United States Electric Vehicle (EV) Charging Equipment Market - Growth, Trends, and Forecast (2020 - 2025)
The United States electric vehicle (EV) charging equipment market is expected to grow at a CAGR of over 27.2% over the period of 2020-2025. Factors such as the growing adoption of electric vehicles in the country, which the United States Energy Information Administration (EIA) has predicted to reach 7.5 million EVs on road by 2025, coupled with decreasing price of lithium-ion battery are expected to drive the charging equipment market during the forecast period. Moreover, a conducive policy and regulatory environment created by the government is leading to the rapid deployment of electric vehicle chargers in the United States. However, the high installation cost associated with setting up charging stations and maintenance cost is expected to hinder the growth of the market during the forecast period.
- AC Level 1 and Level 2 segment is expected to be the largest segment for electric vehicle charging equipment market, providing maximum share of the charging for electric vehicles. Most of these charging would be taking place at home, workplaces, and via slow-charge public stations in the United States.
- Automakers, utilities, and charging providers in many cities in the country are making low-risk, high-utilization investments to deploy electric vehicles and the Zero Emission Vehicle along with DC fast charging (DCFC), creating ample opportunities for the EV charging equipment market.
- The transportation sector is responsible for nearly 28% of the total greenhouse gas emissions (GHG) in the United States. Therefore, substituting EVs for gasoline-fueled cars is leading to significant reduction in GHG emissions, hence promulgating the investment in EV sector.
Key Market Trends
AC Level 1 and Level 2 Charging to Dominate the Market Alternate-current (AC) charging, is also known as level 1 or level 2 charging. In this system, an in-car inverter converts AC to direct current (DC), which then charges the battery at either level 1 (equivalent to a US household outlet, 120 volts) or level 2 (240 volts). Home and workplace charging are typically done through AC charging, with 83% of the United States electric vehicle drivers using home charging. This in turn is expected to drive the demand for AC charging with more EV coming into the market, supported by governmental regulations. The Government of California has set a target for 5 million zero emission vehicles (ZEVs) on the roads by 2030 and 250,000 electric vehicle charging stations by 2025. So, those who use Level 1 at home exhibit daily charging events for different vehicle types, and those who use Level 2 at home tend to drive slightly more miles per year. The Los Angeles Department of Water and Power (LADWP) provides rebates to commercial and residential customers toward the purchase of Level 2 Electric Vehicle Supply Equipment (EVSE). Commercial customers can receive up to USD 4,000 for each charger and residential customers can receive US$500, hence promulgating the EV charging equipment market.
Increasing Investment in EVs to Drive the Market Many leading energy firms are increasingly entering into the EV charging equipment market, for broader consumer acceptance in the overall electric vehicle market, across the world. For instance, in 2017, Enel, through its subsidiary, EnerNOC, announced the acquisition of a leading North American supplier of electric vehicle (EV) charging stations, eMotorWerks. Companies like Tesla Motors have innovated and increased competitiveness in the sector with its cutting-edge automobile and energy solutions. Global organizations like GM, Ford, and Renault too are following the lead and coming up with their EV projects and investments. In California, San Diego Gas & Electric plans to build 3,500 utility-owned chargers for about USD 45 million, while Southern California Edison announced its plans to build 1,500 host-owned chargers for USD 22 million. Pacific Gas & Electric is expected to create an infrastructure for 7,500 chargers in a utility-private investor partnership.
The United States electric vehicle charging equipment market is moderately fragmented. Some of the key players in this market are ABB Ltd, Siemens AG, Tesla Inc., ChargePoint Inc., and Delta Electronics, Inc.
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- 1 INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
- 2 RESEARCH METHODOLOGY
- 3 EXECUTIVE SUMMARY
- 4 MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion, till 2025
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
- 4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
- 4.7 PESTLE Analysis
- 5 MARKET SEGMENTATION
- 5.1 Vehicle Type
- 5.1.1 Battery Electric Vehicle (BEV)
- 5.1.2 Plug-in Hybrid Electric Vehicle (PHEV)
- 5.1.3 Hybrid Electric Vehicle (HEV)
- 5.2 Application
- 5.2.1 Home Charging
- 5.2.2 Workplace Charging
- 5.2.3 Public Charging
- 5.3 Charging Type
- 5.3.1 AC Charging (Level 1 and Level 2)
- 5.3.2 DC Charging
- 6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
- 6.3 Company Profiles
- 6.3.1 ABB Ltd
- 6.3.2 AeroVironment, Inc.
- 6.3.3 Bosch Automotive Service Solutions Inc
- 6.3.4 ChargePoint Inc
- 6.3.5 ClipperCreek, Inc.
- 6.3.6 Delta Electronics Inc
- 6.3.7 Plug Power Inc.
- 6.3.8 Siemens AG
- 6.3.9 Tesla Inc
- 7 MARKET OPPORTUNITIES AND FUTURE TRENDS