U.S. Electric Vehicle (EV) Charging Infrastructure Market Size, Share & Trends Analysis Report By Charger Type, By Connector Type, By Level of Charging, By Connectivity, By Application, And Segment- Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2024-2033

The U.S. electric vehicle (EV) charging infrastructure market size was estimated at USD 4.10 billion in 2023 and is projected to hit around USD 53.14 billion by 2033, growing at a CAGR of 29.2% during the forecast period from 2024 to 2033.

Key Takeaways:

• The fast charger segment led the market and accounted for more than 59.17% share of the global revenue in 2023.
• The slow charger segment is anticipated to register significant growth over the forecast period.
• The combined charging system (CCS) segment dominated the market and accounted for over 49.0% share of the global revenue in 2023.
• The CHAdeMO segment is expected to register significant growth over the forecast period.
• The level 2 charging segment dominated the market and accounted for a share of more than 54.0% of the global revenue in 2023.
• Level 3 charging is expected to register the fastest growth over the forecast period.
• The non-connected charging stations segment dominated the market and accounted for a share of more than 83.0% of the global revenue in 2023.
• The connected charging stations segment is expected to register the highest CAGR over the forecast period.
• The residential segment dominated the market and accounted for a revenue share of more than 87.0% of the global revenue in 2023.
• The commercial application segment is the fastest-growing segment and is anticipated to register a higher revenue share by 2033.

U.S. Electric Vehicle (EV) Charging Infrastructure Market Growth

The market growth can be attributed to the growing initiatives taken by both public as well as private sectors to encourage the adoption of Electric Vehicles (EVs). These initiatives have promoted the sale of electric vehicles and have also spread consumer awareness about the benefits of using these vehicles.  Moreover, the development of technologies like portable charging stations, smart charging with load management, automated payment technology, and bi-directional charging is further expected to create new growth opportunities for the market over the forecast period.

Numerous electric vehicle charging station providers are focusing on developing new products that provide customers with better-charging infrastructures. For instance, in September 2021, SemaConnect Inc. announced the launch of the new Series 8 retail EV charging station. Series 8 is a level 2 charging station that features SemaConnect's slim design, an easy-to-use network platform, and interactive LED lights. Such initiatives are expected to create more growth opportunities for the market over the forecast period.

The U.S. is adopting aggressive emission reduction measures by implementing regulatory policies and regional initiatives to reduce atmospheric CO2 concentrations. Many metropolitan cities such as New York City, Los Angeles, and Houston, among others, have been facing air quality issues, which have caused respiratory diseases. Such conditions are making it difficult to survive in the existing environment.

In 2016, the EPA approved new rules (National Emissions Ceilings (NEC) Directive) for its member states to cut down air pollution levels. All these factors together are propelling the need for an eco-friendly and low residual mode of transportation. Thus, promoting the adoption of electric vehicles, along with the increasing need for supporting electric vehicle charging infrastructure.

Many original equipment manufacturers (OEMs) of electric vehicles, such as Tesla, Ford, and General Motors, offer a wide range of electric vehicles that have attracted many consumers, resulting in an increased market for electric vehicles. For instance, in June 2021, General Motors announced its plans to invest USD 35 billion to develop and increase its EV production capacity to more than one million by 2025.

Moreover, in January 2022, General Motors said that it had planned to invest roughly USD 6.6 billion in its home state of Michigan by 2024 to increase its electric pickup truck production and build a new EV battery cell plant. Such investments are expected to boost the U.S. electric vehicle charging infrastructure (EVCI ) industry over the forecast period.

Technological advancements such as fast charging and increased vehicle range are anticipated to transform the U.S. automotive industry over the forecast period. The major trends driving the adoption of Electric Vehicles (EVs) are the emergence of self-driving vehicles and the growth of shared mobility. Both of these factors have a significant impact on U.S. EV vehicle sales.

The growth of ride-hailing and ridesharing services will enable users to increase their utilization rate which in turn will provide economical transportation facilities to commuters. The growing popularity of the mobility-as-a-service (MaaS) model is also anticipated to lead to increased adoption of electric vehicles. However, high costs of infrastructure and initial set-up are emerging as major factors hampering the market growth.

Even though electric vehicle adoption is increasing at an increasing rate, costs incurred for research & development activities are highly significant since they require a dedicated workforce. The need for financial and human resources to develop innovative charging equipment is expected to restrain the market growth during the forecast period. Moreover, the shortage of lithium-ion batteries, the issue of disposing of electric vehicle batteries, and the potential wastage that it would create, are expected to hinder the market’s growth.

U.S. Electric Vehicle (EV) Charging Infrastructure Market Report Scope

U.S. Electric Vehicle (EV) Charging Infrastructure Market COVID-19 Impact Analysis

The COVID-19 pandemic harmed the automotive sector. Manufacturing activities, particularly of electric vehicle charging equipment providers, were halted partially or entirely due to the lockdown measures implemented by governments across various countries. This impacted the profitability of players in the market. The supply chain disruptions adversely affected the production of electric vehicles, subsequently hampering the production of electric vehicle charging infrastructure. Moreover, due to lockdowns and work-from-home the demand for new vehicles dropped drastically which hindered the market’s growth. However, as the world recovered from the pandemic, a significant rise in electric vehicle demand has followed suit, which is expected to drive the growth of electric vehicle charging infrastructure over the forecast period.

Segments Insights:

Charger Type Insights

The fast charger segment led the market and accounted for more than 59.17% share of the global revenue in 2023. The growth of the segment is attributed to the rising demand for fast charging for long-distance travel, which has led to the deployment of fast chargers across the highways. Moreover, in February 2022, the federal government in the U.S. planned to provide USD 5 billion to its states for five years to build a nationwide network of fast chargers. This plan focuses on the interstate highway system and directs states to build a charging station every 50 miles, which must be capable of charging at least four electric vehicles simultaneously at 150 kW.

On the other hand, the slow charger segment is anticipated to register significant growth over the forecast period. The demand for slow chargers is significantly driven by vehicle owners who prefer charging vehicles at home using a standard electricity outlet. The segment is expected to witness remarkable growth over the forecast period attributed to the rise in the popularity of EVs and the inclination of users toward buying plug-in hybrid electric vehicles.

Connector Type Insights

The combined charging system (CCS) segment dominated the market and accounted for over 49.0% share of the global revenue in 2023. The increasing electrification and support by major manufacturers and OEMs, including Daimler AG; Ford Motor Company; General Motor Company; and Volkswagen is driving the segment growth. A CCS connector supports slow and fast charging since it uses the Programmable Logic Controller (PLC) protocol which is a part of smart grid protocols. According to the U.S. Department of Energy (DOE), there are more than 5,000 CCS individual outlets as compared to the CHAdeMO outlets.

The CHAdeMO segment is expected to register significant growth over the forecast period. Easy integration with smart grid infrastructure and bi-directional charging capability is anticipated to drive the growth of the CHAdeMO segment over the forecast period. Moreover, research & development initiatives and investments by electric vehicle manufacturers such as Nissan Motor Co., Ltd. and Mitsubishi Motors Corporation for developing DC fast charging networks to support long-range travel is expected to drive the demand for CHAdeMO in the U.S. market.

Level of Charging Insights

The level 2 charging segment dominated the market and accounted for a share of more than 54.0% of the global revenue in 2023. Level 2 charging provides a middle ground in terms of cost and charging speed as it charges at a faster speed than level 1 chargers, and is less costly as compared to level 3 chargers. According to the data published by the International Energy Agency, there are over 104.8 thousand level 2 chargers in the U.S., out of which 89% are at public locations, 16% are at highway locations, and 5% are at interstate locations. The growing adoption of level 2 charging can be attributed to its lower costs and fast charging capabilities. Moreover, level 2 charging systems operate based on battery capacity, and the state of its charge, which extends the vehicle range, driving its adoptions. Such features are expected to drive the market’s growth over the forecast period.

Level 3 charging is expected to register the fastest growth over the forecast period. As of December 2022, level 3 chargers are the fastest electric car chargers available for EVs. Level 3 chargers can provide an average of 100 miles of charge per hour by utilizing a 480-volt higher direct current. Since the level 3 charger has a fast charging capacity, it reduces waiting time for electric vehicle users. Moreover, having a robust network of level 3 chargers will lead to a larger range and lower range anxiety for drivers, which is expected to drive the adoption of level 3 charging.

Connectivity Insights

The non-connected charging stations segment dominated the market and accounted for a share of more than 83.0% of the global revenue in 2023. Non-connected charging solutions are also known as non-networked or stand-alone charging solutions. Without the bother of ongoing fees associated with a charging network, non-connected charging options provide consumers with safe and secure charging options.

Consumers can pay for the charging facilities on a per-user basis with non-connected charging systems, which replicate the user experience of conventional fuel pumps. Some of the non-connected charging solutions combine their hardware with software platforms so that users may access comprehensive diagnostic information and keep track of the health of their chargers. Additionally, since there are no activation or other ongoing networking fees, non-connected chargers have reduced initial and ongoing costs. Low infrastructure costs for owners and hassle-free charging experience for consumers are expected to drive the segment’s growth.

The connected charging stations segment is expected to register the highest CAGR over the forecast period. A network charger, often known as a connected charging solution, is a charging network that is controlled by network software. Electric vehicles are equipped with features that are beneficial to hosts and drivers. Site hosts, for example, can gain network access features like remote administration, advanced analytics, energy management capabilities, and round-the-clock customer assistance, while drivers can access it for a variety of uses, including location and reservation via applications. These characteristics will become increasingly important as the number of drivers of electric vehicles rises over the next years, which is anticipated to drive the adoption of connected charging solutions over the forecast period.

Application Insights

The residential segment dominated the market and accounted for a revenue share of more than 87.0% of the global revenue in 2023. The residential segment is further bifurcated into private houses and apartments. Electric vehicle chargers for residential spaces can also offer significant growth potential as they provide a cheaper and more convenient mode for charging electric vehicles as compared to commercial charging stations. Since users prefer charging their vehicles at home owing to ease and convenience, they opt for AC charging stations for EVs, as the cost of installation is reasonably low compared to DC charging stations. Hence, DC charging stations have a lower adoption rate in the residential segment due to the significant costs involved in their installation.

The commercial application segment is the fastest-growing segment and is anticipated to register a higher revenue share by 2033. The commercial segment is further bifurcated into destination charging stations, highway charging stations, bus charging stations, fleet charging stations, and other charging stations. Favorable government initiatives to deploy charging stations on highway projects such as the Trans-Canada highway project, Norway to Italy Electric Highway, are driving the growth of the segment.

Several automotive companies are focused on launching new EV charging projects that would help commercial customers to go electric. For instance, in December 2021, Ford, an automotive company, announced the launch of a new EV project called Ford Pro Charging to help its commercial customers switch to electric vehicles and offer the necessary hardware and software required for charging electric vehicles.

Key Companies & Market Share Insights

In October 2020, Redwood Residential and Redwood Capital Group, a Chicago-based real estate company, announced the installation of an electric vehicle charging station of SemaConnect Inc. at Deer Park Crossing Apartments. Thus, the rising enhancements in electric vehicle chargers are propelling market growth.

Moreover, in August 2020, the Venture Port district announced the installation of five new SemaConnect Inc. charging stations for visitors to Venture Harbor. At the same time, the Series 6 charging stations are designed to replace the old pair of charging stations at Island Packers, which will be opened for all plug EV drivers at the harbor.

Acquisition and partnerships are undertaken by companies to expand their geographic presence in key markets. For instance, in November 2020, ChargePoint, Inc. announced its partnership with Volvo Car USA LLC to provide a seamless charging experience to Volvo car drivers. ChargePoint, Inc. will offer Home Flex home chargers to Volvo Car drivers. This partnership will enable drivers to charge their cars at home. Some prominent players in the U.S. electric vehicle charging infrastructure market include:

• ChargePoint, Inc.
• Leviton Manufacturing Co., Inc.
• SemaConnect, Inc.
• Tesla, Inc.
• ClipperCreek, Inc.
• General Electric Company
• Delta Electronics, Inc
• Webasto Group
• ABB Ltd.
• bp pulse

Segments Covered in the Report

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the U.S. Electric Vehicle (EV) Charging Infrastructure market.

By Charger Type

• Slow Charger
• Fast Charger

By Connector Type

• CHAdeMO
• Combined Charging System
• Others

By Level of Charging

• Level 1
• Level 2
• Level 3

By Connectivity

• Non-connected Charging Stations
• Connected Charging Stations

By Application

• Commercial
  • Destination Charging Stations
  • Highway Charging Stations
  • Bus Charging Stations
  • Fleet Charging Stations
  • Other Charging Stations
• Residential
  • Private Houses
  • Apartments