According to Wood Mackenzie, the number of EV charging ports in the US is projected to reach nearly 18 million by 2027, with the residential category accounting for the majority of chargers. However, the market share of residential chargers is expected to slightly decline as the public and commercial segments of EV charging grow.
In the US market, Tesla holds a dominant position with a 61% market share of DC fast-charging (DCFC) ports, while ChargePoint leads with a 46% market share of level 2 ports. Public EV charging networks are aggressively expanding through innovative financing structures and partnerships with automakers and other businesses, aiming to establish and secure their footholds in the market.
Automakers such as Ford, General Motors, and Rivian have announced their adoption of the North American Charging Standard (NACS) connector, which provides access to Tesla’s Supercharger network. This industry shift towards NACS signals the desire for a seamless and reliable charging experience. Charging equipment manufacturers like ABB, ChargePoint, and Tritium are also offering the option for site hosts to include NACS ports on their hardware.
The deployment of EV charging infrastructure at brick-and-mortar locations, such as retail stores, presents significant growth potential. Retail chains are leveraging eligibility for the National Electric Vehicle Infrastructure grant program and their proximity to population centers to deploy EV charging networks. Walmart, for example, has plans to build its fast-charging network, potentially becoming one of the largest DCFC networks in the US.
Additionally, the electrification of school buses is driving the demand for charging infrastructure. Optimal duty cycles and substantial government funding are contributing to the growth of electrified school buses. The report highlights that more than 4,000 electrified school buses received funding in Q4 of 2022, indicating a growing need for charging infrastructure at school bus depots.
Wood Mackenzie’s findings emphasize the evolving landscape of EV charging in the US, with opportunities for expansion in the public, commercial, retail, and fleet sectors.
