
Published On: Nov 2022
Published On: Nov 2022
At 12.1% CAGR, the North America EV Charging Infrastructure Market is projected 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.
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.
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