US Electric Vehicle (EV) Charging Equipment Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 23.00 % |
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*Disclaimer: Major Players sorted in no particular order |
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US Electric Vehicle (EV) Charging Equipment Market Analysis
The US electric vehicle (EV) charging equipment market is estimated to be valued at USD 4.2 billion by the end of this year and is expected to grow at a CAGR of 22.8%, reaching a value of USD 11.73 billion by the end of the forecast period.
- Over the medium term, factors like the growing adoption of electric vehicles in the country and the development of electric vehicle infrastructure are expected to drive the charging equipment market during the forecast period.
- However, high installation costs associated with setting up charging stations and maintenance costs are expected to hinder the market's growth during the forecast period.
- Nevertheless, increasing investments in EVs are expected to drive the US electric vehicle (EV) charging equipment market during the forecast period.
US Electric Vehicle (EV) Charging Equipment Market Trends
Increasing Adoption of Electric Vehicles in the Country
- Electric vehicles (EVs) have become increasingly popular due to their eco-friendly nature and cost-effective benefits. However, one of the main concerns for EV owners is the availability of charging stations. As the usage of electric vehicles increases, more charging equipment and infrastructures are required to fulfill the need.
- As the adoption of electric vehicles increases, the need for charging devices and relevant infrastructure is expanding. To meet the demand, the government and companies work on installing more charging stations in public areas such as parking lots, malls, and highways. Many electric vehicle owners also install charging stations in their homes for personal use.
- Despite a dip in 2020 due to the COVID-19 pandemic, electric vehicle sales have skyrocketed in popularity in the country recently. According to the International Energy Agency (IEA), in the United States, electric car sales increased by 55% in 2022 compared to 2021, led by battery electric vehicles (BEV). The sales of BEVs increased by 70%, reaching nearly 800,000 and confirming a second consecutive year of solid growth after the 2019-2020 dip. The sales of PHEVs also grew, albeit by only 15%.
- The monthly sales of new PEVs, including all-electric vehicles (EV) and plug-in hybrid electric vehicles (PHEV), reached 7.4% of all light-duty sales in September 2022, exceeding a 7% share for the first time. Electric car sales were significantly high in the United States, considering total car sales dropped by 8% in 2022 compared to 2021, a much sharper decrease than the global average (minus 3%). The total stock of electric cars stood at 3 million in 2022, recording more than a 36% increase compared to 2021, accounting for 10% of the global total.
- In early 2023, a similar trend was witnessed and is expected to continue in the United States. For instance, more than 320,000 electric cars were sold in the first quarter (Q1) of 2023, 60% more than in Q1 2022. EV car sales growth in the country is expected to continue in 2023, with electric car sales estimated to reach over 1.5 million in 2023, which would boost US electric car sales to 12% in 2023. Such trends are expected to continue and create a significant demand for the EV charging equipment market during the forecast period.
Battery Electric Vehicles to dominate the market.
- Battery electric vehicles (BEVs), also commonly referred to as electric vehicles, have an electric motor. The vehicle uses a large traction battery pack to power the electric motor. The EV must be plugged into a wall outlet or charging equipment called electric vehicle supply equipment (EVSE).
- BEVs are fully electric vehicles and typically do not have an internal combustion engine (ICE), fuel tank, or exhaust pipe. They rely only on electricity for propulsion. The vehicle's energy comes from the battery pack, which is recharged from the grid. BEVs are zero-emission vehicles, as they do not generate any harmful tailpipe emissions or air pollution hazards caused by traditional gasoline-powered vehicles.
- The United States is transforming the automotive industry as battery electric vehicles (BEVs) gain momentum and popularity. With technological advancements, government support, and increasing environmental concerns, BEVs have emerged as a promising solution to address the challenges of climate change and reduce reliance on fossil fuels.
- The adoption of battery-electric vehicles in the United States has witnessed significant growth in recent years. Improved battery technology, extended driving ranges and a surge in charging infrastructure have helped overcome the initial entry barriers. Automakers like Tesla, Chevrolet, Nissan, and Ford have played instrumental roles in popularizing BEVs, offering affordable models that appeal to a broader range of consumers.
- In 2022, the United States registered 990,000 new electric cars, of which about 80% were BEVs, and witnessed a rise of 70% compared to 2021. The US government has implemented various initiatives and incentives to accelerate the adoption of BEVs. Federal tax credits, state rebates, and subsidies have helped make electric vehicles more affordable and accessible to a wider audience. As technology continues to evolve, the future of battery-electric vehicles in the United States looks promising.
US Electric Vehicle (EV) Charging Equipment Industry Overview
The US electric vehicle (EV) charging equipment market is moderately fragmented. Some of the key players in the market (not in any particular order) include ABB Ltd, Robert Bosch GmbH, Delta Electronics Inc., Siemens AG, and Tesla Inc.
US Electric Vehicle (EV) Charging Equipment Market Leaders
Siemens AG
Tesla Inc.
Robert Bosch GmbH
Delta Electronics Inc.
ABB Ltd
*Disclaimer: Major Players sorted in no particular order
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US Electric Vehicle (EV) Charging Equipment Market News
- In June 2023, the Federal Highway Administration (FHWA) updated its National Electric Vehicle Infrastructure (NEVI) Formula Program guidance and revealed Alternative Fuel Corridors (AFC) Round 7 designation requests for nominations. The USD 5 billion NEVI Formula Programme allocates funds to states that build electric vehicle (EV) charging infrastructure. NEVI requires each state to submit an annual EV Infrastructure Deployment Plan. Plan revisions must be submitted for FHWA approval by August 1, 2023.
- In April 2023, Walmart and Sam's Club in the United States announced plans to make electric vehicle (EV) ownership more accessible, dependable, easy, and inexpensive for customers nationwide. Walmart wants to create EV fast-charging network at thousands of Walmart and Sam's Club outlets nationwide by 2030. This would be in addition to the nearly 1,300 EV fast-charging stations presently accessible at over 280 facilities in the United States.
US Electric Vehicle Charging Equipment Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers - Increasing Adoption of Electric Vehicles and Related Investments
4.5.2 Restraints - High Cost of Setting Up EV Charging Stations
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Vehicle Type
5.1.1 Battery Electric Vehicle (BEV)
5.1.2 Plug-in Hybrid Electric Vehicle (PHEV)
5.1.3 Hybrid Electric Vehicle (HEV)
5.2 Application
5.2.1 Home Charging
5.2.2 Workplace Charging
5.2.3 Public Charging
5.3 Charging Type
5.3.1 AC Charging (Level 1 and Level 2)
5.3.2 DC Charging
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 ABB Ltd
6.3.2 Robert Bosch GmbH
6.3.3 ChargePoint Inc.
6.3.4 ClipperCreek Inc.
6.3.5 Delta Electronics Inc.
6.3.6 Powercharge
6.3.7 Siemens AG
6.3.8 Tesla Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 TECHNOLOGICAL ADVANCEMENTS IN THE EV CHARGING EQUIPMENT
US Electric Vehicle (EV) Charging Equipment Industry Segmentation
Electric vehicle charging equipment consists of all the equipment and infrastructure required for charging electric vehicles at home or in commercial and public spaces.
The electric vehicle (EV) charging equipment market in the United States is segmented by vehicle type into battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and hybrid electric vehicle (HEV)), by application into home charging, workplace charging, and public charging, and by charging type into AC charging (level 1 and level 2) and DC charging.
| Vehicle Type | |
| Battery Electric Vehicle (BEV) | |
| Plug-in Hybrid Electric Vehicle (PHEV) | |
| Hybrid Electric Vehicle (HEV) |
| Application | |
| Home Charging | |
| Workplace Charging | |
| Public Charging |
| Charging Type | |
| AC Charging (Level 1 and Level 2) | |
| DC Charging |
US Electric Vehicle Charging Equipment Market Research FAQs
What is the current United States Electric Vehicle (EV) Charging Equipment Market size?
The United States Electric Vehicle (EV) Charging Equipment Market is projected to register a CAGR of greater than 23% during the forecast period (2024-2029)
Who are the key players in United States Electric Vehicle (EV) Charging Equipment Market?
Siemens AG, Tesla Inc., Robert Bosch GmbH, Delta Electronics Inc. and ABB Ltd are the major companies operating in the United States Electric Vehicle (EV) Charging Equipment Market.
What years does this United States Electric Vehicle (EV) Charging Equipment Market cover?
The report covers the United States Electric Vehicle (EV) Charging Equipment Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the United States Electric Vehicle (EV) Charging Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
United States Electric Vehicle (EV) Charging Equipment Industry Report
Statistics for the 2024 US Electric Vehicle (EV) Charging Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. US Electric Vehicle (EV) Charging Equipment analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
