U.S. Electric Vehicle Charging Infrastructure (EVCI) Market Study By Connector, Type & Top Key Players – ChargePoint, Inc.; AeroVironment Inc.; General Electric Company;

October 28 11:06 2019
U.S. Electric Vehicle Charging Infrastructure (EVCI) Market Study By Connector, Type & Top Key Players – ChargePoint, Inc.; AeroVironment Inc.; General Electric Company;

Grand View Research, Inc. – Market Research And Consulting
The U.S. electric vehicle charging infrastructure (EVCI) market size is expected to reach at USD 11.35 billion by 2025 registering a CAGR of 39.3%, according to a new report by Grand View Research, Inc.

According to a report, “U.S. Electric Vehicle Charging Infrastructure (EVCI) Market Size, Share & Trends Analysis Report By Charger Type (Slow, Fast), By Connector (CHAdeMO, CCS), By Application, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc.,

Government policies and initiatives encouraging the adoption of Electric Vehicles (EVs) are driving the market. Moreover, the insurers are insuring EVs at discounted rates and utilities are charging lower tariffs for the electricity consumed by the electric vehicle charging infrastructure. These factors are also likely to contribute to the market growth.

In some states, such as New York, Georgia, and Ohio, subsidies are being offered to reduce the upfront purchase costs of EVs while cheaper credit is being offered to manufacturers as well as buyers. The Federal Internal Revenues Service (IRS) is offering a tax credit of up to USD 7,500 on the purchase of new EVs. These subsidies and promotion of EVs have remarkably boosted the need for EV charging stations in the country, thereby augmenting market growth.

Reducing prices of battery and the provision of incentives and subsidies have propelled the demand for EVs, thereby directly influencing the growth of the EVCI market. For instance, TESLA has signed several contracts and agreements with the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) that relieves the sales tax on buying manufacturing equipment used for particular purposes for ongoing developments of Model 3, Model X, and Model S.

As a part of the global EVCI expansion strategy, various EV charger manufacturers are adopting a collaborative model under which they are partnering with EV manufacturers and other businesses, such as hotels & retail chains and utility service providers, to deploy EV charging stations. Major EVCI manufacturers are working on integrating ultra-fast charging, autonomous park and charge, and wireless charging technologies to enhance the operational functionality of EVs, increase consumer convenience, and minimize the charging time.

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U.S. Electric Vehicle Charging Infrastructure (EVCI) market size, by charger type, 2014 - 2025 (USD Million)

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Further key findings from the study suggest:

  • Technological advancements in battery technology are driving the U.S. electric vehicle charging infrastructure market growth

  • Consumer preference for using EVs for long-distance travel and increasing deployment of EVCIs by corporates are anticipated to drive the demand for fast chargers over the forecast period

  • Easy integration with smart grid infrastructure and bi-directional charging capability is anticipated to drive the growth of CHAdeMO segment over the forecast period

  • New York is emerging as a dominant state, in terms of EV usage, which is expected to drive the EVCI market in U.S.

  • Key companies are emphasizing on developing a solar charging feature for charging stations. This would enable the charging network operators to reduce their dependence on grid electricity

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U.S. Electric Vehicle Charging Infrastructure (EVCI) market share, by application, 2018 (%)

 

Grand View Research has segmented the U.S. electric vehicle charging infrastructure market on the basis of charger type, connector, and application:

U.S. EVCI Charger Type Outlook (Volume, Units; Revenue, USD Million, 2014 – 2025)

  • Slow

  • Fast

U.S. EVCI Connector Outlook (Volume, Units; Revenue, USD Million, 2014 – 2025)

  • CHAdeMO

  • Combined Charging System (CCS)

  • Others

U.S. EVCI Application Outlook (Volume, Units; Revenue, USD Million, 2014 – 2025)

  • Residential

  • Commercial

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 26 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 426 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 600 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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