The new report by EMR titled, ‘United States Electric Vehicle Charging Infrastructure (EVCI) Market Report and Forecast 2021-2026’, gives an in-depth analysis of the United States electric vehicle charging infrastructure (EVCI) market, assessing the market based on its segments like charger type, connector, application, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): USD 2 Billion
- Forecast CAGR (2021-2026): 40%
- Forecast Market Size (2026): USD 15 Billion
The trends in battery costs and prices of the EV’s are declining and if it continues to fall in the coming future, they could be cost competitive over gasoline – powered cars. This will be a major driving factor in the market for EV’s widespread success and will consequently require installation of multiple charging stations as well. Also, accessible charging stations at all places is important to re-charge an EV in a reasonable time as nobody wants to be stranded without power. The initiatives of the government, tax credits and profitable subventions will additionally help in raising the sales of EV’s and the need for deployment of EVCI.
Industry Definition and Major Segments
A charging station for electric vehicle is in the form of a fixture which is either connected directly to an electrical distribution panel or to an electrical outlet. It can have one or multiple charging cables with a connector which is used to attach to the electric vehicle’s charging socket to charge the battery. The station has lights installed to indicate that the vehicle is connected and charging.
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Based on the charger type, the market can be divided into:
- Slow Chargers
- Fast Chargers
The market is segmented into the following based on the connector:
- CHAdeMO
- Combined Charging System (CCS)
- Others
Its applications are involved in the following:
- Commercial
- Residential
The major regional market encompass:
- New England
- Mideast
- Great Lakes
- Plains
- Southeast
- Southwest
- Rocky Mountain
- Far West
Market Trends
The likeability of the electric vehicles and its demand is growing amongst people due to improving government policies and expenditure in enhancing the electric vehicle system, including charging stations. Public and private initiatives to promote the use of EVs, like building EV charging stations by federal government and municipalities with the aid of private entities, is considered to boost the market in the forecast period. The United States appears to be rapidly accelerating the growth factors like stringent government regulations on carbon emissions and pollution and increasing popularity, acceptance and adoption of EVs which result in the establishment of the supporting infrastructure.
Key Market Players
The major players in the market are ChargePoint, Inc., AeroVironment Inc. (NASDAQ: AVAV), General Electric Company, Leviton Manufacturing Co., Inc., SemaConnect, Inc., Tesla, Inc., ClipperCreek, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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