United States Electric Vehicle Charging Systems And Equipment Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 3.88 Billion |
| Market Size (2029) | USD 13.15 Billion |
| CAGR (2024 - 2029) | 27.65 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
US EV Charging Systems And Equipment Market Analysis
The United States Electric Vehicle Charging Systems And Equipment Market size is estimated at USD 3.88 billion in 2024, and is expected to reach USD 13.15 billion by 2029, growing at a CAGR of 27.65% during the forecast period (2024-2029).
Over the long term, the enactment of stringent emission and fuel economy norms, government incentives, and the increasing sales of electric vehicles will serve as major determinants for the surging demand for charging stations across the United States. With shifting consumers' preference towards availing new-energy vehicles, including battery-electric vehicles, plug-in hybrid electric vehicles, and fuel-cell electric vehicles, a massive demand exists for electric vehicle charging system networks and equipment in the United States. An efficient charging system network allows a smooth transition towards adopting electric vehicles, facilitating the government's commitment to decarbonize the transport sector.
• The United States government committed to reducing greenhouse gas emissions 50-52% below 2005 levels in 2030. Further, the government announced its target to achieve a net-zero economy by 2050.
• The plug-in electric light vehicle sales in the United States touched 918.46 thousand units in 2022 compared to 607.57 thousand units in 2021, representing a Y-o-Y growth of 51.1% between 2021 and 2022.
Various commercial fleet operators in the United States are investing hefty sums to build a charging network at their sites to assist in charging trucks, vans, and other commercial vehicles overnight. This reduces the hassle of locating public charging stations on the driver's road. Therefore, the expanding electric commercial vehicle market in the United States is a significant catalyst for the growth of the electric vehicle charging system and equipment market.
However, high cost and compatibility issues associated with installing charging systems are considered significant challenges for players in the market. To tackle the issue of high installation costs, various players in the market are developing technologies such as wireless charging and autonomous charging robots, which will help reduce the installation cost of these systems. Furthermore, to keep up with the high demand from buyers for electric vehicles, several OEMs are also introducing cars with fast charging technologies to reduce the charging time, which, in turn, will positively impact the demand for fast-charging stations during the forecast period.
US EV Charging Systems And Equipment Market Trends
Passengers Cars Segment to Gain Traction during the Forecast Period
Consumers' shifting preference toward availing of new-energy vehicles, owing to the government's aggressive focus on promoting the reduction of carbon emissions, and the rapid urbanization rate across the United States is contributing to the rising demand for electric cars, thereby positively impacting the growth of the electric vehicle charging system and equipment market.
• According to the Bureau of Economic Analysis (BEA), the District of Columbia, Massachusetts, and Connecticut were the leading states in the United States with the highest per capita disposable income as of 2022. In the District of Columbia, the per capita disposable income stood at USD 77,937 in 2022, followed by Massachusetts, which recorded a per capita disposable income of USD 69,316 during the same period.
Although the United States government had committed to boosting the investment in developing electric vehicle charging infrastructure nationwide, installing these systems has witnessed a lower penetration rate in recent years. This leads to consumers shifting the tendency to opt for alternative fuel vehicles rather than EVs since operational challenges exist without optimal EV charging station installation. However, in the coming years, it is aggressively focusing on ramping up its investments to build 500,000 charging stations by 2030, enhancing the adoption of passenger electric cars.
• The battery electric vehicle sales in the United States touched 258.8 thousand units in Q1 2023 compared to 226.7 thousand units in Q4 2022, recording a Q-o-Q growth of 14.1% between Q4 2022 and Q1 2023.
Besides constantly innovating its electric passenger car offerings, various auto manufacturers, such as Tesla, are also heavily focused on building an efficient EV infrastructure across the country, including its plan to install superchargers, which is expected to positively impact the demand for this market segment in the coming years. Further, with rapid enhancement in battery technology and the subsequent improvements in charging system architecture, the passenger car segment is expected to contribute a major share to the overall market during the forecast period.
Charger Segment to Contribute to the Largest Share during the Forecast Period
Chargers play a crucial role in the entire electric vehicle charging system network since they help power the battery used for the transportation of vehicles. The growing electric vehicle parc in the United States is increasing the demand for advanced chargers. Various charging system manufacturers invest hefty sums to deploy advanced chargers across the United States, contributing to this market segment's growth.
• According to the Alternative Fuels Data Center, Chargepoint, Non-Networked, and Tesla Destination are the leading brands in the United States with the highest number of installed public electric charging stations. The number of public electric charging stations deployed by ChargePoint reached 30,406 units as of June 2023, followed by non-networked charging stations, with 6,147 charging stations operational, and Tesla Destination, with 4,197 charging stations operational as of June 2023.
In recent years, there has been an increasing preference for adopting an AC charging system compared to its counterpart, owing to its affordability and familiarity. Further, with rapid enhancement in AC charging technology, manufacturers will increasingly prefer to deploy this technology in the EV charging system, which is expected to contribute to the growth of this segment.
Moreover, various fleet operators, logistics companies, and last-mile delivery service companies prefer to install EV charging stations at their parking sites, further fostering the demand for chargers in the market. Companies such as ChargePoint, ABB, and Tesla, among others, are strategizing to expand their fast-charging networks across the United States to assist the rapid penetration of EVs in the market. With the growing investment by public and private players in the United States to improve the EV charging infrastructure and simultaneously assist in installing more advanced charging systems, the demand for charges is expected to showcase surging demand during the forecast period.
US EV Charging Systems And Equipment Industry Overview
The United States electric vehicle charging systems and equipment market is fragmented and highly competitive due to various domestic and international players operating in the ecosystem. Some major players include ChargePoint Inc., Blink Charging Co., EVBox Group, ABB Group, Tesla Inc., Webasto SE, Siemens AG, and EvoCharge Inc. These players are constantly focusing on expanding their product portfolio owing to technological advancements, and various other charging equipment manufacturers are improving their presence in the market by launching new products and entering into investment agreements and partnerships. For instance,
• In December 2023, the Volkswagen Group announced its plan to adopt Tesla's North American Charging Standard (NACS) to incorporate the charging boards by NACS in their upcoming vehicle brands, including Audi, Porsche, and Scoun Motors across the United States from 2025. The collaboration aims to facilitate Volkswagen's customers to access over 15,000 Tesla's rapid charging stations nationwide, specifically, the Supercharger network.
• In February 2024, Chargepoint, a leading charging solutions provider based out of the United States, announced its collaboration with EnTech Solutions and Wells Fargo to offer financing solutions to business customers willing to participate in building charging stations for EV fleets. Further, the company stated that the funding will provide affordable financing solutions to customers, which bundles the EnTech Solutions eSkid with ChargePoint chargers, installation, warranty, and software.
The market is anticipated to witness the rapid enhancement in fast-charger technology to provide suitable EV charging options to consumers across the United States. Moreover, a greater number of collaborations and partnerships between automakers and charging solution providers are also expected, which will help boost the penetration of electric vehicles in the United States.
US EV Charging Systems And Equipment Market Leaders
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ChargePoint, Inc.
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Blink Charging Co.
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EVBox Group
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ABB Group
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Tesla Inc.
*Disclaimer: Major Players sorted in no particular order
US EV Charging Systems And Equipment Market News
- In March 2024, Wallbox announced the delivery of its smart chargers, Pulsar Pro North America, designed specifically for residential and commercial properties, which will be available to customers from the United States. Apart from the latest innovation, Wallbox also launched Supernova 180, its DC-fast EV charger, to assist in improving the state of the fast charging ecosystem in the United States.
- In January 2024, the United States government announced its plan to invest USD 623 million to foster the deployment of various electric vehicle charging points across the country, complementing its effort to decarbonize the transportation sector. Further, the government stated that this funding will be disbursed through grants to 22 states nationwide to improve charging infrastructure, such as the deployment of rapid chargers in Oregon and hydrogen fuel chargers for freight trucks in Texas.
- In January 2024, the United States Transportation Department announced its strategy to award USD 148.8 million in funding to replace or repair 4.500 existing electric vehicle charging stations in 20 states. The funding aims to create a nationwide network of operational EV chargers to facilitate rapid electric vehicle adoption. The funds to be disbursed are a part of the larger USD 5 billion National Electric Vehicle Infrastructure (NEVI) program funded by a USD 1 trillion 2021 infrastructure law.
US EV Charging Systems Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Aggressive Government Focus to Promote the Adoption of Electric Vehicles Fosters the Growth of the Market
4.2 Market Restraints
4.2.1 High Cost of Setting Up EV Charging Stations Hampers the Growth of the Market
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value - USD and Volume - Units)
5.1 By Application Type
5.1.1 Public
5.1.2 Private (Residential and Commercial)
5.2 By Equipment Type
5.2.1 Pillar/Charging Station/Dock
5.2.2 Inverter
5.2.3 Charger
5.2.3.1 AC Charger
5.2.3.2 DC Charger
5.2.4 Others (Cord, Port, etc.)
5.3 By Vehicle Type
5.3.1 Passenger Cars
5.3.2 Commercial Vehicles
5.4 By Charging System Type
5.4.1 Slow Charging Systems
5.4.2 Fast Charging Systems
5.4.3 Rapid Charging Systems
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 ChargePoint, Inc.
6.2.2 Blink Charging Co.
6.2.3 EVBox Group
6.2.4 ABB Group
6.2.5 Webasto SE
6.2.6 Siemens AG
6.2.7 Schneider Electric SE
6.2.8 EvoCharge Inc.
6.2.9 Tesla Inc.
6.2.10 Leviton Manufacturing Co., Inc.
6.2.11 Eaton Corporation
6.2.12 Wallbox
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Rapid Enhancement in Charging System Technology to Fuel the Market Demand
8. QUALITATIVE INSIGHTS INTO GOVERNMENT INITIATIVES AND INVESTMENTS TO BUILD EV CHARGING STATIONS WORLDWIDE
US EV Charging Systems And Equipment Industry Segmentation
The electric vehicle charging system consists of several components, such as chargers, inverters, charging stations, etc., which help electric passenger and commercial vehicles to charge their batteries for operation. The electric vehicle charging stations can be deployed for public or private/commercial use.
The United States electric vehicle charging system and equipment market is segmented by application type, equipment type, vehicle type, and charging systems type. The market is segmented by application type into public and private (residential and commercial). The market is segmented by equipment type into pillar/charging station/dock, inverter, charger (AC charger and DC charger), and others (cord, port, etc.). The market is segmented by vehicle type into passenger cars and commercial vehicles. By charging system type, the market is segmented into slow charging systems, fast charging systems, and rapid charging systems.
The report offers market size and forecasts for electric vehicle charging systems and equipment in value (USD) and volume (units) for all the above segments.
| By Application Type | |
| Public | |
| Private (Residential and Commercial) |
| By Equipment Type | ||||
| Pillar/Charging Station/Dock | ||||
| Inverter | ||||
| ||||
| Others (Cord, Port, etc.) |
| By Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| By Charging System Type | |
| Slow Charging Systems | |
| Fast Charging Systems | |
| Rapid Charging Systems |
US EV Charging Systems Market Research FAQs
How big is the United States Electric Vehicle Charging Systems And Equipment Market?
The United States Electric Vehicle Charging Systems And Equipment Market size is expected to reach USD 3.88 billion in 2024 and grow at a CAGR of 27.65% to reach USD 13.15 billion by 2029.
What is the current United States Electric Vehicle Charging Systems And Equipment Market size?
In 2024, the United States Electric Vehicle Charging Systems And Equipment Market size is expected to reach USD 3.88 billion.
Who are the key players in United States Electric Vehicle Charging Systems And Equipment Market?
ChargePoint, Inc., Blink Charging Co., EVBox Group, ABB Group and Tesla Inc. are the major companies operating in the United States Electric Vehicle Charging Systems And Equipment Market.
What years does this United States Electric Vehicle Charging Systems And Equipment Market cover, and what was the market size in 2023?
In 2023, the United States Electric Vehicle Charging Systems And Equipment Market size was estimated at USD 2.81 billion. The report covers the United States Electric Vehicle Charging Systems And Equipment Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the United States Electric Vehicle Charging Systems And Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key factors driving the United States EV Charging Market?
Key factors that are driving the United States Electric Vehicle Charging Market are a) Government incentives b) Growing environmental awareness c) Advancements in charging technology d) Rising number of electric vehicles on the road
United States Electric Vehicle Charging Systems and Equipment Industry Report
The US EV charger market is experiencing a significant surge, driven by the growing adoption of electric vehicles and supportive government initiatives aimed at reducing carbon emissions. With a robust growth trajectory, the market is expanding its infrastructure to meet rising demand, featuring innovations like portable and smart charging stations, automated payment technologies, and bi-directional charging. Fast chargers and level 2 systems dominate the market due to their efficiency and quick charging capabilities. The competitive landscape is evolving, with key players focusing on expanding their offerings and forming strategic partnerships to bolster the US EV charger market share. Public and private sector efforts are increasing the availability of charging infrastructure, making EV ownership more accessible and supporting the surge in electric vehicles, ensuring a sustainable future. For detailed insights, Mordor Intelligence™ provides an in-depth analysis of the US Electric Vehicle Charging Systems and Equipment market, including size, share, growth rate, and a forecast outlook. Download a free report PDF sample for comprehensive industry analysis.
