The United States electric vehicle charging systems and equipment market was valued at USD 573. 95 million in 2020 and is expected to reach USD 4,203. 82 million, registering a CAGR of 44. 43% during the forecast period.
New York, Jan. 03, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "United States Electric Vehicle Charging Systems and Equipment Market - Growth, Trends, COVID-19 Impact, and Forecast (2021 - 2026)" - https://www.reportlinker.com/p06190226/?utm_source=GNW
Although the automotive industry was affected by the outbreak of corona virus, the substantial demand for hybrid, electric, and fuel cell electric vehicles had driven the demand for charging systems and equipment for electric vehicles across United states. Moreover, post-pandemic as restrictions eased market expected to gain momentum over the forecast period.
Some of the major factors driving the growth of the market studied are the enactment of stringent emission and fuel economy norms, government incentives, and the increasing sales of electric vehicles, which are generating a demand for charging stations. However, high cost and compatability issues associated with installing charging infrastructure anticipated to act as major challenges for players in the market.
In addition, as various players in the market are working on developing technologies such as wireless charging and autonomous charging robots, market players likely to witness lucrative opportunities during the forecast period. Furthermore, in order to keep up with the high demand from buyers for electric vehicles, several OEMs are also ntroducing vehicles with fast charging technologies, aimed at reducing the charging time.
Key Market Trends
Increasing Investments in EV Charging Systems to Drive Demand in the Market
With growing EV sales across United states the demand for EV Charging equipment tend to rise, which in turn is driving investments by key players in the market. For instance,
In 2020, there were around 16,700 publicly available fast electric vehicle chargers (EVSE) in the United States. The growth of publicly available high-speed EVSE chargers in the United States took off between 2018 and 2019.
This is because a majority of the vehicle manufacturers and the associated industries are seeing electric vehicles as an investment opportunity. This growth is driving the electric vehicle charging station market.
While Vehicle manufacturers who are planning to launch electric vehicles into market are also investing in charging technology to widen their customer reach some others are investing in installing chargers throughout the United States. For instance,
In October 2021, General Motors announced a new charging program to install up to 40,000 Level 2 EV chargers across the United States. This initiative, which will begin in 2022, is part of GM’s recently announced commitment to invest nearly USD 750 million to expand home, workplace, and public charging infrastructure through its Ultium Charge 360 ecosystem.
Siemens Corporation announced a commitment to invest and expand its manufacturing operations in the US to support electric vehicle infrastructure in the country. It will add production of the VersiCharge Level 2 AC series product line of commercial and residential EV chargers. With the expansion and added production, Siemens aims to manufacture more than 1 million electric vehicle chargers for the United States over the next four years.
In November 2021, EVgo Inc., owner and operator of a public fast-charging network for electric vehicles, and General Motors announced an expansion of a fast-charging infrastructure build-out collaboration currently underway across the U.S. EVgo and GM previously announced a tripling of the EVgo network with plans to build 2,750 charging stalls through 2025
Moreover, with new players entering the market coupled with heavy investments by existing players, market expected to witness optimistic growth over the forecast period.
AC Charger Segment to Witness Highest Demand During the Forecast Period
AC charging has been a first off in the electric vehicle charging technology with majority of the stations offering AC charging outlets across the United States. The charging infrastructure industry has aligned a common standard called Open Charge Point Interface, which dictates standards for AC charging, like Electric Vehicle Supply Equipment (EVSE) port and connector, with multiple connector types, like CHAdeMO and CCS.
As of 2020, approximately 80% the ports involved in the United States were EVSE connectors with AC charging equipment and technology. Additionally, the Level 1 and Level 2 charging speed variations offered by AC charging technology amounted for about 5% and 80%, equipped with EVSE ports in the public charging stations and outlets.
Moreover, United States also poses a total of 82,263 units publicly available for EVSE chargers based on AC charging, standing second-highest after China, as of 2020. In addition, OEM involvement in developing AC charging technology has also aided the market growth in the country.
As per the aforementioned statements, the AC charger segment of the market is expected to witness healthy growth rate during the forecast period.
The United States Electric Vehicle Charging Systems and Equipment Market is moderately consolidated one with presence of both numerous global and local players. Several companies are focusing on expanding their product portfolio owing to technological advanacements and various other charging equipment manufacturers are improving their presence in market by launching new product , investments, and patnerships. For instance,
In June 2021, Schneider Electric completes investment in Operation Technology Inc. (“ETAP”) to spearhead smart and green electrification. The ETAP investment completes Schneider’s existing software portfolio for electric power systems.
In November 2021, Tesla unveiled a new home charger that comes with a J1772 plug, which works with all electric cars in North America.
In August 2020, Fleet service provider Momentum Groups and EVBox announced a strategic partnership to help fleets across the United States accelerate the shift toward electric transportation. Through this partnership, these organizations will draw from each other’s decade-plus of industry experience to create comprehensive EV fleet packages that are easy to customize, implement, and scale-up.
Chargepoint Inc., ABB Limited, EV Box(Engie SA), Tesla Motors Inc, and Others are some of the key players in the market.
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