The U.S. electric vehicle charging infrastructure (EVCI) market size is projected to be USD 11.35 billion by 2025 witnessing over 39% CAGR, as per a new report by Million Insights. Increasing government support to propel the adoption of the electric vehicle is driving the growth of the market. In addition, EV manufacturers are providing various schemes along with charging lower tariffs for electricity consumption by EVs, thereby encouraging the EV adoption.
Some states in the U.S. are offering subsidies to boost electric vehicle adoption as they aim to curb air pollution. These states include Ohio, Georgia and New York. In addition, the Federal Internal Revenues Service (IRS) offers a tax credit on EVs purchase. This tax credit can be up to USD 7,500. Thus, incentives offered by various government bodies are driving the demand for EVs across the U.S.
Get Free PDF Sample Copy of the Report (Including Full TOC, List of Tables & Figures, Chart and Covid-19 Impact Analysis): https://www.millioninsights.com/industry-reports/us-electric-vehicle-charging-infrastructure-evci-market/request-sample
Impact of COVID-19
The outbreak of COVID-19 has severely affected the growth of the market. The pandemic has led to the closure of various industries including automobile, thereby, delaying the production of electrical vehicles. In addition, disruption in the supply chain has negatively affected the production of batteries, thereby, slowing the overall market growth. Moreover, COVID-19 has led to a financial crisis across the U.S., which in turn, resulted in low spending on buying new vehicles by consumers. It is estimated that the global sales of electric vehicles would drop by 18% in 2020.
Further key findings from the report suggest:
• Technical advancements in the battery market across the U.S are driving the market.
• Fast charger segment is gaining traction owing to consumers’ preferences for long-distance travel.
• New York is witnessing significant growth in the market.
• Major companies are focusing on building solar-powered charging stations to reduce the overall charging costs.
Top Key players profiled the U.S. Electric Vehicle Charging Infrastructure market report include: Tesla, Inc., Clipper Creek, Inc., Aero Vironment Inc., Charge Point, Inc. and others. These players are focusing on merger & acquisition and new product launches to strengthen their position in the market.
Know More Insights @ https://newsonmarketblog.wordpress.com