Electric Vehicle Fast-Charging System Market with Competitive Landscape & Forecasts to 2031
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
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.
Read Report Overview: Electric Vehicle Fast-Charging System Market
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.
Public Charging Segment Accounts for Nearly Nine Tenth of The Market
Public charging infrastructure accounts for the significant market share in the EV fast-charging system market. This is due to the wide adoption of public charging stations for facilitating EV adoption in the countries. Various OEMs and EV network operators are investing and deploying DC fast chargers across commercial parking, cities and governments, highways, gas and petrol stations, and retail and hospitality. Some of the companies are collaborating with gas stations for the rapid deployment of fast chargers. Leading companies working toward public charging infrastructural plans are IONITY, EVGo, Charge Point, and Tritium. These are some of the prominent EV DC fast-charging network operators stimulating public fast chargers' growth across countries. The federal government and state government also plays a vital role in the deployment of public fast chargers by providing tax rebates and subsidies to DC fast charger installing companies and EV customers.
China to Witness the Highest Growth in the Market During the Forecast Period (2021-2031)
The demand for EV fast-charging systems varies according to various regions, depending on the end-use application segment demand. The EV fast-charging system market holds a significant share in different regions of North America, China, and Europe, owing to the large manufacturing facilities established by the DC fast charger manufacturers across the regions.
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.
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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.