Electric Vehicle Fast-Charging System Market Value To Reach USD 6.10 Billion At A CAGR Of 21.08% By 2028
Global Electric Vehicle Fast-Charging System Market Size Was Valued at USD 1.60 Billion in 2021, and is Projected to Reach USD 6.10 Billion by 2028, Growing at A CAGR of 21.08% From 2022 to 2028.
Fast charging systems for electric vehicles are becoming increasingly important to facilitate the transition to zero-emission mobility. The dominant fast charging power for passenger vehicles was 50 kW, while the most recent systems enable charging at speeds of at least 175 kW or even 350 kW. In commercial and logistic fleets, even higher fast charging rates are applied (up to 1 MW)—such as for buses and heavy-duty trucks. Such systems enable much smoother long-distance travel for electric vehicles (EVs) with shorter charging times and more efficient utilization of the stations from a business perspective.
Top Key Players in Electric Vehicle Fast-Charging System Market:
ABB, Blink Charging Co., BP Chargemaster Ltd, Broadband TelCom Power Inc., ChargePoint Inc., Delta Electronics Inc., Efacec Electric Mobility, Signet EV Inc., EVBox, Shenzhen SETEC Power Co. Ltd., Siemens, Star Charge, Tesla Inc., and Other Major Players.
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Market Dynamics and Factors for the Electric Vehicle Fast-Charging System Market:
Drivers:
E-mobility has reached a fork in the road. Over 250 new battery-electric automobiles (BEV) and plug-in hybrid electric vehicles (PHEV) will be produced in the next two years, with up to 130 million EVs on the road worldwide by 2030. To maintain these figures, a far more price will be required—and it will not be cheap. According to Mckinsey, an estimated $110 billion to $180 billion will be required between 2020 and 2030 to accommodate global demand for EV charging stations in both public and private settings. By the end of 2020, 10 million electric cars would be on the road around the world, following a decade of rapid growth.
Opportunities:
Although fast-charging stations presently play a significant role in meeting long-distance recharging needs, future increases in charging speeds may alter their utility. In China's major cities, such as Beijing, as many fast-charging stations as level 2 charging stations have already been installed. This is an attempt to meet the needs of urban EV drivers who do not have access to a private parking space and consequently a dedicated charging station. Although the limited charging speeds imply that such an alternative is not currently favored by EV drivers, such preferences may change in the future.
Segmentation Analysis of the Electric Vehicle Fast-Charging System Market:
By Type
· <100 KW
· 100-200 KW
· >200 KW
By Connector Type
· SAE Combo Charging System
· GB/T
· CHADeMO
· Supercharger
By Application
· Public
· Private
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· North America (U.S., Canada, Mexico)
· Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
· Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
· Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
· Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
· South America (Brazil, Argentina, Rest of SA)
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