United States Electric Vehicle Charging Infrastructure (EVCI) Market Report and Forecast 2023-2028

United States Electric Vehicle Charging Infrastructure (EVCI) Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the United States electric vehicle charging infrastructure (EVCI) market reached a value of USD 2.8 billion in 2022. Aided by rising sales of electric vehicles and growing investment in the construction of EV charging stations, the market is projected to further grow at a CAGR of 39.90% between 2023 and 2028 to reach a value of USD 21 billion by 2028.

Electric vehicle charging infrastructures, commonly referred to as EV charging stations or electric recharging points, are pivotal facilities that supply electric energy to recharge electric vehicles. The infrastructure ranges from simple plug-in setups for homes to sophisticated stations equipped with fast charging capabilities. The establishment and enhancement of this infrastructure are fundamental for the promotion of electric vehicle usage, providing users with convenience and reliability.

One of the major factors bolstering the United States electric vehicle charging infrastructure (EVCI) market growth is the escalating adoption of electric vehicles in the country. As consumers grow more environmentally conscious and the benefits of EVs become widely acknowledged, the United States has witnessed a surge in the demand for these vehicles. This shift demands a parallel enhancement in charging infrastructure, ensuring EV owners have easy and convenient access to charging facilities.

Rising demand for fast-charging stations owing to busy lifestyle among other factorswith increasing EV penetration is considered to be one of the growing United States electric vehicle charging infrastructure (EVCI) market trends. These stations, which drastically reduce charging times compared to traditional setups, are becoming increasingly popular, especially in urban and commercial areas. Collaborations between private enterprises and governmental bodies are also fostering the establishment of these stations across strategic locations.

Furthermore, technological advancements play an important role in boosting the United States electric vehicle charging infrastructure (EVCI) market demand. Innovations such as wireless charging, smart charging, and vehicle-to-grid technologies are gradually making ways into the market. These technologies not only enhance the user experience but also optimise the grid's energy consumption patterns, thereby contributing to energy conservation.

A detailedThe United States electric vehicle charging infrastructure (EVCI) market analysis reveals that public-private partnerships are driving much of the infrastructure development. Local governments collaborate with private companies to set up charging stations at public venues like malls, parking lots, and transportation hubs. Such partnerships are vital, leveraging the strengths of both sectors and ensuring widespread and well-distributed EVCI development.

Market Segmentation

The market can be divided based on charger type, connector, application, and region.

Market Breakup by Charger Type

• Slow Chargers
• Fast Chargers

Market Breakup by Connector

• CHAdeMO
• Combined Charging System (CCS)
• Others

Market Breakup by Application

• Commercial
• Residential

Market Breakup by Region

• New England
• Mideast
• Great Lakes
• Plains
• Southeast
• Southwest
• Rocky Mountain
• Far West

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the United States electric vehicle charging infrastructure (EVCI) market. Some of the major players explored in the report by Expert Market Research are as follows:

• ChargePoint, Inc.
• AeroVironment Inc.
• General Electric Company
• Leviton Manufacturing Co., Inc.
• SemaConnect, Inc.
• Tesla, Inc.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.