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  • 11-Nov-2021

Meticulous Research®—a leading global market research company, published a research report titled “The North America EV Charging Stations Market by Charging Type (Level 1, Level 2, DCFC), Connection Type (Pantograph, Connector, Wireless), Component, Mounting Type, Vehicle Type, End-User, and Country - Forecast to 2028.

The North America electric vehicle charging stations market is expected to grow at a CAGR of 27.5% by value from 2021 to reach $19.20 billion by 2028. By volume, this market is expected to grow at a CAGR of 28.2% from 2021 to reach 1.8 million units by 2028. The incentives for the installation of charging stations in workplace & residential areas and increasing government measures to promote the use of EVs are the key factors driving the growth of the EV charging stations market in North America.

The market is segmented by charging type, connection type, vehicle type, mounting type, component, end user, and country. The study also evaluates industry competitors and analyzes the market at the country level.

Based on charging type, the North American electric vehicle charging stations market is mainly segmented into Level 2, Level 1, and DC fast charging. The Level 2 segment is expected to account for the largest share of the North American electric vehicle charging stations market by value and volume. The large market share of this segment is mainly attributed to factors such as lower installation costs compared to DC fast-charging stations, increasing government funding and incentives, and greater efficiency.

However, the DC fast charging segment is expected to witness significant growth by value and volume, as DC fast chargers provide a faster charging rate than other chargers.

Based on connection type, the North American electric vehicle charging stations market is segmented into pantograph, connectors, and wireless EV charging. The connectors segment is expected to account for the largest share of the North American electric vehicle charging stations market. The large market share of this segment is mainly attributed to increasing government and automakers initiatives to expand the DC fast-charging station infrastructure.

However, the wireless EV charging segment is expected to grow at the highest CAGR during the forecast period. The rapid market growth of this segment is mainly attributed to rising demand for convenient EV fast-charging infrastructure and increasing implementation of wireless charging infrastructure in Europe.

Based on component, the North American electric vehicle charging stations market is segmented into hardware, software, and services. The hardware segment is expected to account for the largest share of the North American electric vehicle charging stations market. The large market share of this segment is mainly attributed to developments of infrastructure for supporting the transition to electric mobility and increasing incentive plans for setting up manufacturing units of EV charging stations.

However, the software segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to increasing software adoption to overcome the optimum power challenges and optimize charging station operation.

Based on mounting type, the North America ev charging stations market is segmented into wall mount, pedestal mount, and ceiling mount. The wall mount segment is expected to account for the largest share of the North American electric vehicle charging stations market. The large market share of this segment is mainly attributed to the economic cost of wall mount chargers, easy installation process, and various incentive plans.

However, the pedestal mount segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing adoption of pedestal-mounted EV charging stations in retail stores, supermarts, and fuel stations.

Based on vehicle type, the North American electric vehicle charging stations market is segmented into passenger cars, light commercial vehicles, heavy commercial vehicles, and two-wheelers & scooters. The passenger cars segment is expected to account for the largest share of the North American electric vehicle charging stations market. The large market share of this segment is mainly attributed to the increasing government policies and subsidies, increasing fuel prices, and proactive participation by automotive OEMs in producing electric passenger vehicles.

However, the heavy commercial vehicle segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing adoption of electric buses and trucks for public transport and freight services.

Based on end user, the North American electric vehicle charging stations market is segmented into commercial and residential EV charging stations. The commercial EV charging stations segment is expected to account for a larger share of the North American electric vehicle charging stations market. The large market share of this segment is mainly attributed to the growing number of EV charging stations in public places and government initiatives for the installation of publicly accessible charging stations. Additionally, this segment is expected to grow at the highest CAGR during the forecast period.

Based on country, the U.S. is expected to account for the largest share of the North American electric vehicle charging stations market by value and volume. The country’s large market share is mainly attributed to the initiatives taken by the local and state governments and utility stakeholders across the country to reduce consumer barriers and create awareness about policies, grants, and incentives on EVs and charging stations in North America. The U.S. Department of Energy, the federal government, and several states are offering financial incentives, including tax credits to consumers, to lower the up-front costs of electric vehicles. In 2021, the Department of Energy announced $10 million for research, development, and demonstration of innovative technologies. This funding aims at reducing the cost of electric vehicle supply equipment for DC Fast-charging in large numbers to support high volumes of EVs. The U.S. government has set a goal of a national network of 500,000 chargers to support convenient and affordable travel by drivers of zero-emission vehicles across the country.

Canada is expected to hold the second position in terms of market share in the North American electric vehicle charging stations market by both value and volume. Several provincial and local programs have been initiated to deploy electric vehicle charging infrastructure in Canada. The Canadian government is implementing a detailed zero-emission vehicle plan to set new electrification targets and associated policies for charging infrastructure. For instance, in 2020, Canadian Tire announced its plan to open a network of 240 fast chargers and 55 Level 2 chargers at 90 Canadian Tire retail locations across the country by the end of 2020. The network was developed in collaboration with FLO, Tesla, and Electrify Canada to supply the chargers.

The key players operating in the North America ev charging stations market are Electrify America LLC. (U.S.), Evgo Services LLC. (U.S.), Tesla, Inc. (U.S.), EV Charging Installers of America LLC (U.S.), Addénergie Technologies, Inc. (Canada), EV Connect, Inc. (U.S.), and ChargePoint Holdings, Inc. (U.S.), EvoCharge Inc.(U.S.), EVSE LLC (U.S.) and Kitu Systems, Inc.(U.S.).

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Key Questions Answered in the Report

  • Which are the high-growth market segments in terms of charging type, connection type, vehicle type, mounting type, component, end user, and country?
  • What is the historical market size for the North American electric vehicle charging stations market?
  • What are the market forecasts and estimates for the period 2021–2028?
  • What are the major drivers, restraints, opportunities, and challenges in the North American electric vehicle charging stations market?
  • Who are the major players operating in the market, and what are their market shares?
  • Who are the major players in various countries?
  • How is the competitive landscape for the North American electric vehicle charging stations market?
  • What are the recent developments in the North American electric vehicle charging stations market?
  • What are the different strategies adopted by the major players operating in the market?
  • What are the key geographic trends, and which are the high-growth countries?
  • Who are the local emerging players in the North American electric vehicle charging stations market, and how do they compete with other players?

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