In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The North America electric vehicle (EV) charging station infrastructure market is projected to exhibit a significant CAGR during the forecast period, i.e., 2021-2029. The market is thriving on account of the growing adoption of electric vehicles in nations such as the United States and Canada, and the need for a robust infrastructure for charging electric vehicles. The sales of Electric Vehicles in the United States, according to the statistics by the Transportation Research Center at the Argonne National Laboratory, grew from 10,100 vehicles in 2011 to 242,000 in the year 2019.
Moreover, the availability of a large number of electric vehicle charging stations in the region is also anticipated to contribute to the market growth. According to the statistics by the Alternative Fuels Data Center (AFDC) of the U.S. Department of Energy (DOE), there are 47,673 publicly accessible EV charging stations, along with 114,958 charging outlets in the U.S. and Canada.
The market is segmented by level of charging into level 1, 2, 3, and DC fast charging. Among these segments, the level 2 charging segment is projected to hold the largest market share by the end of 2021. The level 2 charging station utilizes 208V commercial or 240V residential power to supply between 6A and 80A. The charging equipment is compatible with almost all plug-in electric hybrid vehicles and electric vehicles. The level 2 charger provides a faster charging speed than the level 1 charger and the cord can easily be connected to the same connector location used for level 1 charging equipment. These chargers are usually found in public parking areas and both commercial and residential settings. In the other statistics by the AFDC, there are 42,690 publicly available stations and 93400 charging outlets with level 2 charger types in the U.S. and Canada. CLICK TO DOWNLOAD SAMPLE REPORT
The North America EV charging station infrastructure market is segmented on the basis of geography into the United States, and Canada. Among these nations, the market in the United States is anticipated to hold the largest share by the end of 2029, backed by the presence of several charging stations in the nation, along with the availability of numerous vehicle manufacturers that offer EVs with different charger and connector types.
Our in-depth analysis of the North America electric vehicle charging station infrastructure market includes the following segments:
Ans: Growing adoption of electric vehicles in North America and the need for developing a charging infrastructure for electric vehicles, are some of the major factors driving the market growth.
Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2029.
Ans: The major companies in the market are SemaConnect Inc., Schneider Electric, Siemens USA, Tesla, Inc., Shell Group of Companies, Blink Charging Co., and others.
Ans: The company profiles are selected based on the revenues generated from segments, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The North America electric vehicle (EV) charging station infrastructure market is segmented by type of charging station, level of charging, type of charger, connector type, and by application.
Ans: The level 2 charger type segment under the type of charger segment is projected to hold the dominating share in the market by the end of 2021 owing to the availability of these chargers in abundance as compared to other charger types.