According to a recently released report by Research & Markets, the market for electric vehicles’ charging networks within the United States is anticipated to grow at a CAGR of 36.9% from 2022 through 2030 to reach a market value of $49 billion. The report points out a number of general factors driving this growth in the period subject to the forecast.
These factors include the growing concern about protecting the environment by reducing emissions from vehicles, as well as advances being made in charging technology and the ability to get real-time information about the nearby charging stations. Among the bottlenecks mentioned in the report are the supply chain disturbances resulting from the pandemic and the inadequacy of charging networks.
With specific reference to the U.S., several drivers are highlighted as helping to deepen EV penetration within the country. These include the strides being made in improving electric vehicle battery technology. These improvements could potentially lower the cost of EVs while also enabling a single battery charge to cover a longer distance than was possible with older versions of EV batteries.
Another factor driving the U.S. electric vehicle industry forward was the way consumers prefer to use EVs for longer journeys, coupled with the rate at which for-profit companies were establishing charging infrastructure along major travel routes and public places. It is also becoming easier to integrate bidirectional charging as well as the existing smart grid facilities. These developments make a stronger environmental case for electric vehicle adoption and they are likely to boost the growth of the EV industry in the years within the forecast duration.
Many providers of EV charging stations are also coming up with creative innovations to make it possible for electric vehicle owners to pay for charging their vehicles conveniently. As these technologies are deployed, many more of the issues holding back potential EV buyers will be addressed, according to Research & Markets.
Recent statistics seem to support many of the findings contained in this report. For example, sales data from the first quarter of this year shows that electric vehicle purchases in the U.S. increased by 60% despite the fact that the general auto industry registered a slump in sales of 18% within that same period. This goes to show that EV sales are now ready to climb at a high rate, but there are concerns that raw materials shortages could sabotage the sector and slow down the EV plans of companies such as Lordstown Motors Corp. (NASDAQ: RIDE).
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