United States EV Charging Systems Market Insights Forecasts to 2032

• The United States EV Charging Systems Market Size was valued at United States 3.02 Billion in 2022.
• The Market Size is Growing at a CAGR of 28.01% from 2022 to 2032.
• The United States EV Charging Systems Market Size is Expected to Reach United States 35.67 Billion by 2032.

The United States EV Charging Systems Market Size is expected to reach the United States 35.67 Billion by 2032, at a CAGR of 28.01% during the forecast period 2022 to 2032.

Market Overview

Electric vehicles with plug-in and fully electric vehicles can have their batteries charged by connecting them to an electrical outlet via electric vehicle charging systems. To meet the growing demand for electric vehicles, many major automakers and manufacturers of electric components are also striving to develop cutting-edge systems for charging them. Furthermore, the popularity of electric vehicles (EVs) has grown due to their economic advantages and environmental safety. The accessibility of charging stations. The growing number of electric vehicles on the road has increased demand for infrastructure related to charging and charging devices. The expansion of the market can be ascribed to the increasing efforts made by the public and private sectors to promote the use of electric vehicles (EVs). Moreover, new growth opportunities for the market are anticipated to be created by the development of technologies such as automated payment technology, bi-directional charging, smart charging with load management, and portable charging stations. The government and businesses are working to increase the number of charging stations in public spaces like parking lots, shopping centres, and highways to meet the demand. For personal use, a lot of owners of electric vehicles also install charging stations in their homes.

Report Coverage

This research report categorizes the market for the United States EV charging systems market based on various United States segments and regions forecast revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the United States EV charging systems market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the United States EV charging systems market.

Driving Factors

The increasing number of consumers using and adopting electric vehicles has brought attention to the need for infrastructure for charging them. The top EV markets are investing heavily in EV charging infrastructure and R&D to develop quicker and more effective charging techniques. The need for charging infrastructure is anticipated to rise rapidly in tandem with the ongoing rise in EV adoption, especially in areas where EV owners are concentrated. To meet the needs of EV owners, this has encouraged governments, corporations, and other organizations to invest in the deployment of more public charging stations. During the forecast period, the U.S. demand for fast chargers is expected to be driven by consumer preference for long-distance driving in electric vehicles and corporation's increasing deployment of electric vehicle charging systems in the United States.

Restraining Factors

Infrastructure for electric vehicle charging is expensive, which makes many end users reluctant to install it. Installing an electric vehicle charging station involves expenses for land, equipment, labour and maintenance, installation, advertising and marketing, and electricity. Their doubts about the returns on their investments limit the expansion of the market in the United States.

Market Segment

• In 2022, the fast chargers segment accounted for the largest revenue share over the forecast period.

Based on the product type, the United States EV charging systems market is segmented into slow chargers and fast chargers. Among these, the fast chargers segment has the largest revenue share over the forecast period. Fast chargers are being installed on highways in response to the growing demand for fast charging for long-distance travel, which is responsible for the segment's growth.

• In 2022, the level 2 segment accounted for the largest revenue share over the forecast period.

Based on the charging type, the United States EV charging systems market is segmented into AC charging level 1, and level 2. Among these, the level 2 segment has the largest revenue share over the forecast period. The cost-effectiveness and quick charging of level 2 charging are its main selling points. Additionally, level 2 charging systems work with the battery's capacity and state of charge to increase the vehicle's range and encourage adoption.  

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the United States EV charging systems market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• ChargePoint, Inc.
• ClipperCreek, Inc.
• General Electric Company
• Leviton Manufacturing Co., Inc.
• SemaConnect, Inc.
• Tesla, Inc.
• Delta Electronics, Inc
• Webasto Group
• ABB Ltd.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• On April 2023, Walmart and Sam's Club in the United States announced plans to make electric vehicle (EV) ownership more accessible, dependable, easy, and inexpensive for customers nationwide. Walmart wants to create EV fast-charging network at thousands of Walmart and Sam's Club outlets nationwide by 2030. This would be in addition to the nearly 1,300 EV fast-charging stations presently accessible at over 280 facilities in the United States.

Market Segment

This study forecasts revenue at regional, and country levels from 2021 to 2032. Spherical Insights has segmented the United States EV charging systems market based on the below-mentioned segments:

United States EV Charging Systems Market, By Product Type

• Slow Chargers
• Fast Chargers

United States EV Charging Systems Market, By Charging Type

• AC Charging 
• Level 1
• Level 2