Electric Vehicle Charging Stations in the US - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)

Electric vehicle charging stations have been growing since the formation of the industry. Consumers have been increasingly adopting electric vehicles amid prominent pushes to use products that are sustainable and more environmentally friendly than traditionally fuel-operated vehicles. The growing popularity of electric vehicles has led consumers to require charging stations across the country, particularly for consumers who have to go on longer drives or road trips. As a result, major charging station companies expanded their network, further driving revenue growth. Unfavorable economic conditions during the early stages of the pandemic resulted in shrinking revenue and profit, although the industry was able to quickly bounce back. These trends have enabled revenue to grow at an estimated CAGR of 9.9% to $414.3 million over recent years, including a 12.1% jump in 2024 alone.

Trends and Insights

• The rise in demand for electric vehicles has led to a jump in charging station revenue.
• As more consumers continue to adopt these technologies, the industry is expected to continue growing. Level 2 charging stations are the most popular among users.
• These stations can be installed at home and offer a full charge overnight, making them convenient for drivers. Charging stations face high initial costs.
• Elevated initial and operating costs have discouraged many companies, including gas stations and convenience stores, from adopting EV charging stations.

Industry Overview

Industry revenue has grown at a CAGR of 9.9 % over the past five years, to reach an estimated $414.3m in 2024.

Trends and Insights

Electric vehicle sales on the rise Hybrid and electric vehicle manufacturing revenue has been on the rise, representing a higher use of electric vehicles.

Industry outlook (2024-2029)

Market size is projected to grow over the next five years.

Trends and Insights

• Electric vehicle popularity stimulates demand
• With increasing government incentives and consumers and businesses seeking to reduce their carbon footprint, the popularity of electric vehicles is likely to soar in the United States, boosting demand for charging stations.