Market Size of US Electric Vehicle (EV) Charging Equipment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 5.33 Billion |
| Market Size (2029) | USD 15.61 Billion |
| CAGR (2024 - 2029) | 23.99 % |
| Market Concentration | Medium |
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*Disclaimer: Major Players sorted in no particular order |
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US Electric Vehicle (EV) Charging Equipment Market Analysis
The US Electric Vehicle Charging Equipment Market size is estimated at USD 5.33 billion in 2024, and is expected to reach USD 15.61 billion by 2029, growing at a CAGR of greater than 23.99% during the forecast period (2024-2029).
- Over the medium term, factors like the growing adoption of electric vehicles in the country and the development of electric vehicle infrastructure are expected to drive the charging equipment market during the forecast period.
- On the other hand, high installation costs associated with setting up charging stations and maintenance costs are expected to hinder the market's growth during the forecast period.
- Nevertheless, increasing investments in EVs and technological advancements in EV charging Equipment are expected to provide significant opportunities for the US electric vehicle (EV) charging equipment market during the forecast period.
US Electric Vehicle (EV) Charging Equipment Industry Segmentation
Electric vehicle (EV) charging equipment refers to the infrastructure used to charge electric vehicles. The EV charging equipment plays a crucial role in the widespread adoption of electric vehicles in the United States. The availability of robust EV charging infrastructure is essential for overcoming range anxiety, a primary concern for potential EV buyers. It helps in reducing carbon emissions and improving air quality.
The United States electric vehicle (EV) charging equipment market is segmented into Vehicle Type, Application, and Charging Type. By Vehicle type, the market is segmented into battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicles (HEV)). By application, the market is segmented into home charging, workplace charging, and public charging. By charging type, the market is segmented into AC charging (level 1 and level 2) and DC charging. The report offers the market size and forecasts for the United States electric vehicle (EV) charging equipment market in revenue (USD) for all the above segments.
| Vehicle Type | |
| Battery Electric Vehicle (BEV) | |
| Plug-in Hybrid Electric Vehicle (PHEV) | |
| Hybrid Electric Vehicle (HEV) |
| Application | |
| Home Charging | |
| Workplace Charging | |
| Public Charging |
| Charging Type | |
| AC Charging (Level 1 and Level 2) | |
| DC Charging |
US Electric Vehicle (EV) Charging Equipment Market Size Summary
The US electric vehicle (EV) charging equipment market is poised for significant growth, driven by the increasing adoption of electric vehicles and the expansion of EV infrastructure. As more consumers opt for eco-friendly and cost-effective transportation solutions, the demand for charging stations and related infrastructure is on the rise. This trend is supported by government initiatives and investments aimed at enhancing the availability of charging points in public areas and residential settings. Despite challenges such as high installation and maintenance costs, the market is expected to benefit from technological advancements and substantial investments in EVs, which are anticipated to create lucrative opportunities over the forecast period.
The market landscape is characterized by a semi-fragmented structure, with key players like ABB Ltd, Robert Bosch GmbH, Delta Electronics Inc., Siemens AG, and Tesla Inc. actively participating in the sector. The United States is witnessing a transformation in its automotive industry, with battery electric vehicles (BEVs) gaining traction due to improved battery technology, extended driving ranges, and a robust charging infrastructure. Government support and investments in research and development are further propelling the growth of BEVs, which are seen as a viable solution to combat climate change and reduce fossil fuel dependency. The ongoing developments in autonomous driving technology and vehicle-to-grid integration are expected to further drive the demand for charging equipment, reinforcing the market's promising outlook.
US Electric Vehicle (EV) Charging Equipment Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast, till 2029
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.1.1 Increasing Adoption of Electric Vehicles and Related Investments
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1.5.1.2 Supportive Government Policies And Initiatives
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1.5.2 Restraints
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1.5.2.1 High Cost Of Setting Up Ev Charging Stations
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Vehicle Type
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2.1.1 Battery Electric Vehicle (BEV)
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2.1.2 Plug-in Hybrid Electric Vehicle (PHEV)
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2.1.3 Hybrid Electric Vehicle (HEV)
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2.2 Application
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2.2.1 Home Charging
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2.2.2 Workplace Charging
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2.2.3 Public Charging
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2.3 Charging Type
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2.3.1 AC Charging (Level 1 and Level 2)
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2.3.2 DC Charging
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US Electric Vehicle (EV) Charging Equipment Market Size FAQs
How big is the US Electric Vehicle Charging Equipment Market?
The US Electric Vehicle Charging Equipment Market size is expected to reach USD 5.33 billion in 2024 and grow at a CAGR of 23.99% to reach USD 15.61 billion by 2029.
What is the current US Electric Vehicle Charging Equipment Market size?
In 2024, the US Electric Vehicle Charging Equipment Market size is expected to reach USD 5.33 billion.
