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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.
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 public areas 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.
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 electric vehicle fast-charging systems are open for the public and are operated for commercial purposes. Numerous charger manufacturers, as well as governments of major countries, are actively engaging in the public charging domain. Owing to this public segment is expected to hold a prominent market share the market.
>100KW DC fast-chargers are trumping the EV fast-charging infrastructure market. Various companies start their DC fast chargers, ranging from a 50KW DC chargers. On account of less cost and ease of availability of power grid for this range, this segment is expected to dominate the market.
GB/T is the Chinese standard for charging electric vehicle batteries. As China is dominating in the EV fast-charging system market, GB/T segment holds a substantial market share in the market.
Passenger electric vehicle fleet is high compared with electric light and heavy commercial vehicles. Henceforth, the passenger car segment is expected to dominate the market. The increasing sales of battery electric passenger vehicles are anticipated to drive the market exponentially.
The automotive market in China is one of the largest in terms of volume in 2021 and is expected to increase exponentially. China holds near to four-fifth of the market share in terms of fast charging system units sold in 2021. Further, this number is expected to increase at a high growth rate during the forecast period.
In December 2021, the transport ministry announced that by the end of 2022, South Korea would have over 1,000 electric vehicle chargers at highway service centers across the country. By February 2022, South Korea, with the help of the Seoul metropolitan government, was aiming to install 22,000 EV chargers in the city, while the environment ministry and other agencies were to set up about 12,000 units of EV fast chargers.
In September 2021, WEX, a leading financial service provider and ChargePoint, announced the expansion of their existing relationship to provide seamless integration of EV charging for mixed fleets.
In September 2021, EVBox announced its partnership with Bridgestone EMIA and TSG to enhance EV charging infrastructure in Europe.