- DC charging stations are created to convert AC power from the electrical grid into DC power that can then be directly fed to charge battery system of electric vehicles. Most vehicles are capable of obtaining an 80% charge in 30 minutes or less with DC charging.
- The conversion from AC to DC power is done inside the charging station. These units can provide higher level of power (from 30kW to 350kW and beyond) to the vehicle compared to AC charging stations.
- The objective of charging an electric vehicle akin to ‘filling up’ a traditional car is of critical importance in order to successfully increase the adoption of electric vehicles across the globe. Therefore, energy companies have been investing significantly in charging technology companies in order to expand the rapid charging infrastructure.
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Key Drivers and Restraints of DC Charging Stations market
- Rise in restrictions on conventional fuel vehicles; growth in investments, regulations, and policies favoring EVs by governments, decrease in prices of EVs owing to rapid decline in battery cost; and increase in awareness among people about environmental concerns are key factors driving the sales of EVs across the globe
- Rapid growth in EV sales is further boosting the demand for EV charging infrastructure, especially DC charging stations. Lower vehicle downtime through increased charging speed and further reduction in downtime by increasing charging station output are the developments taking place in the market. This is estimated to boost the DC charging stations market during the forecast period.
- The high installation cost and need for upgradation of existing power grid infrastructure are some of the factors that are projected to hamper the DC charging stations market during the forecast period.
Global DC Charging Stations Market: Segmentation
- The global DC charging stations market can be segmented based on charging type, connector type, and application
- In terms of charging type, the global DC charging stations market can be divided into fast (up to 50 Kw), and ultra-fast (above 50 Kw). The ultra-fast charging segment is expected to expand at a high CAGR during the forecast period, since battery size has increased significantly since the earlier EVs. Hence, DC chargers have been getting progressively higher outputs.
- In terms of connector type, the global DC charging stations market can be classified into CHAdeMO, Combined Charging System (CCS), and Tesla Supercharger. The Combined Charging System (CCS) segment is estimated to expand at a rapid pace during the forecast period.
- In terms of application, the global DC charging stations market can be segregated into public and private. The public segment is projected to expand at a faster pace during the forecast period.
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Global DC Charging Stations Market: Regional Segmentation
- In terms of region, the global DC charging stations market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- The market in Asia Pacific is likely to expand at a significantly higher CAGR during the forecast period. The market in China, India, and Japan is anticipated to expand substantially in the next few years owing to the presence of favorable governmental policies and regulations.
- North America is expected to be a vital region of the global DC charging stations market in the near future. Extensive proliferation of rapidly charging infrastructure for EVs, especially in the U.S., and rise in investment in EV charging infrastructure are expected to further boost the market in the region.
- Europe is also a lucrative region of the global DC charging stations market. High adoption of electric vehicles, including commercial vehicles, in the region has propelled the demand for DC charging infrastructure in order to provide greater networking for e-mobility.
COVID-19 Impact on Global DC Charging Stations Market
- The COVID-19 pandemic has adversely affected the global DC charging stations industry. Manufacturers have suffered closures owing to the lockdown measures implemented by various countries to curb the spread of the disease. Disruption of the supply chain has caused delays in deliveries, resulting in postponement of infrastructure activities. The EV industry has been expanding. This, in turn, is driving the the need for charging infrastructure. Easing of lockdowns offers opportunities for the DC charging stations market. Thus, the market is expected to expand steadily in the long run.
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