Dublin, May 05, 2022 (GLOBE NEWSWIRE) -- The "Electric Vehicle Fast-Charging System Market - A Global and Regional Analysis: Focus on DC Fast Charging Applications, Vehicle Type, Connector Type, and Power Output of the DC charger System - Analysis and Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global 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.
Electric Vehicle Fast-Charging System
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 system.
Electric Vehicle Fast-Charging System Industry Overview
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.
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.
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 Market Players and Competition Synopsis
- 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
- Xi'an TGOOD Intelligent Charging Technology Co., Ltd.
Key Topics Covered:
1 Markets
1.1 Industry Outlook
1.1.1 Supply Chain Network/MAP
1.1.2 Industry Trends
1.1.2.1 Advancement in Battery Technologies with Increase in Capacity
1.1.2.2 Rapid Growth of Ride-Hailing Services
1.1.2.3 Growing Demand for Last-Mile Delivery
1.1.2.4 Surge in Sales of LCV and HCV
1.1.3 Emerging Technologies/Concept for EV Charging
1.1.3.1 Solar Charging
1.1.3.2 Inductive Charging
1.1.3.3 Vehicle-to-Grid
1.1.3.4 Redox Flow Batteries
1.1.4 Policies and Government Initiatives
1.1.5 Evolving Business Model: Electric Vehicle Charging
1.1.5.1 Smart Charging Station
1.1.5.2 Subscription Model
1.1.5.3 Pay-As-You-Go Model
1.1.5.4 EV Charging-As-A-Service
1.2 Business Dynamics
1.2.1 Business Drivers
1.2.1.1 Cloud-Based Networking for Fast Charging Stations
1.2.1.2 Renewable Energy for Replenishing Energy Sources
1.2.1.3 Demonstration of Environmental Commitment and Supporting Brand Values
1.2.1.4 Sprouting of New Government Policies and Initiatives
1.2.1.5 Ban on ICE Vehicle Production
1.2.1.6 Technological Advancement Leading to the Demand for Fast Chargers
1.2.2 Business Challenges
1.2.2.1 Cost of Public Charging
1.2.2.2 Power Fluctuations Caused by Renewable Energy
1.2.2.3 Strong Grid Access Necessary
1.2.2.4 Negative Effects on Electric Vehicle's Battery Lifetime
1.2.2.5 High Infrastructure Cost of Fast-Charging System
1.2.3 Business Strategies
1.2.3.1 Product Development
1.2.3.2 Market Development
1.2.4 Corporate Strategies
1.2.4.1 Mergers and Acquisitions, Partnerships, Joint Ventures, Collaborations, and Alliances
1.2.5 Business Opportunities
1.2.5.1 Increased Capacity of Power Storage
1.2.5.2 Utilizing Commercial Locations
1.2.5.3 Constantly Evolving Business Models for Promoting EV Adoption Rate
1.2.5.4 Emerging Economies Stimulating the Growth of EV Infrastructure
2 Application
2.1 EV Fast-Charging System Market: Applications
2.1.1 By Application
2.1.1.1 Public
2.1.1.2 Private
2.1.2 By Vehicle Type
2.1.2.1 Passenger Car
2.1.2.2 Light Commercial Vehicle
2.1.2.3 Heavy Commercial Vehicle
2.2 EV Fast Charging Market: Demand Market Analysis (by Application and by Vehicle Type)
2.2.1 Demand Analysis of Electric Vehicle Fast-Charging System Market (by Application)
2.2.1.1 Public
2.2.1.2 Private
2.2.2 Demand Analysis of Electric Vehicle Fast-Charging System Market (by Vehicle Type)
2.2.2.1 Passenger Car
2.2.2.2 Light Commercial Vehicle
2.2.2.3 Heavy Commercial Vehicle
3 Products
3.1 Types of Products for Electric Vehicle Fast-Charging System Market
3.1.1 Types of Products for Electric Vehicle Fast-Charging System Market (by Connector Type)
3.1.1.1 CHADeMO
3.1.1.2 SAE Combo Charging System
3.1.1.3 Supercharger
3.1.1.4 GB/T
3.1.2 Types of Products for Electric Vehicle Fast-Charging System Market, by Charging Power (KW)
3.1.2.1 Less than 100 KW
3.1.2.2 100-200 KW
3.1.2.3 Greater than 200 KW
3.2 Demand Analysis of Electric Vehicle Fast-Charging System Market, Volume Data
3.2.1 Demand Analysis of Electric Vehicle Fast-Charging System Market, Volume Data (by Connector Type)
3.2.1.1 CHADeMO
3.2.1.2 SAE Combo Charging System
3.2.1.3 Supercharger
3.2.1.4 GB/T
3.2.2 Demand Analysis of Electric Vehicle Fast-Charging System Market, Volume Data (by Charging Power; KW)
3.2.2.1 Less than 100 KW
3.2.2.2 100-200 KW
3.2.2.3 Greater than 200 KW
3.3 Product Benchmarking: Growth Rate - Market Share Matrix
3.3.1 Opportunity Matrix (by Region)
3.3.2 Opportunity Matrix (by Product Type)
3.4 Technology Roadmap
4 Region
5 Markets - Competitive Benchmarking & Company Profiles
5.1 Competitive Benchmarking
5.1.1 Competitive Position Matrix
5.1.2 Market Share Analysis
5.2 Product Matrix
5.3 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/xrlpr5
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