Market Research Report
North America Electric Vehicle Charging System Market Forecast 2021-2028
|North America Electric Vehicle Charging System Market Forecast 2021-2028|
Published: April 5, 2021
Content info: 125 Pages
Delivery time: 2-3 business days
The North America electric vehicle charging system market is anticipated to progress with a CAGR of 48.18% during the forecasting years of 2021 to 2028. The augmenting presence of leading players, the incentive programs initiated by the government, the widespread adoption of PHEVs and BEVs, and the implementation of numerous federal policies are set to facilitate the region's market growth.
The North America electric vehicle charging system market growth assessment includes the analysis of Canada and the United States. Canada's electric vehicle charging system market is predominantly fueled by the increasing number of electric vehicles in the nation. The well-established presence of international electric vehicle manufacturers, in addition to the government incentives provided by local and central authorities, further impact the market's growth. As per the Government Agency Data of Canada, leading players operating in the country's electric vehicle market are Nissan, Tesla, and Chevrolet. The purchase incentives bearing the new plug-in electric vehicle were framed in Ontario, including a rebate ranging from $5000 to $8000, depending on the electric vehicle's battery size.
Transport Canada possesses a national purchase incentive program for electric vehicles. Aligning with this, Canadians buying plug-in hybrids or electric vehicles are eligible for an incentive, within the range of $2,500 to $5,000, applied at the point-of-sale by dealerships. In 2020, the Canadian government invested $223 million, each in a Ford factor, billed as the most significant electric vehicle plant across North America. Hence, these factors are set to fuel the electric vehicle charging system market in Canada over the forecasted years.
Some of the leading companies operating in the market are: Blink, ChargePoint, ABB Ltd, EVGo, etc.