Dublin, Oct. 28, 2024 (GLOBE NEWSWIRE) -- The "USA Electric Vehicle Charging Stations Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The electric vehicle charging stations market in the United States is on a trajectory for remarkable growth, anticipated to increase from US$1.80 billion in 2024 to US$3.40 billion by 2029. This represents a compound annual growth rate (CAGR) of 13.51%. A key contributor to this expansion is the surge in electric vehicle (EV) ownership coupled with substantial public investment and policy support aimed at enhancing the EV infrastructure across the nation.
Driving Factors Behind the Growth
Rising sales of electric vehicles are recognized as a primary driver of the burgeoning EV charging station market. Technological advancements, improvements in battery technology, and the augmentation of public EV ecosystems are underpinning this upsurge. Sales figures in the USA showcase a notable leap in EV adoption, with sales nearly doubling from 2021 to 2023. The growth in battery electric vehicle (BEV) stock further underscores the momentum, with an increase from 1.5 million units in 2021 to an estimated 3.5 million units in 2023. These trends signify a robust outlook for the EV charging infrastructure within the country.
Growth Opportunities and Industry Trends
The report encapsulates significant market insights that include growth opportunities, challenges, the current state of the supply chain, and regulatory frameworks. It also offers an evaluation of customer behaviors, industry trends, and competitive landscape. The pressing need for a sustainable automotive sector and the emergence of cutting-edge technologies, such as high-speed charging and Vehicle-to-Grid (V2G) systems, are poised to attract new consumer bases and create additional momentum within the market.
Segmentation Analysis
The USA Electric Vehicle Charging Stations Market is analyzed across different segments. The segmentation spans vehicle types that include Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs), as well as various applications such as commercial and residential. Furthermore, the report examines different charging types, notably AC charging (Level 1 and Level 2) and DC charging, and evaluates the market's growth and forecast for these sub-segments.
The zeal towards a zero-emission transportation system and the move towards more sustainable energy usage bolsters the positive outlook for the EV charging station market. The report furnishes stakeholders with comprehensive insights into customer preferences, market drivers, and emerging trends, contributing to informed strategic decisions that are pivotal in this dynamically evolving industry landscape.
In conclusion, the USA Electric Vehicle Charging Stations Market is advancing steadily, with supportive measures and an increased preference for electric mobility shaping the industry's future. The forecasted market growth signifies a broader shift towards electric vehicle adoption, setting the stage for a more sustainable and innovative transportation ecosystem.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 85 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $1.8 Billion |
| Forecasted Market Value (USD) by 2029 | $3.4 Billion |
| Compound Annual Growth Rate | 13.5% |
| Regions Covered | United States |
Some of the key companies profiled in this USA Electric Vehicle Charging Stations Market report include:
- ABB Ltd.
- Bosch Automotive Service Solutions Inc.
- ChargePoint Inc.
- Delta Electronics Inc.
- Siemens AG
- Tesla Inc.
- EV Connect, Inc.
- EvoCharge Inc.
- Electrify America
- EVgo Network
For more information about this report visit https://www.researchandmarkets.com/r/7w4p83
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