehicle charging station market size was valued at USD 1.86 billion in 2022. The market is anticipated to grow from USD 2.48 billion in 2023 to USD 17.06 billion by 2030, exhibiting a CAGR of 31.7% during the forecast period.

An electric vehicle charging station is an equipment that connects an electric vehicle or plug-in hybrids to a source of electricity to recharge them. Some charging stations have advanced features, including cellular capability, smart metering, and network connectivity. Electric vehicle charging stations are provided by electric utility companies in municipal parking locations or by private companies at retail shopping centers. These stations provide special connectors that are compatible with a variety of electric charging connectors. Rising electric vehicle sales across North America is one of the primary drivers of the market’s growth.

The global automotive industry has been going through a century of evolution. In the past decade, electric vehicle sales have grown significantly due to the increasing demand for emission-free vehicles, stringent government regulations for vehicle emission control, and incentives & tax benefits offered by governments to accelerate vehicle electrification. Hence, the increasing demand for electric vehicle chargers owing to rapid automotive electrification across North America is expected to impel the regional market growth over the forecast period. According to the International Energy Agency (IEA), electric car sales in the U.S. increased by 665,000 between 2019 to 2022 to reach 990,000 in 2022.

COVID-19 IMPACT

Decline in Vehicle Production and Sales amid Pandemic Affected Production of EV Charging Stations in North America

The COVID-19 pandemic sent shockwaves through most industries across the globe. However, the market remained resilient during tough times. During the first few months of 2020, the regional market faced difficulties owing to strict lockdown measures and transportation restrictions. In addition, the supply chain of electric vehicle charging was affected due to trade barriers. The construction of these charging stations across North America slowed down due to unavailability of labor and raw material procurement issues. These above-mentioned factors collectively delayed the growth of these charging stations as projected in the pre-COVID scenario. The market growth slowed down considerably during 2020. However, the market returned to normalcy and gained momentum in the last months of 2020 as lockdown restrictions were lifted. The North America electric vehicle charging station market growth also started to pick up pace as regional governments introduced supportive policies and provided adequate funding to accelerate the electric vehicle industry’s expansion.

LATEST TRENDS

Increasing Development of Fast Chargers for Electric Vehicles to Drive Market Growth

The electric vehicle ecosystem is constantly evolving with new technology, and so are electric vehicle charging stations. The companies are focused on improving the charging speed of the EV charger to reduce the charging time significantly. They are also focused on the research and development of wireless charging technologies. For example, in May 2023, ADS-TEC & JOLT Energy rolled out battery-buffered, ultra-fast EV chargers in the U.S. and Europe within a year. ADS-TEC Energy‘s ultra-fast EV chargers are battery storage-based, providing charging power of up to 320 kW. It is particularly useful in city centers since there is not much space for electrical substations. The EV chargers can also store energy for other uses to assist them in site energy management.

• In May 2023, Cummins collaborated with Heliox, a supplier of fast charging solutions, to provide E.V. charger sales and services in North America. This was a significant step toward providing EV charging solutions for diverse markets and customers. The partnership will bring a mobile 50 kW D.C. charger, a Mobile 50, and a stationary 180 kW D.C. charging system, Flex 180, to the market.

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DRIVING FACTORS

Supportive Government Policies for Automotive Electrification to Drive Market Growth

 The increasing number of government policies and regulations favoring automotive electrification are anticipated to create lucrative opportunities for the market.

For instance, in August 2022, the Biden-Harris Administration and the 117th Congress passed critical legislation to accelerate the adoption of EVs across the U.S. The Infrastructure Investment and Jobs Act and the Inflation Reduction Act will be responsible for huge investments in the electric vehicle sector. The electrification coalition will primarily focus on charging infrastructure funding, purchase incentives, federal fleet electrification funding, EV manufacturing, and supply chain funding & programs.

The administration has set a goal to achieve 50% of all new vehicle sales in the U.S. to be electric by 2030. Also, the government is planning to construct a convenient and equitable network of charging stations to make electric vehicles more accessible for the U.S. citizens for short as well as long trips. Such EV policies and subsidies are anticipated to boost vehicle electrification efforts across North America, further fueling the demand for these charging stations.

RESTRAINING FACTORS

High Initial Costs for Setting up Electric Vehicle Charging Stations May Hamper Market Growth

Sufficient availability of charging infrastructure is crucial for the adoption of electric vehicles. Building a charging network also requires huge investments and coordination between the government and other companies. Setting up the infrastructure and maintaining it requires substantial capital. This cost can vary from country to country and include subcomponents, such as hardware costs, labor costs, electricity connection costs, land costs, electric vehicle supply equipment (EVSE) management & software integration, and civil work costs.

SEGMENTATION

By Charger Type Analysis

Fast Chargers to Gain Popularity Owing to Increasing Demand for Fast AC Chargers

 Based on charger type, the market is segmented into fast and slow/moderate. The fast segment held the largest North America electric vehicle charging station market share and is projected to maintain its dominance till 2030. The segment’s growth is attributed to the increasing demand for fast A.C. chargers owing to the rising adoption of electric vehicles in North America and increasing investment by governments in charging stations. These developments will drive market growth during the forecast period.

The slow/moderate segment is anticipated to record a high CAGR from 2023-2030. The segment also held a significant market share. Increasing demand for charging stations every year in the U.S. is anticipated to drive the segment’s growth. A majority of slow and moderate chargers are emergency cables that are provided with the purchase of an EV. These chargers have been deployed in every state and can be found in several popular public locations, including parking garages, grocery stores, malls, and hotels.

By Application Analysis

Commercial Segment Leads Due to Products’ Robust Use Commercially and Increasing Funding to Build Strong EV Infrastructure

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Based on application, the market is divided into commercial and residential. The commercial segment held the largest market share in 2022 and is anticipated to record the highest CAGR throughout the forecast period of 2023-2030. The segment’s growth is attributed to the increase in infrastructure budgets and funding/investment to build a strong electric vehicle ecosystem in the region. For instance, in March 2021, the U.S. Government announced the establishment of a national E.V. charging network under a USD 2 trillion infrastructure plan. The government is also focused on installing at least 500,000 of these charging devices across the U.S. by 2030.

The residential segment is anticipated to grow moderately over the forecast period. An increase in the demand for battery electric vehicles is driving the segment’s growth. The government policies are focused on promoting plug-in hybrid and electric vehicles in at least 47 states and the District of Columbia is offering incentives to support the deployment of EVs or alternative fuel vehicles.

COUNTRY INSIGHTS

U.S. Held Significant Market Share Due to Growing Sales of Electric Passenger Cars

The U.S. held the highest share in the North America electric vehicle charging station market in 2022. The country is expected to grow astronomically throughout the forecast period of 2023-2030. This growth is attributed to the increasing launch of infrastructure programs to promote the use of EVs. For instance, in February 2022, the U.S. Departments of Transportation and Energy announced a budget of nearly USD 5 billion under the new National Electric Vehicle Infrastructure (NEVI) Formula Program to build a national electric vehicle charging network. This development will drive the market’s growth in the country during the forecast period. Moreover, rise in electric vehicle sales is another major factor driving market growth. As per Kelley Blue Book, the sales of electric vehicles in Q3 of 2023 crossed 300,000 units for the first time in the U.S. market.

The market in Mexico grew moderately in 2022. This growth is attributed to the increased development and adoption of these charging stations or charging points in the country. The Mexican government has been implementing various policies and incentives to promote EVs, such as tax breaks and subsidies to reduce emission levels and dependence on crude oil.

Canada is anticipated to grow at a significant rate over the forecast period. The Canadian government’s Zero Emission Vehicle Infrastructure Program (ZEVIP) offers funding for the deployment of electric vehicle chargers and hydrogen refueling stations across Canada. This initiative will include an investment of around USD 680 million to accelerate the adoption of Zero-Emission Vehicles (ZEVs) and development of EV charging infrastructure across the country. The funding for small-scale electric vehicle charging projects will be done through organizations authorized to redistribute a component of the ZEVIP funding. The private sector will carry out large-scale electric vehicle charging projects.

KEY INDUSTRY PLAYERS

Expansion of Product Portfolio and Other Initiatives by Market Players Will Help Them Gain Competitive Edge

Various regional and international players are consistently developing advanced strategies to gain a strong competitive advantage in the North American market. Many companies are adopting several market strategies, such as installation of new charging stations, acquisitions, and partnerships & collaborations to enable their growth in the market. For instance, in March 2023, EVCS partnered with ChargeHub to simplify and expand access to public charging stations for electric vehicle drivers on the west coast. Under this agreement, EVCS will join ChargeHub's Passport Hub platform as a Charge Point Operator (CPO) to open its network to EV drivers. The EV drivers will have greater freedom to use web-based or mobile apps to discover, locate, charge, and pay on the EVCS network.

List of Key Companies Profiled: 

• Siemens AG (Germany)


• Eaton (Ireland)


• ChargePoint Inc. (U.S.)


• ABB (Switzerland)


• Schneider Electric (France)


• EVBox (Netherlands)


• Webasto Group (Germany)


• Tesla (U.S.)


• Blink Charging Co. (U.S.)


• E.O. Charging (England) 

KEY INDUSTRY DEVELOPMENTS:

• August 2023 – EVBox expanded its presence in the U.S. with the California Type Evaluation Program (CTEP). The certification confirmed that the design and performance of the EVBox Iqon charging stations were suitable for commercial use based on the set of requirements given by the state of California.


• March 2023 – Eaton and Charge Enterprises, Inc., through its portfolio company, Charge Infrastructure, announced a strategic collaboration to fast-track the deployment of Electric Vehicle (EV) charging infrastructure for fleets and car dealers.


• September 2022 – ABB announced that it would invest several million dollars in a new site in Columbia, South Carolina. The facility will manufacture up to 10,000 charging stations per year starting from 2023, with outputs ranging from 20 kW to 180 kW. The company announced the expansion of its manufacturing capacity for charging stations in the U.S.


• June 2022 – Siemens AG announced that it was investing more than USD 100 million in Volkswagen AG's Electrify America unit, becoming the first outside investor in the North American network of electric vehicle charging stations. This initiative will help the company expand its footprint in North America.


• November 2020 – E.O. Charging, one of the leading U.K.-based providers of technology-enabled turnkey solutions for EV fleets, announced its expansion into the U.S. market. The new division will deliver E.O.’s complete fleet charging ecosystem for government and business fleet operators throughout the U.S. It would also provide additional offerings from the company’s charging products and services.

REPORT COVERAGE

The market research report provides a detailed analysis of the market and focuses on key aspects, such as leading companies, product/service types, and leading applications of the product. Besides, the report offers insights into the latest market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market in recent years.

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