DC fast-charging point installations in the US saw a double-digit year-on-year percentage rise in 2024, capturing a record-high one-third share of all new battery EV public charging point installations in the country, according to Counterpoint Research.
The growth mirrored a 12% YoY increase in new US public EV charging point installations during the same period, which was driven by robust growth in passenger EV sales. Federal and state tax credits under the Inflation Reduction Act were also critical to maintaining momentum in the sector as it fuelled EV demand as well as fleet electrification efforts on the enterprise side.
Commenting on the share milestone, Counterpoint Research associate director Liz Lee said: “Public charging station growth is a good barometer to measure the long-term health of the EV industry. The most notable aspect is the steep rise in DC fast-charging points – this is the indicator we are focused on and it confirms a robust medium to long-term outlook.”
The US government and corporate sector have both committed to continue to invest heavily in the industry as operators are opening up their networks to more and more OEMs, which are signs of continued industry momentum.
California-based EVgo aggressively expanded its DC fast-charging network through its long-standing partnership with General Motors and was conditionally awarded up to US$1.25bn in loan support from the US Department of Energy’s Loan Programs Office. EVgo will use these funds to deploy up to 1,100 fast-charging stations over the next five years, focusing on 350kW high-power stalls.
Meanwhile, Electrify America expanded its DC fast-charging network by 30% in 2024, adding around 1,400 new chargers and reporting a 50% YoY increase in charging sessions.
Commenting on the industry outlook, Counterpoint Research associate director Greg Basich said: “Range anxiety is arguably the biggest hurdle to EV sector growth, hence, an increase in charger availability is a big positive. Battery technology evolves slowly but we are seeing innovation in charging speeds. Combine that with robust EV station growth and the opening up of networks – it paints a positive long-term picture for passenger EVs in the US.”