Home Automotive and Transportation Electric Vehicle Fast-Charging System Market Trends, Share, Size, Growth, Forecast 2030

Electric Vehicle Fast-Charging System Market

Electric Vehicle Fast-Charging System Market Size, Share & Trends Analysis Report 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) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Report Code: SRAT2214DR
Study Period 2018-2030 CAGR 16.8%
Historical Period 2018-2020 Forecast Period 2022-2030
Base Year 2021 Base Year Market Size USD 2.68 Billion 
Forecast Year 2030 Forecast Year Market Size USD 10.84 Billion
Largest Market Asia-Pacific Fastest Growing Market Europe
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Market Overview

The global electric vehicle fast-charging system market size was valued at USD 2.68 billion in 2021. It is projected to reach USD 10.84 billion by 2030, growing at a CAGR of 16.8% during the forecast period (2022–2030).

An electric car takes about six to ten hours to charge using a standard AC charger. Electric vehicles require quick recharging within a few minutes to stay on the road for longer due to the small battery size. The demand for fast chargers increased as the number of electric vehicles (EVs) and their capacity to handle high power and current supply increased.

Depending on the EV models released, new advanced EV models can be charged by a DC fast charger with a capacity greater than 22 kW and up to 250 kW. Heavy-duty vehicles, passenger vehicles, electric buses, and e-trucks commonly utilize ultra-high-power chargers (>250 kW). Several businesses, including Tritium Pty Ltd and ABB, are concentrating on ultra-high-power charging systems in response to the demand for and manufacture of new EV models for passenger vehicles, e-buses, and e-trucks.

Market Dynamics

Global Electric Vehicle Fast-Charging System Market drivers

Initiatives Taken by Government Bodies Worldwide

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.

Growing for Low-Emission and Fuel-Efficient Automobiles

Gasoline is not a renewable energy source and will run out in the future, so it is crucial to develop and utilize alternate fuel sources to promote sustainable growth. This involves using gas-free electric vehicles that are more fuel-efficient than traditional ones. An electric car transforms over 50% of the electrical energy from the grid into power at the wheels. In contrast, gasoline-powered vehicles convert between 17% and 21% of the energy. The growing demand for fuel-efficient vehicles is due to recent increases in the price of gasoline and diesel. The market for electric vehicle charging systems is anticipated to grow due to these factors increasing the demand for electric vehicles for transportation.

Global Electric Vehicle Fast-Charging System Market Restraints

EV Charging Infrastructure Lacks Standardization

The need for standardizing charging stations has been driven by the expansion of the electric vehicle market and variations in charging loads. Level 1 AC charging stations supply 120V AC, level 2 provides 208/240V AC, and DC charging stations offer quick 480V AC charging. Governments must standardize charging infrastructure for EV sales to expand. China utilizes GB/T; Japan, Europe, and South Korea use CHAdeMO. Since India hasn't standardized fast charging, the government imposed CHAdeMO and CCS. This regulation increased charging station installation costs, but in July 2019, the government amended the standards and let developers choose their approach. Also, Tesla's high-performance superchargers aren't compatible with other EVs. Lack of international standardization may affect charging station installation and industry growth.

Global Electric Vehicle Fast-Charging System Market Opportunities

Utilization of Vehicle-to-Grid EV Charging Stations

Vehicle-to-Grid (V2G) EV charging is a system in which electrical energy flows in both directions between plug-in EVs and the power grid. The V2G technology allows electric vehicles to store excess energy and discharge it to the grid. This can increase the electrical component's performance and offer EV owners value. Two V2G EV vehicle charging stations at the Italian Institute of Technology Genoa headquarters by Enel Energia S.p.A. The installation is a part of MOV-E, a corporate electric car-sharing pilot program created in collaboration with Nissan. Nissan donated two battery-electric vehicles of the LEAF type and the Glide app management system to the Italian Institute of Technology. The deal between Enel and Nissan represents a technological revolution in terms of sustainable mobility. Thus, the V2G charging technology represents a significant potential for manufacturers since it is anticipated to revolutionize the EV industry and determine the future of EV charging.

Regional Analysis

The global electric vehicle fast-charging system market is segmented into North America, Europe, Asia-Pacific, and LAMEA.

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. As a result, numerous initiatives have been put in place to persuade significant OEMs to build electric vehicle charging infrastructure in domestic markets. It has led to a surge in the manufacture of electric vehicles, which serve domestic and international demand. Japan and China are global exporters of electric vehicles and charging solutions.

Report Scope

Report Metric Details
Segmentations
By Application
  1. Public
  2. Private
By Vehicle Type
  1. Passenger Car
  2. Light Commercial Vehicle
  3. Heavy Commercial Vehicle
By Connector Type
  1. CHAdeMO
  2. SAE Combo Charging System
  3. Supercharger
  4. GB/T
By Charging Power
  1. <100 KW
  2. 100-200 KW
  3. >200 KW
Company Profiles 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
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global electric vehicle fast-charging system market is segmented into Application, Vehicle Type, Connector Type, and Charging Power.

Based on application, the market is segmented into public and private.

Public electric vehicle fast-charging system is dominating the application-based market. Public quick-charging stations for electric vehicles are accessible to members of the general public and are run to make a profit. In the domain of public charging, there is active participation from many charger manufacturers as well as the governments of significant countries. Consequently, the public segment is anticipated to control a significant market share.

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. It is projected that the market's exponential growth will be driven by the increasing sales of battery electric passenger vehicles. The fleet of electric passenger vehicles is quite large compared to the fleets of electric light and heavy commercial vehicles.

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. The GB/T standard is broken into three sections: basic requirements, AC and DC, and charger-to-BMS communication. The GB/T standards enhance features like monitoring the temperature of the charging interface, electronic locks, insulation monitoring, discharge circuits, etc., provide more elaborate vehicle interface DC charging security protection measures, and expressly forbid risky charging modes. Due to the efforts, electric shock to people, equipment combustion, and other accidents are successfully avoided, and the security of charging electric vehicles and their users is guaranteed.

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. Various companies have begun production of their own DC quick chargers, beginning with a 50 kW DC charger. Due to the lower costs and the more accessible access to power grids for this segment, this range is anticipated to have the largest market share.

Market Size By Application

Market Size By Application
  • Public
  • Private
  • Recent Developments

    • 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.
    • April 2022- Industry first as bp pulse home chargers achieve BSI Kitemark for Electric Vehicle Charging.
    • April 2022- BTC power showcases ac and dc charging systems at the 2022 act expo.

    Top Key Players

    Electric Vehicle Fast-Charging System Market Share of Key Players

    Electric Vehicle Fast-Charging System Market Share of Key Players
    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 Others

    Frequently Asked Questions (FAQs)

    What is the growth rate for the Electric Vehicle Fast-Charging System Market?
    Electric Vehicle Fast-Charging System Market size will grow at approx. CAGR of 16.8% during the forecast period.
    Some of the top industry players in Electric Vehicle Fast-Charging System 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, Xi'an TGOOD Intelligent Charging Technology Co.Ltd, etc.
    In the Electric Vehicle Fast-Charging System Market, Asia-Pacific has established itself as the market leader with a significant market share.
    The Electric Vehicle Fast-Charging System Market has seen the most substantial growth rate in Europe.
    The global Electric Vehicle Fast-Charging System Market report is segmented as follows: By Application, By Vehicle Type, By Connector Type, By Charging Power


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