As per the current market research conducted by the CMI Team, the North America Electric Vehicle Supply Equipment Market size is expected to record a CAGR of 19.6% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 9.61 Billion. By 2032, the valuation is anticipated to reach USD 48.29 Billion.
North America Electric Vehicle Supply Equipment Market: Growth Factors and Dynamics
- Rising Electric Vehicle Adoption: The growing adoption of electric vehicles (EVs) in North America is a key driver for the Electric Vehicle Supply Equipment (EVSE) market. As more consumers embrace EVs, the demand for charging infrastructure increases, stimulating the growth of the EVSE market.
- Government Initiatives and Incentives: Supportive government policies, incentives, and initiatives aimed at promoting sustainable transportation contribute to market growth. Financial incentives and regulatory measures encourage the deployment of EVSE infrastructure, fostering a conducive environment for market expansion.
- Advancements in Charging Technologies: Continuous advancements in EV charging technologies, including faster charging speeds and innovative charging solutions, drive market dynamics. These technological improvements enhance the efficiency and accessibility of EVSE infrastructure, attracting more consumers to electric vehicles.
- Expansion of Public Charging Infrastructure: The expansion of public charging infrastructure, including fast-charging stations along highways and in urban areas, is a significant growth factor. This expansion addresses a range of anxiety concerns, making EVs more practical for a broader consumer base.
- Automaker Commitments and Partnerships: Commitments from major automakers to electric vehicle production and strategic partnerships with charging infrastructure providers positively impact the EVSE market. Collaborative efforts between automakers and charging network operators contribute to the development and expansion of charging infrastructure.
- Awareness and Consumer Education: Increasing awareness and education among consumers regarding the benefits of electric vehicles and the availability of widespread charging infrastructure play a crucial role. As consumers become more informed about EVSE options and the convenience of charging, the market experiences a boost in demand and adoption.
- Environmental Sustainability Goals: Corporate and environmental sustainability goals drive the growth of the North America Electric Vehicle Supply Equipment (EVSE) market. Businesses and organizations, in alignment with sustainability targets, invest in EV charging infrastructure to promote cleaner transportation options.
North America Electric Vehicle Supply Equipment Market: Partnership and Acquisitions
- In 2023, Walmart and Sam’s Club in the United States aim to enhance electric vehicle (EV) accessibility by planning to establish an extensive EV fast-charging network at thousands of their outlets nationwide by 2030. This initiative supplements the existing nearly 1,300 EV fast-charging stations at over 280 facilities, making EV ownership more convenient and widespread.
- In 2022, Tevva, an electric truck manufacturer, established a base at MIRA Technologies Park in Nuneaton, Warwickshire. This strategic move provides Tevva with proximity to HORIBA MIRA’s specialized engineering and testing facilities, including crash testing, climatic, dynamics, and aerodynamic resources, facilitating collaboration on cutting-edge automotive technology.
Report Scope
| Feature of the Report | Details |
| Market Size in 2023 | USD 9.61 Billion |
| Projected Market Size in 2032 | USD 48.29 Billion |
| Market Size in 2022 | USD 8.21 Billion |
| CAGR Growth Rate | 19.6% CAGR |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Power, Product, Charging Station, Application and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
North America Electric Vehicle Supply Equipment Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the North America Electric Vehicle Supply Equipment Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Delayed Infrastructure Projects: The pandemic led to delays in the planning and implementation of EVSE infrastructure projects. Uncertainties and disruptions in supply chains affected the timely deployment of charging stations.
- Reduced Consumer Purchasing Power: Economic challenges during the pandemic affected consumer purchasing power, potentially impacting the adoption of electric vehicles and, consequently, the demand for EVSE infrastructure.
- Temporary Slowdown in EV Sales: The pandemic induced a temporary slowdown in electric vehicle sales due to economic uncertainties, lockdowns, and changes in consumer priorities, influencing the growth trajectory of the EVSE market.
- Government Stimulus and Incentives: Government stimulus packages and increased incentives for clean energy initiatives aid the recovery. Financial support and policy measures encourage the deployment of EVSE infrastructure, stimulating market revival.
- Resumed EV Adoption: As economic conditions improve, a resurgence in electric vehicle adoption is expected. The recovery of EV sales directly contributes to increased demand for EVSE infrastructure, fostering market growth.
- Accelerated Infrastructure Investments: Governments and private entities, recognizing the importance of sustainable transportation, accelerate investments in EVSE infrastructure. Expedited projects and increased funding support a faster rebound of the EVSE market.
- Technological Innovations and Upgrades: Post-pandemic recovery involves a focus on technological advancements in EVSE. Upgrades such as faster charging speeds and enhanced user interfaces attract consumers, driving renewed interest and demand for the improved charging infrastructure.
- Collaborations and Public-Private Partnerships: Collaborations between governments, businesses, and charging infrastructure providers facilitate market recovery. Public-private partnerships contribute to the development of comprehensive and widespread EVSE networks, meeting the increasing demand for electric vehicle charging solutions.
In conclusion, the COVID-19 pandemic has had a mixed impact on the North America Electric Vehicle Supply Equipment Market, with some challenges and opportunities arising from the pandemic.
List of the prominent players in the North America Electric Vehicle Supply Equipment Market:
- ChargePoint Inc.
- Tesla Inc.
- ABB Ltd.
- Blink Charging Co.
- Siemens AG
- Schneider Electric SE
- EVgo Services LLC
- ClipperCreek Inc.
- SemaConnect Inc.
- Eaton Corporation plc
- Pod Point Ltd.
- JuiceBar LLC
- Webasto Charging Systems Inc.
- EVBox Group
- Greenlots
- Others
The North America Electric Vehicle Supply Equipment Market is segmented as follows:
By Power
- AC
- DC
By Product
- Portable Charger
- Onboard Charging Station
- EV Charging Kiosk
- Others
By Charging Station
- Normal Charging
- Inductive Charging
- Super Charging
By Application
- Residential
- Commercial
Regional Coverage:
North America
- U.S.
- Canada
- Mexico
- Rest of North America