Press release
North America Electric Vehicle Charging Stations Market Poised to Reach $17.6 Billion by 2030
According to this groundbreaking study, the North America electric vehicle charging stations market is projected to soar to a valuation of $17.6 billion by the year 2030, exhibiting an impressive CAGR of 26.8% throughout the forecast period.
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The meteoric rise of this market is underpinned by a confluence of factors, including escalating incentives for charging station installations in both workplace and residential domains, coupled with robust governmental initiatives aimed at mitigating consumer barriers to electric vehicle (EV) adoption. However, challenges such as limited grid capacities pose a hindrance to market expansion. Yet, amidst these challenges lie lucrative opportunities, particularly with the burgeoning deployment of charging stations by retail multinational corporations and the surging adoption of electric mobility. Notably, a prominent trend observed in the market is the emergence of electric vehicle charging stations powered by renewable energy sources.
The North America electric vehicle charging stations market is meticulously dissected across various parameters, including component, charging type, connection type, mounting type, vehicle type, end user, and geographical landscape. The report also offers in-depth analyses of industry competitors and provides granular insights at both regional and country levels.
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Key Findings:
Component Analysis:
The market is segmented into hardware, software, and services, with the hardware segment anticipated to command the largest market share in 2023, owing to governmental initiatives driving the electrification of public transportation and the escalating adoption of EVs. However, the software segment is projected to witness the highest CAGR, fueled by increasing transparency in electricity consumption and the burgeoning need for real-time management of EV fleets.
Charging Type Analysis:
Segmentation includes Level 2, DC fast charging, and Level 1, with Level 2 expected to dominate the market in 2023. Conversely, the DC fast charging segment is poised to register the highest CAGR, driven by government incentives, automaker investments, and the imperative for rapid charging infrastructure.
Connection Type Analysis:
Connectors are slated to capture the largest market share in 2023, with an anticipated high CAGR, attributed to the growing need for reliable, high-speed charging solutions and standardized connectors.
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Mounting Type Analysis:
While pedestal mounts are projected to lead in 2023, wall mounts are forecasted to witness the highest CAGR, driven by the demand for compact, affordable, and scalable high-speed charging solutions.
Vehicle Type Analysis:
Passenger cars are expected to dominate the market in 2023, owing to supportive governmental policies and advancements in EV battery technology. Conversely, heavy commercial vehicles are anticipated to exhibit the highest CAGR, propelled by the increasing adoption of electric buses and trucks.
End User Analysis:
Commercial EV charging stations are poised to lead in 2023 and are projected to witness the highest CAGR, driven by the rising adoption of EVs in commercial fleets and supportive government regulations.
Geographical Analysis:
The U.S. is anticipated to command the largest market share in 2023, while Canada is projected to register the highest CAGR, fueled by government initiatives and increasing EV deployments.
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Key Players:
Prominent players in the North America electric vehicle charging stations market include ChargePoint Holdings, Inc., Blink Charging Co., ABB Ltd., Tesla, Inc., BP p.l.c., EVgo Inc., Shell Plc, EVBox Group, Electrify America LLC, AddÉnergie Technologies Inc., HANGZHOU AONENG POWER SUPPLY EQUIPMENT CO., LTD., Webasto Group, EV Charging Installers America LLC, and Siemens AG.
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