According to a report, “U.S. Electric Vehicle Charging Infrastructure (EVCI) Market Size, Share & Trends Analysis Report By Charger Type (Slow, Fast), By Connector (CHAdeMO, CCS), By Application, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc.,
Government policies and initiatives encouraging the adoption of Electric Vehicles (EVs) are driving the market. Moreover, the insurers are insuring EVs at discounted rates and utilities are charging lower tariffs for the electricity consumed by the electric vehicle charging infrastructure. These factors are also likely to contribute to the market growth.
In some states, such as New York, Georgia, and Ohio, subsidies are being offered to reduce the upfront purchase costs of EVs while cheaper credit is being offered to manufacturers as well as buyers. The Federal Internal Revenues Service (IRS) is offering a tax credit of up to USD 7,500 on the purchase of new EVs. These subsidies and promotion of EVs have remarkably boosted the need for EV charging stations in the country, thereby augmenting market growth.
Reducing prices of battery and the provision of incentives and subsidies have propelled the demand for EVs, thereby directly influencing the growth of the EVCI market. For instance, TESLA has signed several contracts and agreements with the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) that relieves the sales tax on buying manufacturing equipment used for particular purposes for ongoing developments of Model 3, Model X, and Model S.
As a part of the global EVCI expansion strategy, various EV charger manufacturers are adopting a collaborative model under which they are partnering with EV manufacturers and other businesses, such as hotels & retail chains and utility service providers, to deploy EV charging stations. Major EVCI manufacturers are working on integrating ultra-fast charging, autonomous park and charge, and wireless charging technologies to enhance the operational functionality of EVs, increase consumer convenience, and minimize the charging time.
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Further key findings from the study suggest:
Technological advancements in battery technology are driving the U.S. electric vehicle charging infrastructure market growth
Consumer preference for using EVs for long-distance travel and increasing deployment of EVCIs by corporates are anticipated to drive the demand for fast chargers over the forecast period
Easy integration with smart grid infrastructure and bi-directional charging capability is anticipated to drive the growth of CHAdeMO segment over the forecast period
New York is emerging as a dominant state, in terms of EV usage, which is expected to drive the EVCI market in U.S.
Key companies are emphasizing on developing a solar charging feature for charging stations. This would enable the charging network operators to reduce their dependence on grid electricity
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Grand View Research 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)
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