US Charging as a Service Market Size Likely to Surpass at a CAGR of 9.5% By 2033

As per the current market research conducted by the CMI Team, the US Charging as a Service Market size is expected to record a CAGR of 9.5% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 235.6 Million. By 2033, the valuation is anticipated to reach USD 546.1 Million.

US Charging as a Service Market: Growth Factors and Dynamics

• Government Support and Incentives: Federal and state-level incentives, such as tax credits, grants, and subsidies for EV infrastructure development, encourage investment in charging infrastructure, driving market growth and supporting sustainability goals.

• Increasing EV Adoption Rates: The rising adoption of electric vehicles (EVs) in the US creates demand for expanded charging networks to accommodate growing EV fleets, prompting investments in both public and private charging infrastructure to meet consumer needs.

• Technological Advancements: Innovations in charging technologies, including faster DC fast chargers and wireless charging solutions, enhance convenience and efficiency, attracting more consumers to EVs and facilitating faster adoption rates nationwide.

• Collaboration with Utilities: Partnerships between charging service providers and electric utilities facilitate the integration of charging infrastructure with grid management systems, supporting grid stability, renewable energy integration, and demand response programs.

• Expansion of Charging Networks: Strategic alliances and investments by major players, including automakers, energy companies, and tech firms, expand the availability of charging stations across key locations, promoting EV adoption and enhancing infrastructure accessibility.

• Consumer Behavior and Convenience: Increasing consumer awareness and demand for convenient charging solutions, such as home charging stations and fast-charging corridors along highways, drive the development of the CaaS market, catering to diverse user needs and preferences in urban and rural areas alike.

• Regulatory Frameworks: Clear regulatory frameworks and standards for charging infrastructure installation and operation support market stability and growth, ensuring compliance and fostering investor confidence in the evolving EV ecosystem.

• Urbanization and Infrastructure Development: Urbanization trends and infrastructure development projects in metropolitan areas prioritize the installation of EV charging stations, catering to the increasing population of urban EV owners and promoting sustainable transportation solutions.

• Consumer Education and Awareness: Ongoing efforts in consumer education and awareness campaigns about the benefits of EVs and accessible charging infrastructure encourage broader adoption, influencing consumer behavior and driving market expansion across demographics.

US Charging as a Service Market: Partnership and Acquisitions

• In 2024, Raizen Power and BYD partnered to promote sustainable electric mobility in Brazil by expanding the public network with 600 new DC charge points, offering 100% renewable energy. Raizen aims for a 25% market share in Brazil’s electromobility sector, enhancing the EV recharging experience nationwide.

• In 2022, Tesla introduced a new version of their wall connector featuring a J1772 connector, enhancing compatibility with electric vehicles across North America. This development expands access to Tesla’s charging infrastructure, accommodating a broader range of EV models and supporting market growth.

Report Scope

US Charging as a Service Market: COVID-19 Analysis

The COVID-19 pandemic has significantly impacted the US Charging as a Service Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Reduced Mobility and Travel: During lockdowns and restrictions, decreased travel and commuting significantly reduced the utilization of public and workplace charging services, leading to revenue declines for charging operators and slower infrastructure expansion.

• Supply Chain Disruptions: Disrupted supply chains caused delays in equipment procurement and installation of new charging infrastructure, hampering the rollout of planned projects and limiting service availability in key locations.

• Government Stimulus and Investments: Stimulus packages and federal investments in infrastructure, including EV charging, played a pivotal role in revitalizing the market, funding new projects and accelerating deployment timelines to meet growing demand.

• Resurgence in EV Sales: As consumer confidence returned post-pandemic, there was a notable resurgence in EV sales, driving increased demand for charging infrastructure and services across urban and suburban areas.

• Accelerated Deployment Plans: Charging service providers expedited their deployment plans for new charging stations, focusing on strategic locations such as urban centers and highways to accommodate the rising adoption of electric vehicles.

• Technological Advancements: Continued innovations in charging technologies, such as enhanced DC fast chargers and advancements in smart grid integration, improved operational efficiency and customer satisfaction, supporting robust market recovery efforts.

• Partnerships and Collaborations: Collaborative efforts between private sector stakeholders, utilities, and government agencies facilitated the expansion of charging networks, ensuring comprehensive coverage and accessibility for EV drivers nationwide, thereby reinforcing market resilience and growth.

• Consumer Behavior Shifts: Changes in consumer behavior, including reduced discretionary spending and prioritization of essential needs, temporarily decreased interest and investment in non-essential services like EV charging infrastructure.

• Promotion of Clean Energy Initiatives: Increased emphasis on clean energy initiatives and sustainability goals post-pandemic has encouraged government and private sector investments in expanding EV charging infrastructure, aligning with environmental objectives and driving market recovery.

In conclusion, the COVID-19 pandemic has had a mixed impact on the US Charging as a Service Market, with some challenges and opportunities arising from the pandemic.

List of the prominent players in the US Charging as a Service Market:

• ChargePoint Inc.
• EVgo Services LLC
• Electrify America LLC
• Blink Charging Co.
• SemaConnect Inc.
• Greenlots (a member of Shell Group)
• ABB Ltd.
• Tesla Inc.
• Volta Charging LLC
• IONITY GmbH
• Flo a subsidiary of 7-Eleven Inc.
• Enel X North America Inc.
• Porsche AG (Porsche Charging Service)
• ClipperCreek Inc.
• Pod Point Ltd.
• Others

The US Charging as a Service Market is segmented as follows:

By Charging Infrastructure Type

• Public Charging
• Private Charging

By Charging Mode

• AC Charging
• DC Fast Charging

By Customer Type:

• Individual Consumers
• Commercial Fleets
• Government & Municipalities
• Automotive OEMs
• Retail & Shopping Centers

By Technology

• Standard Charging Systems
• Smart Charging Solutions
• Wireless Charging
• Vehicle-to-Grid (V2G) Integration