DUBLIN, March 19, 2024 /PRNewswire/ — The “Global Electric Vehicle (EV) Fast-Charging System Market: Focus on Application, Connector Type, Power Output, Installation Type, and Country-Level Analysis – Analysis and Forecast, 2023-2033” report has been added to ResearchAndMarkets.com’s offering.
The Global Electric Vehicle (EV) Fast-Charging System Market was valued at USD 8.39 billion in 2023, and is forecast to reach USD 33.15 billion by 2033, showcasing a CAGR of 14.7%.
The development of the EV fast-charging system was a remarkable moment in the electric mobility industry, profoundly changing the landscape of electric car charging infrastructure. This concept was created out of the need to overcome one of the most fundamental barriers to mainstream EV adoption, i.e., long charging periods and range anxiety. Fast-charging systems, which can recharge a significant amount of an EV’s battery in a fraction of the time required by traditional charging stations, have made electric cars more feasible and enticing for both everyday use and long-distance travel.
By substantially lowering charging times, often providing 80% charge in only 20 to 40 minutes, these systems have not only improved the ease and usefulness of electric cars but have also played an important role in hastening the global move toward sustainable transportation. The construction of fast-charging infrastructure has been essential in increasing customer trust in EV technology, allowing for a quicker transition away from fossil fuel-dependent cars and dramatically reducing carbon emissions in the transportation sector.
Demand Driver: Growth in Adoption of EV Vehicles
The increasing number of electric vehicles on the road demands a robust and extensive charging infrastructure. This demand generates commerce for firms that produce, install, and operate electric vehicle charging stations. Notable advancements include ultrafast charging methods and incorporation of renewable energy sources into charging networks.
Market Restraint: High Associated Costs for Charging
The average cost of completely charging an EV varies greatly based on the vehicle’s battery capacity and the local energy rate. Charging a mid-size EV with a 60 kWh battery from 0% to 100% at home might cost between $7.20 and $14.40, assuming an electricity rate of $0.12 to $0.24 per kWh. However, the cost of using a public fast-charging station might be much higher due to quicker charging rates and additional service costs, perhaps topping $30 for a comparable charge. This price difference may prevent EV owners from using fast-charging facilities, reducing demand for such services.
Market Opportunity: Commercial Space Utilization
The implementation of electric vehicle (EV) fast-charging systems in commercial venues such as shopping malls, hotels, and restaurants attracts a large number of consumers, particularly those who own electric vehicles. A prominent advancement in this field is ChargePoint Holdings, Inc.’s collaboration with large retail chains to deploy fast-charging stations in their parking lots. This strategic decision not only boosts the attractiveness of these commercial locations by catering to the expanding population of EV owners but also extends their stay as vehicles charge, potentially increasing consumer spending within these places.
Market Evolution
- Early market lacked infrastructure and faced technological barriers.
- Technological advancements, environmental consciousness, and government support drove market evolution.
- Today’s market features a growing network of fast-charging stations and partnerships between stakeholders.
Industrial Impact
- Fast-charging systems catalyze the shift from traditional to electric vehicles.
- They prompt automotive manufacturers to expedite EV development.
- Market growth spurs collaboration between automotive and energy industries, driving renewable energy adoption and infrastructure development.
Market Segmentation
Segmentation 1: by Application
- Public
- Private
Public Segment to Dominate the Global Electric Vehicle (EV) Fast-Charging System Market (by Application)
The electric vehicle (EV) fast-charging system market was led by the public segment, with a 91.94% share in 2022. Public EV fast-charging stations are becoming more realistic as charging technology advances and environmental awareness grows. Fast chargers, which can generate 50 kW to 350 kW, can charge an EV battery to 80% capacity in 20 minutes to an hour, far faster than traditional charging techniques. Governments and corporate organizations throughout the world are investing in extending fast-charging networks to serve the rising number of EVs on the road.
Segmentation 2: by Connector Type
- CHAdeMO
- Combined Charging System (CCS)
- Supercharger
- GB/T
GB/T Segment to Witness the Highest Growth between 2023 and 2033
The GB/T segment dominated the global electric vehicle (EV) fast-charging system market (by connector type) in 2022, with a 78.80% share due to the fact that it enables both AC and DC charging, setting it apart from other charging standards such as CCS and CHAdeMO, which are more common in Europe, Japan, and North America. The GB/T standard specifies two types of connectors, i.e., GB/T 20234.2 for AC charging and GB/T 20234.3 for DC fast charging. The DC variant is designed to handle high-power charging, which frequently exceeds 250 kW, resulting in much shorter charging periods than standard AC systems. This design offers unique safety elements, such as insulation and electric shock protection, that are specifically suited to meet the needs of fast power transmission.
Segmentation 3: by Power Output
- Less than 100kW
- 100-200kW
- Above 200kW
Less than 100kW Segment to Witness the Highest Growth between 2023 and 2033
The less than 100kW segment dominated the global electric vehicle (EV) fast-charging system market (by power output) in 2022. This was due to the fact that while less than 100kW chargers do not offer the same quick charging speeds as their higher-capacity counterparts (often 150kW to 350kW), they achieve a compromise between speed and accessibility. As a result, they are a key component of a diverse EV charging infrastructure that can accommodate a broader range of charging demands and circumstances.
Segmentation 4: by Installation Type
- Fixed
- Portable
Fixed Segment to Witness the Highest Growth between 2023 and 2033
The fixed segment dominated the global electric vehicle (EV) fast-charging system market (by installation type) in 2022. This was due to the fact that fixed EV fast-charging stations, also known as direct current fast chargers (DCFC), tend to be installed in public and semi-public areas such as metropolitan centers, transit hubs, and major roads. They are intended to provide a quick charge, generally 80% battery capacity in under 30 minutes, which is far faster than Level 1 or Level 2 charging systems.
Segmentation 5: by Region
- North America – U.S., Canada, and Mexico
- Europe – Germany, France, Italy, U.K., Norway, Netherlands, Spain, and Rest-of-Europe
- Asia-Pacific – Japan, China, South Korea, and Rest-of-Asia-Pacific
- Rest-of-the-World – South America and Middle East and Africa
Europe was the highest-growing market among all the regions, registering a CAGR of 21.40%. Rest-of-the-World is anticipated to gain traction in terms of electric vehicle (EV) fast-charging system adoption owing to government initiatives to promote EV adoption. Moreover, the shift toward renewable energy and a sustainable economy is also expected to support the growth of the electric vehicle (EV) fast-charging system market in North America and Europe during the forecast period.
In Europe, Germany is anticipated to show the highest growth in the electric vehicle (EV) fast-charging system market among other countries in the region, growing at a CAGR of 26.46%. The growth of Germany in the electric vehicle (EV) fast-charging system market is mainly due to the factor that there is a wide range of automobile manufacturers known globally who are making a shift toward greener methods of transport. A decent infrastructure regarding the support of EV fast charging is also present in the country, which helps the country even more to adopt this technology.
Recent Developments in the Electric Vehicle (EV) Fast-Charging System Market
- In December 2022, ADS-TEC Energy, headquartered in Germany, announced the introduction of ChargePost, one of the most compact battery-based charging systems that enables ultra-fast electric vehicle (EV) charging on existing power connections without the need to expand existing grids.
- In August 2023, the Bharat Charge Alliance (BCA), which is an open platform overlooking the developments in the EV fast-charging ecosystem in India, announced its partnership with CHAdeMo Association to build and bring the charging infrastructure in the country under a safe operating environment.
- In October 2023, BP p.l.c. signed a contract worth $100 million with Tesla to purchase the company’s ultra-fast chargers. The purchase, as of 2024, will enable the company to install chargers across the U.S. under its independent EV charging network.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on thorough secondary research, which includes analyzing company coverage, product portfolio, market penetration, and insights gathered from primary experts.
The electric vehicle (EV) fast-charging system market comprises key players who have established themselves thoroughly and have the proper understanding of the market, accompanied by start-ups who are looking forward to establishing themselves in this highly competitive market. In 2022, the electric vehicle (EV) fast-charging system market was dominated by established players, accounting for 65% of the market share, whereas start-ups managed to capture 35% of the market. With the growth in advancements in vehicle charging technologies among the nations, more players will enter the global electric vehicle (EV) fast-charging system market with each passing year.
Some prominent names established in this market are:
- ABB
- Siemens
- Blink Charging Co.
- bp pulse
- BTC Power
- ChargePoint, Inc.
- Delta Electronics, Inc.
- Efacec
- EVBox
- FLO Services Inc.
- GARO Group
- Proterra
- SK Signet
- Kempower
For more information about this report visit https://www.researchandmarkets.com/r/hbfje8
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