Report : North America EV Charging Infrastructure Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Platform (Hardware and Services), Hardware (AC Charger and DC Charger), Charger Type (Public Chargers and Private Chargers), and IEC Mode (2, 3, and 4)
At 12.1% CAGR, the North America EV Charging Infrastructure Market is speculated to be worth US$ 3,275.41 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America EV charging infrastructure market was valued at US$ 1,472.90 million in 2021 and is expected to reach US$ 3,275.41 million by 2028, registering an annual growth rate of 12.1% from 2021 to 2028. Surge in production and sales of electric vehicles and support from government policies are the critical factors attributed to the market expansion.
The rising concern of the transportation sector's impact on the environment has led to an unprecedented requirement of decarbonizing transportation to meet climate goals and limit global warming, thereby increasing the adoption of low carbon technology in the transportation sector. The rising concerns for the adverse impact of transportation-related emissions and shift of consumer behavior toward zero-emission vehicles have resulted in a significant increase in the adoption of light-duty passenger vehicles across the region. Additionally, the ever-rising demand for electric vehicles is fueled through huge investments made by automotive giants in the research, development, and production of electric vehicles. Furthermore, with the fall in prices of EVs and the availability of a greater number of models, electric vehicle production is set for exponential growth in an increasing number of countries, subject to their overall economic growth and policy support from the government. Further, AC level 2 charge points constitute the largest portion of passenger-car charging stations, typically installed at homes, workplaces, and temporary destinations like stores or street parking. Additionally, the need for high-power commercial DC fast chargers to power the large batteries deployed in heavy-duty electric vehicles is further driving the EV charging infrastructure market. Therefore, the promising growth of the EV charging infrastructure market is being driven by the massive surge in the adoption of electric vehicles across the region, marked by a rise in demand and production.
On the contrary, high cost of arthroscopy devices hurdles the growth of North America EV charging infrastructure market.
- Based on operator type, the North America EV charging infrastructure market is bifurcated into charge point operator and e-mobility service providers. The charge point operator segment held 93.7% market share in 2021, amassing US$ 311.07 million. It is projected to garner US$ 2,533.75 million by 2028 to expand at 34.9% CAGR during 2021–2028.
- Based on platform, the North America EV charging infrastructure market is bifurcated into hardware and services. The hardware segment held 68.9% market share in 2021, amassing US$ 1,015.06 million. It is projected to garner US$ 2,144.64 million by 2028 to expand at 11.3% CAGR during 2021–2028.
- Based on hardware, the North America EV charging infrastructure market is bifurcated into AC charger and DC charger. The AC charger segment held 75.6% market share in 2021, amassing US$ 1,113.35 million. It is projected to garner US$ 2,349.95 million by 2028 to expand at 11.3% CAGR during 2021–2028. The AC charger segment is further divided into level 1 charger (120 v) and level 2 charger (240 v).
- Based on charger type, the North America EV charging infrastructure market is bifurcated into public chargers and private chargers. The private chargers segment held 77.0% market share in 2021, amassing US$ 1,134.73 million. It is projected to garner US$ 2,372.85 million by 2028 to expand at 11.1% CAGR during 2021–2028.
- Based on IEC mode, the North America EV charging infrastructure market is segmented into 2, 3, and 4. The 3 segment held 54.2% market share in 2021, amassing US$ 798.35 million. It is projected to garner US$ 1,723.15 million by 2028 to expand at 11.6% CAGR during 2021–2028.
- Based on country, the North America EV charging infrastructure market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 74.2% market share in 2021. It was assessed at US$ 1,093.61 million in 2021 and is likely to hit US$ 2,369.10 million by 2028, exhibiting a CAGR of 11.7% during the forecast period.
Key players dominating the North America EV charging infrastructure market are ABB Ltd.; Blink Charging Co.; BOSCH Auto Parts; Delta Electronics, Inc.; Driivz Ltd.; Eaton; EVBox; Leviton Manufacturing Co., Inc.; Siemens AG; Tesla, Inc.; Tritium; Wallbox Chargers, S.L.; and Webasto Group among others.
- In 2022, Tritium completed its business combination with Decarbonization Plus Acquisition Corporation II (“DCRN”) to enable the public listing of Tritium DCFC Limited (“Tritium”).
- In 2021, Blink Charging and SG Blocks, Inc. has signed a collaboration agreement to deploy Blink’s EV charging equipment and network via SG Blocks’ modular designs.
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