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