United States Electric Vehicle Charging Systems And Equipment Market Size

US EV Charging Systems And Equipment Market Analysis

The United States Electric Vehicle Charging Systems And Equipment Market size is estimated at USD 3.88 billion in 2024, and is expected to reach USD 13.15 billion by 2029, growing at a CAGR of 27.65% during the forecast period (2024-2029).

Over the long term, the enactment of stringent emission and fuel economy norms, government incentives, and the increasing sales of electric vehicles will serve as major determinants for the surging demand for charging stations across the United States. With shifting consumers' preference towards availing new-energy vehicles, including battery-electric vehicles, plug-in hybrid electric vehicles, and fuel-cell electric vehicles, a massive demand exists for electric vehicle charging system networks and equipment in the United States. An efficient charging system network allows a smooth transition towards adopting electric vehicles, facilitating the government's commitment to decarbonize the transport sector.

• The United States government committed to reducing greenhouse gas emissions 50-52% below 2005 levels in 2030. Further, the government announced its target to achieve a net-zero economy by 2050.

• The plug-in electric light vehicle sales in the United States touched 918.46 thousand units in 2022 compared to 607.57 thousand units in 2021, representing a Y-o-Y growth of 51.1% between 2021 and 2022.

Various commercial fleet operators in the United States are investing hefty sums to build a charging network at their sites to assist in charging trucks, vans, and other commercial vehicles overnight. This reduces the hassle of locating public charging stations on the driver's road. Therefore, the expanding electric commercial vehicle market in the United States is a significant catalyst for the growth of the electric vehicle charging system and equipment market.

However, high cost and compatibility issues associated with installing charging systems are considered significant challenges for players in the market. To tackle the issue of high installation costs, various players in the market are developing technologies such as wireless charging and autonomous charging robots, which will help reduce the installation cost of these systems. Furthermore, to keep up with the high demand from buyers for electric vehicles, several OEMs are also introducing cars with fast charging technologies to reduce the charging time, which, in turn, will positively impact the demand for fast-charging stations during the forecast period.