U.S. Electric Vehicle Charging Infrastructure Market Analysis Report By Charger Type, By Connector, By Application And Segment Forecasts From 2019 To 2025

Industry Insights

The U.S. electric vehicle charging infrastructure (EVCI) market size was worth USD 1.10 billion in 2018. The market is anticipated to register 39.3% CAGR over the forecast period, 2019 to 2025. Increasing focus by governments on the development of electric vehicles infrastructure to curb the pollution generated by internal combustion vehicles is driving the growth of the EVCI market. In addition, various initiatives taken by both private and public companies are strengthening the growth of the market.

Several government bodies such as the federal government and municipalities are investing a significant amount to develop EV charging stations, which in turn driving the growth of the market. For example, the government of the U.S. invested USD 4.5 billion to develop electric vehicle infrastructure.

The U.S. EV charging station market is dominated at the commercial location than residential location. In order to support the adoption of electric vehicles, commercial places must be equipped with better EV charging facilities as overnight charging facilities at residential places will not last too long.

The presence of several automotive giants along with various electrical equipment manufacturers is driving the growth of the market. In addition, stringent regulation pertaining to carbon emission and increasing adoption of EVs is supporting the growth of the market.

However, high infrastructure costs and initial expenditures are projected to hamper market growth. In addition, the cost required for research and development activities is significantly higher as they need a dedicated workforce. Therefore, the need for human resources and financial assistance is estimated to restrain the market growth.

Charger Type Insights

Depending on the charger type, the EVCI market is categorized into fast and slow chargers. The fast charger category is estimated to witness the highest growth with a CAGR of over 39% from 2019 to 2025. Consumer preferences for long-distance travel are driving the growth of this segment. Growing EVCI deployment by the corporate sector is also driving the growth of the fast charger segment. Besides, the slow charger division is likely to grow with the highest CAGR over the forecast duration. The growing popularity of plug-in hybrid vehicles is attributing to the growth of this segment.

Connector Insights

By connector type, the market is segregated into Combined Charging System (CCS), CHAdeMO and others. CCS category is projected to emerge as the leading shareholder over the forecast duration. Additionally, leading manufacturers such as General Motors, Volkswagen, Ford Motor, and Daimler AG estimate the segment to grow with the highest CAGR over the forecast duration owing to the factors such as growing electrification and support initiatives. CCS connector is capable of supporting both fast and slow chargers as it has a Programmable Logic Controller (PLC).

On the other hand, the CHAdeMO category is projected to register significant growth from 2019 to 2025. Easy integration of this segment with the smart grid system along with bi-directional charging ability is driving the segment growth. In addition, growing investment by electrical vehicles manufacturers such as Mitsubishi and Nissan Motor to develop direct current (DC) fast-charging infrastructure to enable long travel is further supplementing the market growth.

Application Insights

Depending on the application, the market is bifurcated into commercial and residential. Of them, the commercial category is projected to dominate the market over the forecast period. Increasing government support to install easily accessible electric vehicle charging infrastructure coupled with the active participation of vehicle manufacturers is propelling the segment growth.

On the other hand, the residential category is projected to emerge as the highest growing segment over the forecast duration. Users prefer to charge their EVs at home owing to convenience. In addition, the demand for AC charging stations is gaining traction in the residential sector as they require a low cost for installation compared to DC ones.

Impact of COVID-19

The outbreak of COVID-19 has severely affected the growth of the market. The pandemic has led to the closure of various industries including automobiles, thereby, delaying the production of electric vehicles. In addition, disruption in the supply chain has negatively affected the production of batteries, thereby, slowing the overall market growth. Moreover, COVID-19 has led to a financial crisis across the U.S., which in turn, resulted in low spending on buying new vehicles by consumers. It is estimated that the global sales of electric vehicles would drop by 18% in 2020.

U.S. EV Charging Infrastructure Market Share Insights

Key players operating in the market are Leviton Manufacturing, SemaConnect, Inc., ClipperCreek, Inc., and Tesla among others. These companies are focusing on mergers & acquisitions and partnerships to consolidate their position in the market. For example, ChargePoint, Inc., in October 2018, collaborated with Total SA subsidiary Total Gas & Power to offer electric vehicle charging infrastructure in the U.K market.

AeroVironment Inc., in January 2018, introduced next-generation electric charging facilities. This is a user-friendly charging facility intended to offer a smart charging solution to both commercial and residential sectors.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Million Insights has segmented the U.S. electric vehicle charging infrastructure market report on the basis of charger type, connector, and application:

• Charger Type Outlook (Volume, Units; Revenue, USD Million, 2014 - 2025)
    • Slow
    • Fast

• Connector Outlook (Volume, Units; Revenue, USD Million, 2014 - 2025)
    • CHAdeMO
    • Combined Charging System
    • Others

• Application Outlook (Volume, Units; Revenue, USD Million, 2014 - 2025)
    • Residential
    • Commercial