Electric Vehicle Fast Charging Market: Global Size, Share, Trends, Growth and Forecast 2022-2032
Electric Vehicle Fast Charging Market: Overview and Definition
The global electric vehicle fast charging market is expected to reach USD 12.5 billion by 2032, growing with a CAGR of 15.8% during the forecast period 2022-2032. The global market of electrical vehicles has seen a substantial growth since the last decade, which has also led to an automatic surge in the electric vehicles fast charging industry. Fast charging is one of the predominant parts of the electric vehicles ecosystem market and without which the EV market is almost understandably incomplete. These chargers are used to charge batteries of electric vehicles at a faster rate by supplying electric energy to the electric vehicles to charge the battery of both electric vehicles and plug-in hybrid vehicles. According to some classified reports, this market is expected to grow at an enormous CAGR of around 19.22% during 2022-2027 because of the prevailing market conditions in different regions of the world.
The growth of this market is attributed towards major factors including the rise in electric vehicles sales, emission control regulations, technological advancements, increasing push from government for the deployment of highway chargers as well as fast bus chargers, transition from conventional energy for charging system and various evolving business models for EV charging.
Clearly, governments all around the globe have invested substantial funding to incentivize electric vehicle sales and the associated charging infrastructure as they are starting to consider transportation electrification as the ultimate step toward air quality, climate, and energy independence goals. But also, the market is starting to grow from the consumer demand perspective and in some years will begin to reach into the mainstream competition. And owing to this, there is a strong potential for a complete transition into a commercially sustainable business.
Moreover, the cost to set up electric vehicle charging infrastructure has declined substantially over the past 5 years due to growth in volumes. For fast charging, connector types vary by OEMs as well as region. The Japanese OEMs prefer CHAdeMO fast charging standard whereas American and European OEMs prefer Combined Charging System (CCS), China has created its own GB/T standard for domestic DC fast charging networks. Adding to this, about 20,000 ChadeMO DC fast chargers are in use globally and it will continue to grow at double digits till 2027.
Though, lack of standardization, inconsistent data availability, high cost of equipment and installation are some restraining factors that hamper the overall market growth, there is a lot happening among EV fast charger industry stakeholders right now. Oil companies are feeling the heat of EV market growth and in order to sustain themselves in and for the future, they have started making inroads in EV charging market and have also accordingly made some big investments and acquisitions.
ELECTRIC VEHICLE FAST CHARGING MARKET SEGMENTATION:
- Electric Bus Fast Charging System
- Electric Light-Duty Vehicles (LDVs) Fast Charging System
- Small Car Rapid Charging System
By End Users:
- Public Electric Vehicle
- Private Electric Vehicle
- North America
- Asia Pacific
- South America
- Middle East & Africa
IMPORTANT REGIONAL INSIGHT:
The APAC region dominated the global fast charging market in last 2-3 years, and is anticipated to hold considerable market share during the forecast period owing to the increasing acceptance of electric vehicles in the developing countries of the region.
FEW KEY PLAYERS IN THE MARKET:
- NEC Corporation
- Tritium Pty Ltd
- Signet EV
- Schneider Electric
- Siemens AG
- Efacec Electric Mobility
- GS Yuasa Corporation
- Nichicon Corporation
- Tesla Motors, Inc.
- Other Key Players
- In Sep 2018, Audi launched a new ‘e-tron Charging Service’ to enable access to 70k+ charging points by 220 providers with one card in Europe.
- In Apr 2018, In China, Xpeng Motors announced that it will build more than 1,000 super charging (300kW) station. Schemes like these will boost interoperability and consumer confidence in EVs, ultimately driving the EV fast charger market.
- As of Oct, 2019, Tesla had one of the biggest fast charging networks of ~14,900 super chargers at 1,500+ stations.
- In Oct 2020, Dutch electric vehicle (EV) charging specialist Fastned and U.S. EV maker Tesla opened what they claim to be Germany’s largest fast-charging park for electric cars, at the Hilden motorway junction of the A3 and A46, near Düsseldorf.
- XENDEE Corporation has partnered with Idaho National Laboratory to develop an optimized platform for designing Microgrid Fast Charging Stations (MFCS) quickly and effectively. This project is funded by the DOE Office of Electricity, Microgrid Program. The platform will be developed alongside a detailed analysis of two test sites which will act as seed locations for fast-charging facilities across the United States.
- In Oct 2020, BMW Group UK has launched an initiative to supply retired electric vehicle (EV) batteries to be used in the development of mobile power units that would provide charging for other vehicles.
- In Oct 2020, Electric vehicle (EV) charging management company EV Connect announced its Partner Program to expand access to EV charging stations and improve their maintenance. BTCPower, EVBox and EVoCharge were named the initial program partners.
Timeline Considered for Analysis:
- 2021: Base Year
- 2022 to 2027: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global Electric Vehicle Fast Charging market by the following segments:
- End Users
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Electric Vehicle Fast Charging Industry Report
- What is the overall market size in 2021? What will be the market growth during the forecast period i.e. 2022-2027?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?
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