New York, United States, Oct. 11, 2023 (GLOBE NEWSWIRE) -- An electric car requires six to ten hours to charge fully using a standard AC charger. Due to their small batteries, electric vehicles need to be quickly recharged to operate for more extended periods. As electric vehicles (EVs) became more prevalent and better equipped to handle high power and current supplies, there was an increase in the need for fast chargers. “Asia-Pacific is anticipated to dominate the global electric vehicle fast-charging system market between 2021-2030,” stated by Research Manager at Straits Research P. Ltd.
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Key Drivers
The governments of several nations are supporting the adoption of electric vehicles to meet fuel consumption limits and minimize greenhouse gas emissions. For Example, the Japanese government created a strategy for electric vehicles to improve cooperation and transition within the automobile industry. In addition, it has launched the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles II initiative (FAME). As a result, incentives will be provided to promote the domestic manufacture of electric vehicles. Consequently, such government measures are anticipated to fuel the expansion of the electric car and electric vehicle charging system markets.
Growth Opportunities
An electric energy flow system called vehicle-to-grid (V2G) EV charging allows plug-in EVs and the power grid to communicate with each other on an ongoing basis. Electric vehicles can store extra energy and release it back into the grid thanks to V2G technology. By doing this, EV owners may benefit from increased electrical component performance. At the Italian Institute of Technology headquarters in Genoa, Enel Energia S.p.A. has installed two V2G EV vehicle charging stations. Due to its potential to revolutionize the EV industry and shape the way EVs are charged in the future, V2G charging technology offers significant potential for manufacturers.
Regional Analysis
Asia-Pacific is anticipated to dominate the global electric vehicle fast-charging system market during the forecast period. The governments of these rising economies have recognized the development potential of the global electric vehicle charging station industry. As a result, they implemented a variety of efforts to entice major OEMs to produce electric car charging infrastructure in domestic markets.
Key Highlights
- The global electric vehicle fast-charging system market size is projected to reach USD 10.84 billion by 2030, growing at a CAGR of 16.8% during the forecast period (2022–2030).
- Based on application, the market is segmented into public and private. Public electric vehicle fast-charging system is dominating the application-based market.
- Based on vehicle type, the market is segmented into passenger cars, light commercial vehicles, and heavy-duty commercial vehicles. It is anticipated that the passenger car category will lead the market.
- Based on connector type, the market is segmented into CHAdeMO, SAE Combo Charging System, Supercharger, and GB/T. The GB/T category is the most significant in the market as China dominates the market for EV fast-charging systems.
- Based on charging power, the market is segmented into 100 KW, 100-200 KW, and over 200 KW. In the electric vehicle (EV) market, 100 kW DC fast-chargers are the leading fast-charging infrastructure.
Competitive Analysis
The global electric vehicle fast-charging system market’s major key players 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.
Market News
- June 2022- ABB leads the turnkey project for France's most extensive shore-to-ship solution.
- May 2022- Blink Charging Subsidiary, EB Charging, Announces Strategic Agreement with Q-Park to Deploy Hundreds of Charging Points Across the United Kingdom and Ireland.
Global Electric Vehicle Fast-Charging System Market: Segmentation
By Application
- Public
- Private
By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Connector Type
- CHAdeMO
- SAE Combo Charging System
- Supercharger
- GB/T
By Charging Power
- <100 KW
- 100-200 KW
- >200 KW
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
About Straits Research Pvt. Ltd.
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