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North America Electric Vehicle Charging Stations Markets 2022-2029 - Increasing Incentives for the Installation of Charging Stations in Workplaces

·6-min read
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Dublin, June 17, 2022 (GLOBE NEWSWIRE) -- The "North America Electric Vehicle Charging Stations Market by Charging Type (Level 1, Level 2, DCFC), Connection Type (Pantograph, Connector, Wireless), Component, Mounting Type, Vehicle Type, End User, and Country-Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.

North America Electric Vehicle Charging Stations Market is expected to reach a value of $30.62 billion by 2029, at a CAGR of 33.6% during the forecast period 2022-2029. By volume, this market is expected to grow at a CAGR of 35.7% from 2022 to reach 2.93 million units by 2029.

Increasing incentives for the installation of charging stations in workplaces & residential areas and increasing government measures to promote the use of EVs are the key factors driving the growth of the EV charging stations market in North America.

Based on charging type, the North American electric vehicle charging stations market is mainly segmented into Level 1, Level 2, and DC fast-charging. The DC fast-charging segment is projected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is mainly attributed to increasing government initiatives, rebates on the purchase of DC fast-charging stations, and increasing investments for the development of DC fast-charging station infrastructure.

Based on connection type, the North American electric vehicle charging stations market is segmented into pantograph, connector, and wireless EV charging. The wireless EV charging segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is mainly attributed to the increasing implementation of wireless charging infrastructure in North America, increasing adoption of EVs for public transport and logistics, and increasing prevalence of issues associated with electric vehicles.

Based on component, the North American electric vehicle charging stations market is segmented into hardware, software, and services. The software segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is mainly attributed to enhancements in charging station operations, high configurability offering services, and increasing adoption of smart charging management software.

Based on mounting type, the North American electric vehicle charging stations market is segmented into wall mount, pedestal mount, and ceiling mount. The pedestal mount segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is mainly attributed to increasing R&D in emerging technologies, increasing adoption of pedestal-mounted EV chargers, and increasing installation of pedestal-mounted EV charging stations in public places.

Based on vehicle type, the North American electric vehicle charging stations market is segmented into passenger cars, light commercial vehicles, heavy commercial vehicles, and two-wheelers & scooters. The heavy commercial vehicles segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is mainly attributed to the growing adoption of electric mobility in emerging economies, increasing government subsidies & tax rebates for promoting EVs, and growing adoption of autonomous delivery vehicles.

Based on end user, the North American electric vehicle charging stations market is segmented into commercial EV charging stations and residential EV charging stations. In 2022, the commercial EV charging stations segment is expected to account for the largest share of the electric vehicle charging stations market.

The large market share of this segment is mainly attributed to the growing number of EV charging stations in public places and increasing government initiatives to develop EV charging infrastructure. Additionally, this segment is expected to grow at the highest CAGR during the forecast period.

Based on country, in 2022, the U.S. is estimated to account for the largest share of the North American electric vehicle charging stations market. The country's large market share is primarily attributed to the actions taken by the local and state governments and utility stakeholders to reduce consumer barriers about policies, grants, and incentives on EVs and charging stations.

Canada is expected to witness the fastest market growth rate by value during the forecast period. The country's high market growth rate is attributed to the increasing initiatives by the government and manufacturers to develop electric vehicle charging infrastructure.

For instance, in 2020, Canadian Tire announced its plan to open a network of 240 fast chargers and 55 Level 2 chargers at 90 Canadian Tire retail locations across the country by the end of 2020. The network was developed in collaboration with FLO, Tesla, and Electrify Canada.

The key players operating in the North American electric vehicle charging stations market are Electrify America LLC. (U.S.), Evgo Services LLC. (U.S.), Tesla, Inc. (U.S.), EV Charging Installers of America LLC (U.S.), Addenergie Technologies, Inc. (Canada), EV Connect, Inc. (U.S.), and ChargePoint Holdings, Inc. (U.S.), EvoCharge Inc.(U.S.), EVSE LLC (U.S.) and Kitu Systems, Inc.(U.S.).

Market Dynamics

Drivers

  • Government Initiatives to Drive the Adoption of EVS and Associated Infrastructure

  • Rising Demand for EV Fast-Charging Infrastructure

  • Increasing Deployment of EVS by Shared Mobility Operators

Restraints

  • Lack of Grid Capacities to Support EV Charging Stations

Opportunities

  • High Growth Rate of EV Adoption

  • Growing Deployment of Charging Stations by Retail MNCs

Challenges

  • Inconsistency in Pricing Schemes Leading to Slow Adoption of EV Charging Stations

  • Uncertainty About Financing Charging Station Installations

Key Electric Vehicle Charging Standards

  • SAE J 3105

  • SAE J 1772

  • IEC 62196 Type 2

  • Combined Charging System (CCS)

  • CHArge de MOve (CHADEMO)

  • SAE J 2954

  • Tesla Destination Charger

Scope of the Report

North American Electric Vehicle Charging Stations Market, by Charging Type

  • Level 2

  • Level 1

  • DC Fast charging

North American Electric Vehicle Charging Stations Market, by Connection Type

  • Connectors

  • Pantograph

  • Wireless EV charging

  • Static wireless EV charging

  • Dynamic wireless EV charging

North American Electric Vehicle Charging Stations Market, by Component

  • Hardware

  • Electric Vehicle Supply Equipment (EVSE)

  • Electrical Distribution Systems

  • Cable Management Systems

  • Software

  • Charging Station Management Systems (CSMS)

  • Interoperability Solutions

  • Open Charge Point Protocol (OCPP)

  • Smartphone Applications

  • Services

  • Maintenance Services

  • Systems Integration & Installation Services

North American Electric Vehicle Charging Stations Market, by Mounting Type

  • Wall Mount

  • Pedestal Mount

  • Ceiling Mount

North American Electric Vehicle Charging Stations Market, by Vehicle Type

  • Passenger Cars

  • Heavy Commercial Vehicles

  • Light Commercial Vehicles

  • Two-wheelers & Scooters

North American Electric Vehicle Charging Stations Market, by End User

  • Commercial EV Charging Stations

  • Commercial Public EV Charging Stations

  • On-Road Charging

  • Parking Spaces

  • Destination Chargers

  • Commercial Private EV Charging Stations

  • Fleet Charging

  • Captive Charging

  • Residential EV Charging Stations

For more information about this report visit https://www.researchandmarkets.com/r/txeyq6

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900


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