July 06, 2020
According to the research report titled ‘North America Electric Vehicle (EV) Charging Station Market (2020 Edition): Market Insight, Competition and Forecast (2020-2025)’, available with Market Study Report LLC, North America electric vehicle (EV) charging station market was worth USD 1169.7 million in 2019 and is expected to register substantial growth by the year 2025.
Availability of advanced charging infrastructure in the U.S. and Canada have resulted in surging investments in R&D activities of service equipment for electric vehicles, which is anticipated to amplify industry revenues over 2020-2025. Additional factors such as rising adoption of electric vehicles and favorable federal initiatives in the form of rebates, incentives, and subsidies are further aiding the market expansion. Strict fuel economy standards are also stimulating the industry outlook.
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As per vehicle type, the market is split into plug-in hybrid electric vehicle and battery electric vehicle. In terms of equipment type, the industry is bifurcated into software and hardware. By charger type, North America EV charging station industry is bifurcated into slow charger and fast charger. Slow charger segment is further classified into level 2 AC charger and level 1 AC charger. On the other hand, the fast charger is split into level 3 DC Tri-phase and Level 3 AC Tri-phase segments.
Based on the regional landscape, the market is categorized into regions namely, Mexico, Canada and the U.S. The report cites that U.S. market is predicted to expand significantly during the forecast period. Rising concerns regarding pollution produced by automobiles have impelled the demand for electric vehicles, which in turn is propelling the adoption rates of electric vehicles in the U.S.
Various vehicle manufacturers in the country such as Ford, Nissan and Tesla are focusing on expanding their production lines in order to meet the growing demand for EVs, thereby favoring the market scenario in the U.S. In August 2018 for instance, EVBox acquired French ultra-fast EV charger manufacturer EVTronic.
ChargePoint, ClipperCreek Inc., SemaConnect, Bling Charging Co., ABB Ltd., EVgo and Tesla, Inc. are the major companies defining the competitive landscape of electric vehicle charging station industry in North America.