Status : Published | Published On : Nov, 2024 | Report Code : VRAT9640 | Industry : Automotive & Transportation | Available Format : | Page : 93 |
The North America Light Electric Charging Station Market size was valued at USD 6.1 billion in 2023. It is likely to grow up to USD 14.5 billion by 2030 at a CAGR of 15.4% during the forecast period ranging between 2025 and 2030. Supportive government policies and incentives offered by the government are significant factors that promote the expansion of the light electric charging market in North America. It helps in meeting the environmental objectives to promote green transportation, adoption of clean energy usage and electric mobility with a large number of charging stations established and notable investments made to develop the infrastructure even more by both commercial and private entities, thereby creating a more favorable environment for an expedited growth of EV charging networks.
The large number of light electric vehicles plying on the road need an efficient and fast charging solution for uninterrupted operation, and a light electric charging station offers that solution. It is a specially designed mechanism found in commercial hubs, public parking facilities, and shopping malls in urban areas that quickly and efficiently charge the vehicles using innovative charging technologies such as Level 2 or DC fast chargers that are known to reduce downtime while delivering the necessary energy to the vehicles. In addition, it enhances user convenience, reduces environmental impact and carbon footprint, and enhances accessibility to the rising adoption and use of EVs in North America.
Report Metric |
Details |
Historical Period |
2018 - 2023 |
Base Year Considered |
2024 |
Forecast Period |
2025 - 2030 |
Market Size in 2023 |
U.S.D. 6.1 Billion |
Revenue Forecast in 2030 |
U.S.D. 14.5 Billion |
Growth Rate |
15.4% |
Segments Covered in the Report |
By Charging Station Type, By Charging Technology, By Application, By End User |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Regions Covered in the Report |
United States, Canada |
North America Light Electric Charging Station Industry Dynamics
North America Light Electric Charging Station Market Trends/ Growth Drivers:
Growing demand for electric vehicles
There is a significant rise in the demand for electric vehicles (EVs) worldwide as well as in North America. The main reason for such high adoption and usage is the growing awareness of the environmental impacts of traditional fuel-driven vehicles and the benefits of using EVs such as sustainability and lower operational costs. This primarily drives the expansion of the North America light electric charging station market due to the growing requirement for more efficient and widespread charging networks and robust infrastructure. In addition, battery charging technology is also developing in leaps and bounds of late. For example, the integration of advanced technologies such as Level 2, DC fast charging, wireless charging, and others has enhanced the convenience of charging electric vehicles and efficiency as well. Higher accessibility in highways, parking spaces, and other places, along with lower charging time, and improved scalability are some other factors that are propelling the growth of the market.
North America Light Electric Charging Station Market Challenges
Higher cost of infrastructure installation
The growth of the light electric charging station market in North America faces a significant challenge that hinders its growth due to the high cost of infrastructure installation, despite the fact that there are several incentives and grants available from the government. This is a significant challenge in rural areas especially due to the necessary permits as well as the cost of equipment. Add to that, the limitations of grid capacity in the rural areas, as well as in a few other regions, act as a growth barrier as it does not allow fast and smooth integration of the charging stations. A few other major challenges to the market expansion include a lack of charging standardization, regulatory hurdles, and comparatively slow adoption of EVs in a few specific regions of North America, mainly due to the lack of awareness and hesitance among consumers.
North America Light Electric Charging Station Market Opportunities
Favorable government support and incentives
Novel growth opportunities to the North America light electric charging station market are offered by the growing state and central government support and incentives provided to promote EV adoption through tax rebates and subsidies. This, in turn, encourages and enhances the need to develop the charging infrastructure, especially in underserved regions. Furthermore, the growing awareness of environmental impact and the need for carbon neutrality and sustainability offers significant growth opportunities to the market encouraging charging station providers to work together with governments to create a larger and more robust network.
North America Light Electric Charging Station Market Segmentation
VynZ Research provides an analysis of the key trends in each segment of the North America Light Electric Charging Station Market report, along with forecasts at the regional and country levels from 2025-2030. Our report has categorized the market based on Charging Station Type, Charging Technology, Application and End User.
Market Segmentation
Public charging stations dominate due to rising EV adoption
The North America light electric charging station market is divided by the type of charging stations into Public and Private Charging Stations, where the former segment is expected to dominate the market and grow significantly during the forecast period due to the growing adoption of electric vehicles which pushes the need for a wider and more robust charging network. Government initiatives and support to promote the development of the infrastructure also play a crucial role in promoting the significant growth of this particular segment.
The DC fast charging segment is dominant due to superior charging speeds
The different types of charging technologies also divide the North America light electric charging station market, where the major segments are Level 1, Level 2, and DC Fast Charging technologies. Quite evidently, the DC fast charging segment is the most dominant and prospective segment among them all due to its superb fast charging speeds. This facilitates further adoption of EVs by consumers, pushing the growth of this specific segment significantly during the projected period. Additionally, favorable regulations for developing the fast-charging infrastructure and the growing need for long-range electric vehicles that need fast recharging are major drivers of growth of this segment as well.
The residential charging stations segment dominates due to the higher adoption of EVs
According to the application, the North America light electric charging station market is divided into Residential, Commercial, and Public Charging station segments. Out of these, the residential charging stations segment is expected to dominate and grow at a higher rate during the forecast period due to the higher adoption of electric vehicles by households. This is mainly attributed to the government initiatives to promote such a switch to uphold clean transportation objectives as well as rapid urbanization drives.
The individual owners segment dominates due to the largest market share
The North America light electric charging station market is segregated by different end users into Individual Owners, Fleet Operators, and Businesses. Among these, the individual owners section dominates the market due to its larger share, which is a result of the rising ownership of electric vehicles. In addition, consumer incentives as well as the rising awareness of sustainability, cost-effectiveness, and environmental benefits of using EVs, are also propelling the growth of this specific segment of the North America light electric charging station market.
North America Light Electric Charging Station Market: Geographic Overview
The United States is the dominant region of the North America light electric charging station market. This is mainly attributed to the growing adoption of electric vehicles, rapidly expanding charging networks, and significant effort by the government to promote EV adoption and the development of charging infrastructure.
Canada happens to be the most promising region of the market with significant growth potential due to a constantly evolving EV charging infrastructure, especially in the major cities like Vancouver and Toronto, favorable government policies to promote clean and green energy and transportation, as well as the growing interest among the consumers to adopt electric vehicles.
Competitive Insights of North America Light Electric Charging Station Market :
PRIMARY RESEARCH INTERVIEWS - BREAKDOWN
North America Light Electric Charging Station Market