EV Fast Charging Market to reach $10.82 billion by 2031 growing with a CAGR of 16.56%

Electric vehicle (EV) fast-charging systems are involved in Level-3 chargers. EV fast-charging systems can range from 23KW to more than 200KW. This charging system is mostly found in the public area and charges the vehicle faster than normal chargers. The fast-charging system has the capability to charge more than one electric vehicle at a time to reduce delay in charging time. Such systems make long-distance driving for electric vehicles much more comfortable, with faster charging times and more efficient station utilization from a business standpoint. Strong grid access is necessary for working of EV fast-charging systems.

Electric Vehicle Fast-Charging System Industry Overview

EV Fast Charging System Market is expected to reach $10.82 billion by 2031, growing with a CAGR of 16.56% during the forecast period 2022-2031.

According to “International Energy Agency” there are around 10 million electric vehicles on the road worldwide. Governing bodies of various countries are rolling out funding and investments to support the EV charging infrastructure development in their countries. Countries such as China, the U.S., and the U.K. are substantially investing in the development of charging infrastructure. A surge in demand for electric vehicles around the world is also pushing the EV fast-charging system market substantially.

Market Segmentation

Electric Vehicle Fast-Charging System Market by Application

Public electric vehicle fast-charging systems are open for the public and are operated for commercial purposes. Numerous charger manufacturers, as well as governments of major countries, are actively engaging in the public charging domain. Owing to this public segment is expected to hold a prominent market share in the market.

Electric Vehicle Fast-Charging System Market by Charging Power

>100KW DC fast-chargers are trumping the EV fast-charging infrastructure market. Various companies start their DC fast chargers, ranging from a 50KW DC charger. On account of less cost and ease of availability of power grid for this range, this segment is expected to dominate the market.

Electric Vehicle Fast-Charging System Market by Connector Type

GB/T is the Chinese standard for charging electric vehicle batteries. As China is dominating in the EV fast-charging system market, GB/T segment holds a substantial market share in the market.

Electric Vehicle Fast-Charging System Market by Vehicle Type

Passenger electric vehicle fleet is high compared with electric light and heavy commercial vehicles. Henceforth, the passenger car segment is expected to dominate the market. The increasing sales of battery electric passenger vehicles are anticipated to drive the market exponentially.

Electric Vehicle Fast-Charging System Market by Region

The automotive market in China is one of the largest in terms of volume in 2021 and is expected to increase exponentially. China holds near to the four-fifth of the market share in terms of fast charging system units sold in 2021. Further, this number is expected to increase at a high growth rate during the forecast period.

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How This Report Can Add Value

•   A dedicated section focusing on the current and futuristic trends adopted by the key players operating in the global EV fast-charging system market
•   Extensive competitive benchmarking of top 15 players offering a holistic view of the EV fast charging system market landscape
•   Qualitative and quantitative analysis of the EV fast charging system market at the region and country-level and granularity by application and charging power segments

Recent Developments

•   In December 2021, the transport ministry announced that by the end of 2022, South Korea would have over 1,000 electric vehicle chargers at highway service centers across the country. By February 2022, South Korea, with the help of the Seoul metropolitan government, was aiming to install  22,000 EV chargers in the city, while the environment ministry and other agencies were to set up about 12,000 units of EV fast chargers.
•   In September 2021, WEX, a leading financial service provider and ChargePoint, announced the expansion of their existing relationship to provide seamless integration of EV charging for mixed fleets.
•   In September 2021, EVBox announced its partnership with Bridgestone EMIA and TSG to enhance EV charging infrastructure in Europe.

Key Questions Answered in the Report 

•   How is the EV fast-charging market evolving with new technologies and products in the global market?
•   What are the major patents filed by the companies active in the EV fast-charging market?
•   How are companies adopting ultra-high-power DC fast-charging technologies in the EV charging infrastructure industry?
•   What are the views of key industry participants of the EV fast-charging system manufacturing companies operating in the space?
•   What is the competitive positioning of various market leaders catering to the demand for EV DC fast chargers in the global market?
•   What is the impact of the COVID-19 pandemic on the global EV fast-charging system supply chain?
•   What is the impact of the growth of commercial electric vehicles in the market in the installation of fast chargers?
•   Which regions and countries are leading in terms of consumption of EV fast-charging systems, and which among those are expected to witness the highest demand growth from 2022 to 2031?
•   What are the key trends, drivers, restraints, and opportunities for the EV fast-charging system industry players and EV charging network operators?
•   What are technologies that may open new doors for the whole industry?
•   How is renewable energy playing a role in the energy segment of the market, and what are the expectations as per industry leaders?
•   What are the buyer’s attributes, major challenges, and drivers for EV fast-charging infrastructure in the countries?
•   What are the key development strategies implemented by the key players to sustain in the competitive market?
•   What are the partnerships and mergers that are changing the EV charging market space?

Key Market Players and Competition Synopsis

Some key players operating in the market are ABB, Blink Charging Co., BP Chargemaster Ltd, Broadband TelCom Power, Inc., ChargePoint Inc., Delta Electronics, Inc., Efacec Electric Mobility, EVBox, FLO, GARO Group, Proterra Inc., Signet EV Inc., Tesla, Inc., Tritium Pty Ltd, ShenZhen SETEC Power Co., Ltd., Star Charge, and Xi'an TGOOD Intelligent Charging Technology Co., Ltd.

The companies profiled in the report have been selected post-in-depth interviews with experts and understanding details of companies such as their product portfolios, annual revenues, market penetration, research and development initiatives, and domestic and international presence in the EV fast-charging system market.

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