United States Electric Vehicle Charging Infrastructure (EVCI) Market Report and Forecast 2024-2032

United States Electric Vehicle Charging Infrastructure (EVCI) Market Outlook

The United States electric vehicle charging infrastructure (EVCI) market size attained a value of USD 5.48 billion in 2023. The market is estimated to grow in the forecast period of 2024-2032 at a CAGR of around 39.9% to reach around USD 112.62 billion by 2032.

Key Takeaways

• By December 2023, the U.S. boasted over 165,000 public EV charging ports, supporting the country's growing shift towards electric vehicles.

• The 2023 study by the National Renewable Energy Lab estimates a $31-$55 billion investment for 1.2 million public EV chargers by 2030 to meet the demand.

• 80% of EV owners are inclined to repurchase due to the convenience of home charging, enjoyable driving experience, vehicle reliability, and low ownership costs.

Electric vehicle (EV) charging infrastructure refers to the network of facilities and equipment designed to supply electric energy for recharging electric vehicles. The infrastructure also includes the software and services necessary for operating the charging stations, managing payment systems, and integrating with the electric grid. This can involve smart charging solutions that optimise charging times based on electricity demand and supply, and vehicle-to-grid technologies that allow EVs to return energy to the grid, among others.

The United States electric vehicle charging infrastructure (EVCI) market growth can be attributed to the introduction of government policies aimed at improving the electric vehicle (EV) system, including charging stations in car parks and charging stations. In order to support the market development over the forecast period, important public and private initiatives to promote the use of EVs are also anticipated. Furthermore, government bodies like municipalities and the federal government are investing with the aid of private entities in the construction of EV charging stations.

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Key Trends and Developments

Rapid expansion of DC fast chargers, rising use of renewable energy, adoption of smart charging technologies, and PPE for infrastructure development are positively impacting the United States electric vehicle charging infrastructure (EVCI) market growth

United States Electric Vehicle Charging Infrastructure (EVCI) Market Trends

The market expansion is buoyed by the automotive industry's substantial investments in electric vehicle production, with major manufacturers announcing plans to significantly increase their EV offerings in the coming years. This surge in available EVs is driving the demand for more accessible and convenient charging options, spanning from urban centres to rural areas, thereby necessitating a widespread and reliable charging infrastructure.

The emergence and concentration of major automobile and electrical equipment industries in the United States also propel the United States electric vehicle charging infrastructure (EVCI) market expansion. Strict government restrictions on carbon emissions and pollution levels and the increasing popularity and adoption of EVs that involve the deployment of supporting infrastructure are further supporting the market.

However, high infrastructure costs and initial installations may hinder the United States electric vehicle charging infrastructure (EVCI) market growth. The costs of research and development activities are extremely significant as they require a committed workforce.

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Market Segmentation

“United States Electric Vehicle Charging Infrastructure (EVCI) Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Slow chargers are likely to be most prevalent in public and private places owing to their cost effectiveness

Slow chargers, primarily Level 1 and Level 2 chargers, are the most common types of EV charging stations currently installed across the United States. Level 1 chargers, offering the slowest charging speed, typically use a standard 120-volt AC plug and are often used for residential charging, providing about 2 to 5 miles of range per hour of charging.

Level 2 chargers, on the other hand, operate on 240-volt AC power and are much faster, offering about 12 to 80 miles of range per hour of charging. These are widely installed in both public and private settings, including homes, workplaces, and public parking areas.

Meanwhile, fast chargers, or DC Fast Chargers (DCC), are expected to dominate the United States electric vehicle charging infrastructure (EVCI) market share in the forecast period as they provide significantly higher charging speeds, offering 60 to 100 miles of range in just 20 minutes of charging, depending on the model and charging capacity.

Increasing adoption of combined charging systems is expected to propel the growth of the United States electric vehicle charging infrastructure (EVCI) market

Combined charging system (CCS) is a DC fast charging standard that has been widely adopted by American and European automakers. It integrates AC charging capability (using the J1772 connector in the U.S.) and DC fast charging into a single port on the vehicle, offering a versatile solution for EV charging. This universality, combined with significant backing from a large number of manufacturers, has driven its adoption. In the United States electric vehicle charging infrastructure (EVCI) market, the infrastructure for CCS is rapidly expanding, with major investments from both public and private sectors aimed at increasing the availability of CCS fast charging stations across the country.

CHAdeMO is a DC fast charging standard that originated in Japan. It was one of the first such standards to be widely adopted, supported primarily by Japanese automakers like Nissan and Mitsubishi.

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Competitive Landscape

Some of the major players in the United States electric vehicle charging infrastructure (EVCI) market are increasingly investing in the development of advanced charging technologies:

Other key players in the United States electric vehicle charging infrastructure (EVCI) market are SemaConnect, Inc., and Tesla, Inc., among others.

Significant investments are being made in developing more advanced charging technologies, including faster chargers and more efficient systems, as well as expanding the physical infrastructure to cover more geographic areas. This includes both public and private investment, with initiatives aimed at increasing the number of charging stations across highways, residential areas, and commercial spaces.

United States Electric Vehicle Charging Infrastructure (EVCI) Market Analysis By Region

The Southwest, particularly California, is unequivocally the leader in the United States EVCI market. California's aggressive push for electrification, supported by stringent regulations, comprehensive incentives, and a tech-savvy population, has established it as a model for EV adoption and infrastructure development. The state's ambition to phase out gasoline-powered vehicles by 2035 further underscores its leading position.

Meanwhile, New England, known for its progressive environmental policies, has a growing electric vehicle charging infrastructure (EVCI), supported by state-level incentives and a commitment to reducing carbon emissions. The Mideast region includes states with a mix of urban and rural areas, where EV adoption is growing, particularly in densely populated urban centres.

States like New York and New Jersey have implemented ambitious programmes to expand their EV charging networks and offer various incentives for EV buyers and infrastructure developers, fuelling the United States electric vehicle charging infrastructure (EVCI) market expansion.

Key Highlights of the Report