Electric Vehicle Fast-Charging System Market Size was valued at USD 4.8 Billion in 2022. The Electric Vehicle Fast-Charging System market industry is projected to grow from USD 5.64 Billion in 2023 to USD 20.65 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.60% during the forecast period (2023 - 2032). Increased use of electric vehicles and expanding government efforts throughout several nations are the key market drivers accelerating market expansion.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Market CAGR for electric vehicle fast-charging system is being driven by the rise in interest in low-emission. In order to charge the battery of the car, plug-in electric vehicles and electric vehicles are connected to electrical outlets using electric vehicle charging systems. In order to address the rising demand for electric vehicles, a number of automotive industry heavyweights and electric component manufacturers are also attempting to build improved electric vehicle charging systems.
Additionally, the rapid uptake and use of electric vehicles has brought attention to the need to build up a charging infrastructure. The largest EV markets, including China, the US, and Germany, are heavily investing in the infrastructure needed for EV charging as well as R&D to develop faster and more efficient charging methods. The demand for charging infrastructure is anticipated to develop exponentially with the continued uptake of EVs, especially in locations where there are a lot of EV owners. Governments, companies, and other groups have been prompted by this to invest in building more public charging stations to meet the demand of EV owners. Costly EV charging station construction and operation can be encountered, especially in places with little traffic or insufficient electrical supply. The cost of installing charging stations must be paid in full upfront.
A smart city combines data and technology to raise the standard of living for its residents. This includes utilizing cutting-edge technology to manage resources effectively, offer public services, and improve connectivity and communication. One area where the implementation of smart cities offers opportunities is the market for EV charging stations. People are buying more electric cars as they look for solutions to cut their carbon footprint and transportation costs. But access to charging infrastructure is one of the biggest obstacles to EV adoption. By installing a network of charging stations linked to a centralized system, smart cities can assist solve this problem by making it simpler for vehicles to find and use them.
For instance, Global EV sales increased noticeably in 2022, accounting for more than 10% of total vehicle sales. The US, Europe, and China were the three top EV sales markets, respectively. Thus, result in driving the Electric Vehicle Fast-Charging System market revenue.
The Electric Vehicle Fast-Charging System Market segmentation, based on Product Type includes Home charging systems, and Commercial charging systems. The commercial charging systems segment dominated the market. Government efforts to increase the infrastructure for charging, particularly in commercial places, and service providers' active participation in achieving the objective for electric vehicle charging stations are credited with driving the expansion of the commercial category.
The Electric Vehicle Fast-Charging System Market segmentation, based on Mode Of Charging, includes Plug-in charging system, and Wireless charging system. The plug-in charging system category generated the most income. The plug-in electric car (PEV), also known as an all-electric vehicle (EV), or plug-in hybrid electric vehicle (PHEV), can be charged similarly to other electronic devices. Your car is connected to a power source or piece of charging equipment at one end of an electrical cord.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Electric Vehicle Fast-Charging System Market segmentation, based on Charging Voltage Level includes Level 1, Level 2, and Level 3. The level 3 segment dominated the market. Level 3 DC charging using a common 25 kW + off-board charger varies from 200 V to 600 V. It adds a median of 80 to 130 Km in a 30-minute charge and is currently the quickest e-charging station on the market. With a 30-minute charge, Tesla turbochargers can add up to 270 kilometers. These battery chargers use 480 V and 400 Amp of electricity to provide 240 KW of power.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Electric Vehicle Fast-Charging System market area will dominate this market. Growing government support and promotion of the use of DC fast chargers across the nation are the main drivers of market expansion. The governments of nations like Canada and the US also offer a 50% relaxation for installing DC chargers that are part of government schemes. As a result, the growing government initiatives spur market expansion.
Further, the major countries studied in the market report are The US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe Electric Vehicle Fast-Charging System market represents the second-largest market share due to the growing government attempts to build charging infrastructure, increasing industry investment in electric car charging stations across the nation, and increasing demand for EV fast-charging infrastructure. Further, the German Electric Vehicle Fast-Charging System market held a dominant market share, and the UK Electric Vehicle Fast-Charging System market was the European region's fastest-growing market.
The Asia-Pacific Electric Vehicle Fast-Charging System Market is anticipated to see the fastest CAGR between 2023 and 2032. The increased use of electric car charging stations in countries like China is anticipated to fuel market expansion. Moreover, China’s Electric Vehicle Fast-Charging System market held a dominant market share, and the Indian Electric Vehicle Fast-Charging System market was the Asia-Pacific region's fastest-growing market.
Leading market players are putting a lot of money on R&D to increase their range of products, which will fuel the growth of the market for Electric Vehicle Fast-Charging Systems. Additionally, market participants are engaging in a range of strategic initiatives to increase their worldwide reach, with important market developments such as the introduction of new products, contracts, mergers and acquisitions, increased investments, and cooperation with other businesses. To grow and endure in an increasingly competitive and challenging market environment, Electric Vehicle Fast-Charging System industry must provide reasonably priced goods.
One of the main business strategies employed by manufacturers is to produce locally to reduce operational expenses in the global Electric Vehicle Fast-Charging System industry to develop market sector and provide benefits to customers. In recent years, the Electric Vehicle Fast-Charging System industry has provided the automotive industry with some of the most important benefits. Major players in the Electric Vehicle Fast-Charging System market, including MOSER SERVICES GROUP, LLC, TESLA, DELTA ELECTRONICS, INC., ROBERT BOSCH GMBH, GENERAL ELECTRIC COMPANY, and others, invest in operations for research and development in an effort to improve market demand.
Tesla, Inc. is an Austin, Texas-based American multinational automotive and clean energy company that develops and produces electric vehicles (cars and trucks), stationary battery energy storage systems for use at home or on a grid, solar panels and solar shingles, as well as other associated goods and services. With 6.5 gigawatt-hours (GWh) of installed solar systems in 2022, its subsidiary Tesla Energy is one of the top global suppliers of battery energy storage systems. It also develops and installs a significant amount of photovoltaic systems in the United States. As of 2023, Tesla will be the most valuable automaker and one of the most valuable corporations in the world. The business has a market share of 18% in battery electric vehicles in 20220. Tesla will have five vehicle models available by the end of 2022: the Model S, Model X, Model 3, Model Y, and the Tesla Semi. The original Tesla Roadster is no longer available for purchase. The second generation Roadster and a pickup called the Cyber truck are both in the works at Tesla.
Delta Electronics, Inc. (also spelled DELTA or Delta Electronics) is based there. Its corporate headquarters are in Neihu, Taipei. It is recognized for its switching power supply as well as for its DC industrial and computer fans. There are 200 sites run by the corporation worldwide, including ones for production, sales, and R&D. In the Taiwan Climate Partnership, Delta is a participant. Getting to net-zero carbon emissions is important to the company. In December 2021, The Company disclosed the purchase of Universal Instruments Corporation, a US-based company, for about $89 million. The more than 100-year-old Universal Instruments will carry on without a management change and autonomously. More than 500 patents relating to automation are held by Universal.
May 2023: Circle K, a global leader in mobility and convenience, has unveiled a brand-new EV charging station in Wytheville, Virginia. The first Terra 184 DC fast charger from ABB E-Mobility, with a 180 kW charging capacity, is available at the location, which is in front of the Circle K store along State Route 121 on Interstate 81.
March 2023: To increase and streamline access to public charging for owners of electric vehicles on the West Coast, EVCS teamed up with ChargeHub. In accordance with this, EVCS will sign up to become a Charge Point Operator (CPO) on the Passport Hub platform of ChargeHub in order to expand its network to a variety of EV drivers who utilize various e-mobility service providers (MSPs).
February 2023: Kempower Inc., a producer of electric car charging stations, recently inaugurated a new manufacturing site in Durham County. It is the most recent economic development initiative associated with the state's quickly growing clean energy sector, with an investment of about USD 41.2 million in this new plant.
| Report Attribute/Metric | Details |
| Market Size2022 | USD 4.8 Billion |
| Market Size 2023 | USD 5.64 Billion |
| Market Size2032 | USD 20.65 Billion |
| Compound Annual Growth Rate (CAGR) | 17.60% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Mode Of Charging, Charging Voltage Level, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The US, German, France, UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil |
| Key Companies Profiled | Â MOSER SERVICES GROUP, LLC, TESLA, DELTA ELECTRONICS, INC., ROBERT BOSCH GMBH, GENERAL ELECTRIC COMPANY, WEBASTO GROUP, Schneider Electric, PLUGLESS POWER INC., EATON CORPORATION PLC, SIEMENS AG, BORGWARNER INC. |
| Key Market Opportunities | The expanding government initiatives for EV fast-charging infrastructure adoption in various nations |
| Key Market Dynamics | strategies for the growth of smart cities |
Frequently Asked Questions (FAQ) :
The market for electric car rapid charging systems was projected to be worth USD 4.8 billion in 2022.
During the forecast period, 2023-2032, a CAGR of 17.60% is projected for the growth of the global market.
North America held the biggest market share globally.
TESLA, WEBASTO GROUP, DELTA ELECTRONICS, INC., ROBERT BOSCH GMBH, MOSER SERVICES GROUP, LLC, GENERAL ELECTRIC COMPANY, and Schneider Electric are the major market participants.
In 2022, the market was dominated by the category of commercial charging systems.
The Plug-in Charging System commanded the biggest market share worldwide.
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