As per the current market research conducted by the CMI Team, the US Electric Vehicle Supply Equipment Market size is expected to record a CAGR of 19% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 7.22 Billion. By 2032, the valuation is anticipated to reach USD 34.65 Billion.
US Electric Vehicle Supply Equipment Market: Growth Factors and Dynamics
- Increasing Electric Vehicle Adoption: The growth of the US Electric Vehicle Supply Equipment (EVSE) market is propelled by the rising adoption of electric vehicles (EVs). As consumers and businesses transition to cleaner transportation, the demand for EVSE infrastructure experiences substantial growth.
- Government Incentives and Policies: Supportive government policies, including tax incentives, grants, and regulatory initiatives, play a pivotal role in fostering the expansion of EVSE infrastructure. Incentives create a favorable environment for investments and deployment.
- Technological Advancements: Continuous advancements in EVSE technologies, such as fast-charging capabilities and smart charging solutions, contribute to the dynamism of the market. Innovations aim to enhance the efficiency, accessibility, and user experience of charging infrastructure.
- Expansion of Public Charging Networks: Ongoing efforts to expand public charging networks, especially along highways and in urban areas, are crucial for addressing range anxiety and promoting the widespread adoption of electric vehicles across the United States.
- Collaborations and Partnerships: Collaborations between automakers, EVSE providers, and energy companies are driving market dynamics. Partnerships contribute to the development of comprehensive and interoperable charging solutions, ensuring a seamless experience for EV users.
- Increased Consumer Awareness: Growing awareness among consumers regarding the benefits of electric vehicles and the availability of charging infrastructure is a significant growth factor. Education and outreach initiatives play a role in increasing consumer confidence and driving demand for EVSE solutions.
- Private Sector Investments: Substantial investments from the private sector, including major automotive manufacturers, technology companies, and energy providers, contribute to the growth of the US EVSE market. The influx of capital supports the development of innovative charging solutions, accelerates infrastructure deployment, and reinforces the overall expansion of electric mobility in the country.
US 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 7.22 Billion |
| Projected Market Size in 2032 | USD 34.65 Billion |
| Market Size in 2022 | USD 6.20 Billion |
| CAGR Growth Rate | 19% 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 |
| Country Scope | US |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
US Electric Vehicle Supply Equipment Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the US Electric Vehicle Supply Equipment Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Temporary Slowdown in Installations: The pandemic led to a temporary slowdown in EVSE installations across the US as construction activities faced disruptions, and supply chain challenges affected the availability of components.
- Reduced EV Sales Impacting Charging Infrastructure Demand: With a decline in electric vehicle sales during the pandemic, the demand for new charging infrastructure installations was impacted, reflecting the interconnected nature of EVSE market dynamics with overall EV adoption rates.
- Deferred Investment Decisions: Economic uncertainties during the pandemic prompted some stakeholders to defer investment decisions, affecting the planning and implementation of large-scale EVSE projects.
- Government Funding and Incentives: Increased government funding and incentives have been crucial for the recovery of the US EVSE market, with financial support aimed at reviving and accelerating charging infrastructure projects.
- Economic Stimulus Packages: Economic stimulus packages introduced by the US government post-COVID-19 include provisions for green initiatives, supporting the EVSE market through funding for charging infrastructure projects and incentivizing private investments.
- Renewed Focus on Sustainable Transportation: The renewed emphasis on sustainable transportation post-pandemic has prompted governments and industries to prioritize electric mobility. This focus accelerates the recovery of the EVSE market, aligning with broader environmental goals and encouraging investments in charging infrastructure.
- Technology and Innovation Adoption: Recovery involves a heightened focus on technology and innovation in EVSE solutions. Advancements in smart charging, improved user interfaces, and enhanced interoperability contribute to the market’s recovery by making electric vehicle charging more efficient, user-friendly, and integrated into daily life.
- Partnerships and Collaborations: Collaborations between public and private entities, including automakers, utilities, and technology companies, have played a vital role in the recovery. These partnerships contribute to the development of comprehensive charging networks, fostering interoperability and expanding the accessibility of EVSE infrastructure.
In conclusion, the COVID-19 pandemic has had a mixed impact on the US Electric Vehicle Supply Equipment Market, with some challenges and opportunities arising from the pandemic.
List of the prominent players in the US Electric Vehicle Supply Equipment Market:
- Tesla Inc.
- ChargePoint Inc.
- ABB Ltd.
- Siemens AG
- Blink Charging Co.
- EVgo Services LLC
- SemaConnect Inc.
- ClipperCreek Inc.
- Greenlots
- Enel X North America Inc.
- Eaton Corporation plc
- JuiceBar
- Electrify America LLC
- Volta Charging Inc.
- OpConnect LLC
- Others
The US 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