The U.S. electric vehicle charging infrastructure (EVCI) market size is projected to be USD 11.35 billion by 2025 witnessing over 39% CAGR, as per a new report by Million Insights. Increasing government support to propel the adoption of the electric vehicle is driving the growth of the market. In addition, EV manufacturers are providing various schemes along with charging lower tariffs for electricity consumption by EVs, thereby encouraging the EV adoption.
Some states in the U.S. are offering subsidies to boost electric vehicle adoption as they aim to curb air pollution. These states include Ohio, Georgia and New York. In addition, the Federal Internal Revenues Service (IRS) offers a tax credit on EVs purchase. This tax credit can be up to USD 7,500. Thus, incentives offered by various government bodies are driving the demand for EVs across the U.S.
In the recent past, technical advancements have resulted in a decline in the prices of batteries, which in turn, has positively affected the market growth. Tesla has signed an agreement with Advanced Transportation Financing Authority and California Alternative Energy. This partnership helps Tesla with the lesser sales tax on purchasing batteries for its Model X, Model S and Model 3.
Key players operating in the U.S. EVCI market are Tesla, Inc., Clipper Creek, Inc., Aero Vironment Inc., Charge Point, Inc. and others. These players are focusing on merger & acquisition and new product launches to strengthen their position in the market.
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Further key findings from the report suggest:
• Technical advancements in the battery market across the U.S are driving the market.
• Fast charger segment is gaining traction owing to consumers’ preferences for long-distance travel.
• New York is witnessing significant growth in the market.
• Major companies are focusing on building solar-powered charging stations to reduce the overall charging costs.
Million Insights has segmented the U.S. electric vehicle charging infrastructure market on the basis of charger type, connector and application:
U.S. EVCI Charger Type Outlook (Volume, Units; Revenue, USD Million, 2014 - 2025)
U.S. EVCI Connector Outlook (Volume, Units; Revenue, USD Million, 2014 - 2025)
• Combined Charging System (CCS)
U.S. EVCI Application Outlook (Volume, Units; Revenue, USD Million, 2014 - 2025)