North America Electric Vehicle Charging Stations Market to be Worth $17.6 Billion by 2030

According to a new market research report titled, 'North America Electric Vehicle Charging Stations Market by Component, Charging Type, Connection Type (Connectors, Wireless Charging), Mounting Type, Vehicle Type (Passenger Cars, Two-wheelers & Scooters), End User and Geography-Forecast to 2030,' North America electric vehicle charging stations market is projected to reach $17.6 billion by 2030, at a CAGR of 26.8% during the forecast period.

Electric vehicle charging stations are sites where one or more EVSEs are installed. These sites can be residential, non-residential, or commercial. These stations provide electric power to the vehicle and use that to recharge the vehicle's batteries. An electric vehicle charging station, called a charging dock, charging pile, or EVSE, includes the electrical conductors, related equipment, software, and communications protocols that deliver energy efficiently and safely to the vehicle.

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The growth of this market is driven by the rising incentives for installing charging stations in workplace & residential areas and the growing government initiative to reduce consumer barriers to EVs and installations of charging stations. However, the lack of grid capacities to support EV charging stations restrains the growth of this market. Furthermore, retail MNCs' growing deployment of charging stations and increasing electric mobility adoption are expected to create market growth opportunities. However, the uncertainty about financing charging station installations is a major challenge for players in this market. The latest trend in the market is electric vehicle charging stations powered by renewable energy.

The North America electric vehicle charging stations market is segmented by component (hardware [electric vehicle supply equipment (EVSE), cable management systems, and electrical distribution systems], software [charging station management systems (CSMS), smartphone applications, open charge point protocol (OCPP), and interoperability solutions], services [system integration & installation and maintenance]), charging type (Level 2, DC fast charging, and Level 1), connection type (connectors, pantographs, and wireless charging [static wireless EV charging and dynamic wireless EV charging]), mounting type (wall mount, pedestal mount, and ceiling mount), vehicle type (passenger cars, heavy commercial vehicles, light commercial vehicles, and two-wheelers & scooters), end user (commercial EV charging stations[commercial public EV charging stations {on-road charging, parking spaces, and destination chargers} and commercial private EV charging stations {fleet charging and captive charging}] and residential EV charging stations), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on component, in 2023, the hardware segment is expected to account for the largest share of the North America electric vehicle charging stations market. The large market share of this segment is attributed to the increasing government initiatives aimed at electrifying public bus fleets and deploying associated charging infrastructure, the rising adoption of EVs, and the increasing deployment of EV charging stations. However, the software segment is projected to register the highest CAGR during the forecast period due to the growing need to manage real-time EV fleets.

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Based on charging type, in 2023, the Level 2 segment is expected to account for the largest share of the North America electric vehicle charging stations market. The large market share of this segment is attributed to the increasing support of longer driving ranges by providing a more substantial charge than Level 1 chargers and government incentives and regulations to promote the installation of Level 2 chargers. However, the DC fast charging segment is projected to register the highest CAGR during the forecast period due to increasing government rebates on purchasing DC fast charging stations and the rising need to provide significantly faster charging compared to Level 2 chargers.

Based on connection type, in 2023, the connectors segment is expected to account for the largest share of the North America electric vehicle charging stations market. The large market share of this segment is attributed to the growing need for reliable connectors to minimize the risk of electrical faults, and overheating, and the increasing need for faster charging connectors compatible with high-power DC fast charging. Also, this segment is projected to register the highest CAGR during the forecast period.

Based on mounting type, in 2023, the pedestal mount is expected to account for the largest share of the North America electric vehicle charging stations market. The large market share of this segment is attributed to the growing adoption of industrial EV fleet management and commercial charging stations and the increasing installation of Level 2 pedestal mounts in retail stores, supermarkets, and fuel stations. However, the wall mount segment is projected to register the highest CAGR during the forecast period due to the increasing use of either Level 1 or Level 2 electric vehicle supply equipment (EVSE).

Based on vehicle type, in 2023, the passenger cars segment is expected to account for the largest share of the North America electric vehicle charging stations market. The large market share of this segment is attributed to the growing expansion of charging infrastructure networks and increasing adoption of electric vehicles, environmental concerns, and emission regulations. However, the heavy commercial vehicles segment is projected to register the highest CAGR during the forecast period due to the increasing adoption of electric mobility, public transport, and freight services.

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Based on end user, in 2023, the commercial EV charging stations segment is expected to account for the largest share of the North America electric vehicle charging stations market. The large market share of this segment is attributed to the increasing adoption of electric vehicles in commercial fleets for cost savings, rising government investment for commercial EV charging stations, and increasing infrastructure development for shared mobility services. Also, this segment is projected to register the highest CAGR during the forecast period.

Based on country/region, in 2023, the U.S. is expected to account for the largest share of the North America electric vehicle charging stations market. The U.S. market share is attributed to the presence of prominent key players, growing government initiatives to promote EV adoption and the increasing incentives for EVs and charging stations. However, Canada is projected to register the highest CAGR during the forecast period.

The key players operating in the North America electric vehicle charging stations market include ChargePoint Holdings, Inc. (U.S.), Blink Charging Co. (U.S.), ABB Ltd. (Switzerland), Tesla, Inc. (U.S.), BP p.l.c. (U.K.), EVgo Inc.(U.S.), Shell Plc (U.K.), EVBox Group (Netherlands), Electrify America LLC (U.S.), AddÉnergie Technologies Inc. (Canada), HANGZHOU AONENG POWER SUPPLY EQUIPMENT CO., LTD. (China), Webasto Group (Germany), EV Charging Installers America LLC, and Siemens AG (Germany).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/north-america-electric-vehicle-charging-stations-market-5222

Related Research on TOP 10 COMPANIES IN ELECTRIC VEHICLE CHARGING STATIONS MARKET @ https://meticulousblog.org/top-10-companies-in-electric-vehicle-charging-stations-market/

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