Surge the Adoption of EV Charging Stations

Growth in EV Charging

"EV Charging Station Market is Expected to Surpass US$ 113 Billion and likely to Grow at a CAGR of 26.6% between 2023 to 2033 | Data by Future Market Insights, Inc."

With the increased adoption of electric vehicles, the charging infrastructure is struggling to keep up with demand. As a result, many companies are starting to offer fast charging in the United States, which is extremely important in a country with immense distances between states. BMW, Mercedes Benz, Volkswagen, BP, and Shell are just some of the companies investing in EV technology with growth rapidly accelerating in the United States. 

The global EV charging station market is projected to have a high-paced CAGR of 26.6% during the forecast period. The current valuation of the EV charging station market is US$ 10,768.2 Million in 2023. The value of the EV charging station market is anticipated to reach a high of US$ 113,889.1 Million by the year 2033.

Currently, the United States has a total of 143,442 EVSE ports. EVSE ports are essentially analogous to gas station pumps according to the Alternative Fuels Data Center. This may seem like a lot but the majority of these stations are concentrated in specific regions and markets such as California. A lot more growth is needed and expected to come over the next few years.

Are you planning on doing an EV charging installation? If so, let us know in the comments section below and we would be excited to help you plan. 


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