North American EV Stations Market Worth $19.20 Billion by 2028

According to a new market research report titled "North American Electric Vehicle 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", published by Meticulous Research®, the North American 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.

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Electric vehicle charging stations are sites where one or more EVSEs are installed. These sites can be residential or commercial areas. These stations provide electric power to EVs by charging their batteries and include electrical conductors, related equipment, software, and communications protocols that deliver energy efficiently and safely to the vehicle.

Government initiatives to drive the adoption of electric vehicles and associated infrastructure, rising demand for electric vehicle fast-charging infrastructure, and increasing deployment of EVs by shared mobility operators are the major factors driving the growth of the electric vehicle charging stations market.

Moreover, factors such as increasing incentives for the installation of charging stations in workplaces & residential areas and increasing government measures to promote the use of EVs are driving the growth of this market.

The Impact of COVID-19 on the North American Electric Vehicle Charging Stations Market

There has been a significant impact of COVID-19 pandemic outbreak on technology supply chains. The economic downturn disrupted the automotive industry, causing a rapid decline in light vehicle sales. The light vehicle market suffered a decline in revenue close to 20% in 2020.

Furthermore, shifts in consumer purchasing behavior due to the uncertainty surrounding the pandemic are expected to have significant consequences for the industry's future growth. Meanwhile, shortfall and cash crunch have already affected fleet operators' sales, which is expected to widen in the coming months.

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In North America, automobile players face a major setback from the demand side due to stringent federal, state, or provincial, and local measures restricting travel and social interactions. The overall sales of automobiles have witnessed a 15% decline in North American countries due to the COVID-19 pandemic.

However, electric vehicle production witnessed a limited effect due to the pandemic as predicted production levels for EVs in 2020 are more or less similar to that of 2019. Governments across various countries are providing monetary subsidies for EV purchases. As a result, the demand for EVs is not expected to be significantly disrupted due to the pandemic.

In addition to providing monetary subsidies for EV purchases, several governments are investing in charging infrastructure as part of their economic stimulus programs. These packages range from direct investments for public charging stations to subsidies for the installation of private charging stations at homes and workplaces.

The North American electric vehicle charging stations market is segmented based on charging type, connection type, vehicle type, mounting type, component, end user, and country. This study also evaluates industry competitors and analyzes the market at the country level.

Based on charging type, the Level 2 segment is expected to account for the largest share of the North American electric vehicle charging stations market in 2021. The large market share of this segment is mainly attributed to the increasing initiatives by governments to encourage customers to buy Level 2 chargers to improve electric vehicle charging infrastructure in respective countries.

Based on connection type, the connector segment is expected to account for the largest share of the North American electric vehicle charging stations market in 2021. The large market share of this segment is mainly attributed to the increasing initiatives by governments and automakers and increasing collaboration between electric vehicle charging station providers, utility companies, and fuel station operators to deploy charging stations for electric vehicles.

Based on component, the hardware segment is expected to account for the largest share of the North American electric vehicle charging stations market in 2021. The large market share of this segment is mainly attributed to the increasing demand for EV charging stations in North America and incentive plans for setting up manufacturing units of EV charging stations and related components.

Based on mounting type, the wall mount segment is expected to account for the largest share of the North American electric vehicle charging stations market in 2021. The large market share of this segment is mainly attributed to the cost-efficiency of wall mount chargers and various fiscal and non-fiscal incentives to private property owners and management companies for the development of EV charging infrastructure.

Based on vehicle type, the passenger cars segment is expected to account for the largest share of the North American electric vehicle charging stations market in 2021. The large market share of this segment is mainly attributed to the increasing favorable government policies and subsidies for promoting the adoption of electric vehicles and proactive participation by automotive OEMs in producing electric passenger vehicles.

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Based on end user, the commercial EV charging stations segment is expected to account for the largest share of the North American electric vehicle charging stations market in 2021. The large market share of this segment is mainly attributed to the growing number of EV charging stations in public places like shopping malls, restaurants, commercial buildings, parking areas, railway stations, airports, and government initiatives for the installation of 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 in 2021. The country's large market share is attributed to increasing government funding and incentives on EVs and charging stations. 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 U.S. Department of Energy announced $10 million in funding for the 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 the owners of zero-emission vehicles across the country.

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Canada is also expected to witnesss a decent growth in the North America EV charging stations market, mainly attributed to increasing government initiatives to install charging stations. The Government of Canada has started funding to boost the demand for EV charging stations during the forecast period.

The key players operating in the North American electric vehicle 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.) among others.

TOP 10 COMPANIES IN NORTH AMERICA ELECTRIC VEHICLE CHARGING STATIONS MARKET @ https://meticulousblog.org/top-10-companies-in-north-america-electric-vehicle-charging-stations-market/

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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

This release was published on openPR.