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The U.S. electric vehicle charging infrastructure market is expected to reach USD 4.37 billion by 2025 as a result of increasing demand from widespread applications owing to its features such as high quality, cost effective, and Eco-friendly.
In the United States, governments and the insurance companies provide lucrative offers to promote the selling and usage of EVs. Tax benefits are provided at the time of purchase. However, the extent of exemption depends on the size of batteries used in the vehicle. Countries like France and the UK offered bonus payments to EV buyers and discounts on insurance.
Segmentation by application
• Commercial
• Residential
In terms of application, the commercial segment is anticipated to grow over the next eight years. The residential application segment is expected to grow considerably compared to its commercial counterpart by 2025. Overnight charging at homes or residential complexes is the preferred way of charging, owing to their ease and convenience. However, these places have lesser DC quick charger, as they are costlier than AC chargers.
The U.S. Electric Vehicle Charging Infrastructure Market is expected to reach USD 4.37 billion by 2025 as a result of increasing demand from widespread applications owing to its features such as high quality, cost effective, and Eco-friendly. U.S. government and the insurance companies are taking efforts to promote the sell and usage of EVs. For instance, tax benefits are provided to the customers at the time of purchase. Furthermore, countries like France and UK are offering discounts on insurance and bonus on payments to EV buyers. With the increase in the number of sale of EV vehicles, need for supporting charging infrastructure is also expected to grow which is anticipated to aid in the growth of this market over the foreseeable future.
U.S. EV charging infrastructure comprises dedicated setups installed for charging vehicles, powered by an electric engine. The growth of this market is marketed majorly by initiatives taken and investments made by the U.S. governments for developing electric vehicle enabled infrastructure throughout the country. For instance, the initiatives involved building of free as well as paid charging spots in parking areas and other important road corridors.
The growing concerns for curbing the levels of carbon emission and other harmful gasses are some of the factors compelling the adoption of Electric Vehicles (EVs). Moreover, increasing demand for EV- enabled infrastructure is one of the requirements, which is further promoting the adoption of EVs.
U.S. EV charging infrastructure market has numerous players, such as ChargePoint, Inc., AeroVironment Inc. General Electric Company, Leviton Manufacturing Co., Inc., SemaConnect, Inc., Tesla Motors, Inc., ClipperCreek, Inc. Amongst all ChargePoint, Inc. is the leading company as it provides electric vehicles with a charging solution for various businesses, such as commercial real estates, parking operators, offices, and hospitality.
The major key strategies include collaborations, related segment revenues, new product developments, expansion capabilities, merger & acquisitions, partnerships & agreements, and research & development investments, among others. It is also done based on product offerings and a number of application segments served by a company.
AeroVironment Inc. has a dominant presence across the U.S. that comes from its sales revenue of which 72% comes from the U.S. clients. Many other companies are engaged in building network and data connectivity solutions, electrical wiring devices, and lighting energy management system for residential, commercial, and industrial buildings. It also manufactures switches, receptacles, daylight harvesting controls, and equipment for charging electric vehicles.
U.S. electric vehicle charging infrastructure market was valued at USD 167.6 million in 2017 and is predicted to grow further over the forecast period.
