U.S. Charging As A Service Market (By Service: Subscription, Hosted; By Charging Station: AC Charging, DC Charging; By Application) - Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2024-2033

U.S. Charging As A Service Market Size and Trends

The U.S. charging as a service market size was estimated at around USD 55.23 million in 2023 and it is projected to hit around USD 471.62 million by 2033, growing at a CAGR of 23.92% from 2024 to 2033.

U.S. Charging As A Service Market Size 2024 to 2033

Key Pointers

  • By Charging Station, the AC charging segment contributed the largest market share of 54% in 2023.
  • By Charging Station, the DC charging segment is expected to expand at the highest CAGR from 2024 to 2033.
  • By Application, the commercial segment emerged as the dominant force in the U.S. charging-as-a-service market in 2023.
  • By Service, the hosted segment registered the maximum market share in 2023.
  • By Service, the subscription segment is projected to witness the highest CAGR during the forecast period.

U.S. Charging As A Service Market Overview

The U.S. has witnessed a significant shift towards electric vehicles (EVs), catalyzing the evolution of the charging infrastructure. Amidst this transformation, the concept of Charging-as-a-Service (CaaS) has emerged as a pivotal solution, offering convenience and accessibility to EV owners.

U.S. Charging As A Service Market Growth Factors

The growth of the U.S. charging-as-a-service market is propelled by an increasing adoption of electric vehicles (EVs) across the country is driving the demand for convenient and accessible charging solutions. This surge in EV ownership is fueled by growing environmental awareness, government incentives, and advancements in battery technology, all of which contribute to a favorable landscape for Charging-as-a-Service providers. Additionally, supportive regulatory policies at both the federal and state levels are encouraging investment in EV infrastructure, further bolstering market growth. Moreover, the collaboration between CaaS providers, automakers, and energy companies is fostering innovation and expanding the accessibility of EV charging infrastructure, enhancing the overall user experience.

U.S. Charging As A Service Market Trends:

  • Rapid Expansion of Charging Infrastructure: The U.S. Charging-as-a-Service market is witnessing a rapid expansion of charging infrastructure, with providers strategically deploying charging stations in high-traffic areas such as urban centers, highways, and commercial hubs to meet the growing demand for EV charging.
  • Integration of Smart Charging Technology: There is a notable trend towards the integration of smart charging technology within Charging-as-a-Service offerings. Smart charging solutions leverage data analytics and connectivity to optimize charging schedules, manage peak demand, and enhance energy efficiency, providing a more seamless and sustainable charging experience for EV owners.
  • Focus on Renewable Energy Integration: Many Charging-as-a-Service providers are emphasizing the integration of renewable energy sources into their charging infrastructure. By leveraging solar, wind, and other renewable sources, these providers are not only reducing the carbon footprint of EV charging but also ensuring a more sustainable and resilient energy supply for the future.
  • Diversification of Service Offerings: Providers in the U.S. Charging-as-a-Service market are diversifying their service offerings beyond traditional charging solutions. This includes the development of subscription-based models, value-added services such as battery swapping and vehicle-to-grid (V2G) capabilities, and partnerships with businesses and municipalities to offer EV charging as a complementary service.
  • Enhanced User Experience: User experience is a key focus area for Charging-as-a-Service providers, with a growing emphasis on convenience, accessibility, and seamless integration with digital platforms. This includes features such as mobile apps for locating and accessing charging stations, streamlined payment processes, and real-time monitoring of charging sessions to provide EV owners with greater control and peace of mind.

Charging Station Insights

In 2023, the AC charging segment dominated the U.S. charging-as-a-service market, accounting for 54% of the revenue share. AC charging stations present a cost-effective and convenient solution for EV owners. Their installation and maintenance are simpler compared to DC charging stations, thanks to lower equipment costs and widespread availability of technology. The steady rise in residential EV charger sales and the proliferation of public charging stations in the U.S. have fueled demand for AC charging stations. With the integration of smart technologies, features like remote monitoring, efficient billing, and user-friendly interfaces have become crucial for enhancing customer satisfaction in the AC charging segment. Various business models, including subscription-based services, pay-per-use, and partnerships with property owners, are driving market growth.

Conversely, the DC charging segment is poised for the fastest growth rate through 2033. This growth is driven by the escalating demand for rapid charging solutions for EVs across the United States. DC charging stations, renowned for their faster charging speeds compared to AC counterparts, play a vital role in alleviating range anxiety among EV owners, particularly during long-distance travel. Recognizing the surging demand for swift vehicle charging, companies are rolling out innovative services to meet consumer needs.

Application Insights

In 2023, the commercial segment emerged as the dominant force in the U.S. charging-as-a-service market, primarily driven by the increasing corporate embrace of sustainable initiatives and the expanding fleet of electric vehicles (EVs). Businesses spanning retail, hospitality, and corporate sectors are strategically investing in EV charging infrastructure to meet the evolving needs of employees and customers alike. A 2022 Deloitte survey revealed that 40% of respondents declined job offers due to inadequate climate-conscious practices, underscoring the importance of environmental considerations in employment decisions. Moreover, younger workers, particularly concerned about their employers' environmental impact, displayed greater job retention rates exceeding five years.

Meanwhile, the residential segment is poised for significant growth during the forecast period. The convenience and reliability inherent in residential charging solutions have spurred a consistent demand for affordable and efficient EV charging services. Service providers are prioritizing user-friendly and visually appealing charging solutions, often integrated seamlessly into smart home systems. The burgeoning development of residential properties in the U.S. has paved the way for collaborations between real estate developers and energy companies, opening avenues for market expansion. Notably, in August 2023, Duke Energy launched an EV charging subscription service in collaboration with industry giants like General Motors, Ford Motor Company, and BMW, targeting residential customers in North Carolina. The pilot initiative allowed participants to select their preferred charging schedule, with automakers optimizing charging times to meet individual needs while avoiding peak grid hours.

Service Insights

In 2023, the hosted segment claimed the largest revenue share in the charging-as-a-service market. This model involves third-party providers installing and managing EV charging stations at locations owned by other entities. It enables shopping centers, parking facilities, or businesses to offer EV charging services without installing stations directly. Hosted charging stations strategically positioned in high-traffic areas maximize accessibility for EV users. This model benefits site hosts by retaining or attracting EV-driving customers or employees and providing an additional revenue stream. Providers leveraging the hosted model capitalize on existing infrastructure, gain visibility in key locations, and contribute to the demand for EV charging systems.

Conversely, the subscription segment is projected to witness the highest CAGR during the forecast period. Subscription-based charging-as-a-service offers customers the convenience of charging on a monthly or yearly payment basis, eliminating upfront costs and installation needs. Increasing collaborations between market players and investors in offering subscription-based services are expected to drive segment growth. Several emerging companies have entered this space in recent years.

U.S. Charging As A Service Market Key Companies

  • ChargePoint Holdings, Inc.
  • Shell Recharge Solutions
  • EV Connect
  • EV Safe Charge Inc.
  • Blink Charging Co.
  • Lightning eMotors
  • Electrify America
  • EVgo
  • WattLogic, LLC
  • bp pulse

U.S. Charging As A Service Market Segmentation:

By Service

  • Subscription
  • Hosted
  • Financed

By Charging Station

  • AC Charging
  • DC Charging

By Application

  • Commercial
    • Hospitality
    • Parking Garage
  • Residential

Frequently Asked Questions

The U.S. charging as a service market size was reached at USD 55.23 million in 2023 and it is projected to hit around USD 471.62 million by 2033.

The U.S. charging as a service market is growing at a compound annual growth rate (CAGR) of 23.92% from 2024 to 2033.

Key factors that are driving the U.S. charging as a service market growth include rising need for solutions to reduce healthcare costs, increasing focus on patient-centric care, and strong government support.

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