US electric vehicle charger market is forecast to grow at a CAGR of around 17.0% during the forecast period 2019-2025. The major factor for augmenting the market include increasing electric vehicle market, supportive government regulations for electric vehicle and charging infrastructure. Some of the major electric vehicle companies working in the region include BMW AG, Audi AG, Ford Motors Co., Jaguar Land Rover, Tesla, Inc., and Volkswagen AG and so on.
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As per the International Council on Clean Transportation (ICCT), around $2.2 billion investment by 2025 is required to develop the required charging infrastructure. Around $1.3 billion will require home charging whereas around $940 million for the workplace and public charging. About 100,000 public and workplace chargers will be required by 2025 to cater 2.6 million electric vehicles by 2025. Of the total $2.2 billion required investment, 25% will be required for hardware, 20% on materials, and 5% on permits.
US electric vehicle charger market is segmented based on the basis of ownership, charger type, and connector type. By ownership, the market is further divided into Public and Private. Public segment is expected to contribute significant market share in the country’s electric vehicle charger market. According to the International Energy Agency, in the US there were more than 54,000 public accessible chargers in 2018. By charger type, the market is segmented into slow chargers and fast chargers. Out of the 54,000 public access chargers, 50,000 are slow chargers whereas more than 4,000 are fast chargers.
As per the Department of Energy, in July 2019 the number has reached 68,800 connectors out of which around 16% are DC fast chargers. Considerable growth in the fast charger market will be witnessed during the forecast period. By connector type, the market is further divided into AC connectors and DC connectors. AC connector market is further divided into Type 1, Type 2 and other segments, whereas the DC connector market is further segmented into CHAdeMO, Combined Charging System (CCS), Type 2 (Tesla). DC connectors are expected to show a considerable growth rate during the forecast period.
The companies which are contributing significantly in the country’s electric vehicle charger market include ABB Ltd., Tesla, Inc., Webasto SE, Blink Charging Co., ChargePoint, Inc., Eaton Corp., Schneider Electric SE, SemaConnect, Inc., Siemens AG, and others. The market players are considerably contributing to the market growth by the adoption of various growth strategies including new product launch, merger, and acquisition, collaborations with government, and technological advancements to stay competitive in the market.
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US Electric Vehicle Charger Market Segmentation
By Charger Type
- Slow Charger
- Fast Charger
- AC Connectors
o Type 1
o Type 2
o Other (Domestic Socket)
- DC Connectors
o Combined Charging System (CCS)
o Type 2 (Tesla)
- ABB Ltd.
- Alfen N.V.
- Chargemaster Ltd.
- ChargePoint, Inc.
- Eaton Corp.
- Leviton Manufacturing Co., Inc.
- Schneider Electric SE
- Siemens AG
- Tesla, Inc.
- Webasto SE
- The New Motion B.V.
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