This Electric Vehicle Fast-Charging System industry report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
The electric vehicle fast-charging system market size has grown rapidly in recent years. It will grow from $4.89 billion in 2023 to $5.53 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth observed in the historic period can be attributed to several factors, stricter environmental regulations, rising fuel prices, government incentives for EV adoption, increasing public awareness of climate change, the expansion of renewable energy sources, and substantial investments by automakers and tech companies.
The electric vehicle fast-charging system market size is expected to see rapid growth in the next few years. It will grow to $9.14 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The projected growth during the forecast period can be attributed to several factors, increasing adoption of electric vehicles (EVs) in emerging markets, advancements in EV range, government mandates for zero-emission vehicles, expansion of smart grid infrastructure, integration of vehicle-to-grid (V2G) technology, and rising corporate investments in sustainable transportation solutions. Key trends expected in this period include the expansion of charging networks into rural areas, integration of renewable energy sources, growth in subscription-based charging services, adoption of blockchain technology, advancements in battery technology for faster charging, and the proliferation of ultra-high-power charging stations.
The growing demand for electric vehicles (EVs) is anticipated to drive the expansion of the electric vehicle fast-charging system market. Electric vehicles, which use electric motors and rechargeable batteries, offer a more eco-friendly and efficient alternative to traditional gas-powered vehicles. The rise in demand for EVs is attributed to their environmental benefits, such as reduced emissions, lower operating costs, and increasing government incentives and regulations supporting cleaner energy solutions. Fast-charging systems for electric vehicles facilitate rapid battery recharging, minimizing downtime and boosting the convenience and adoption of EVs. For example, in July 2023, the Internal Energy Agency, a France-based intergovernmental organization, reported that over 2.3 million electric cars were sold in the first quarter of 2023, marking a 25% increase from the same period in 2022. Sales are projected to reach 14 million by the end of 2023, reflecting a 35% year-on-year increase, with growth expected to accelerate in the latter half of the year. Consequently, the rising demand for electric vehicles is expected to propel the growth of the electric vehicle fast-charging system market.
Key players in the electric vehicle fast-charging system market are focusing on technological innovations such as silicon carbide (SiC) semiconductor technology to improve charging efficiency, reduce system size, and enhance performance and reliability in high-power applications. SiC semiconductor technology utilizes silicon carbide material to create semiconductors that are highly efficient, durable, and capable of functioning in extreme conditions. For instance, in April 2024, Delta, a US-based power management company, introduced the UFC 500, a 500kW DC ultra-fast EV charger. This advanced charger boasts an exceptional power-to-size ratio, allowing for rapid charging of heavy-duty electric vehicles at 460 kW within 2 hours and supporting dual public EVs at 250 kW each. The UFC 500, which incorporates SiC technology for enhanced performance, is compact and user-friendly. It integrates with DeltaGrid EVM to optimize energy management and cost reduction and is compatible with Delta’s renewable energy systems.
In January 2024, Siemens AG, a technology company based in Germany, acquired Heliox BV for an undisclosed amount. This acquisition is intended to bolster Siemens AG’s capabilities in electric vehicle fast-charging systems, particularly for eBus and eTruck applications, thereby strengthening its position in the EV charging infrastructure sector. Heliox BV, a Netherlands-based company, specializes in electric vehicle fast-charging solutions.
Major companies operating in the electric vehicle fast-charging system market are TotalEnergies SE, Tesla Inc., Siemens AG, Schneider Electric SE, Asea Brown Boveri (ABB) Ltd., Eaton Corporation Plc, Borgwarner Inc., Delta Electronics Inc., Webasto Group, ChargePoint Inc., Enel X, Proterra Inc, Wallbox N.V., Pod Point, Garo AB, Tritium DCFC Limited, Blink Charging Co., Noodoe EV, EVgo, Fastned, Chargemaster Limited, Electrify America LLC, Heliox, Moser Services Group.
Europe was the largest region in the electric vehicle fast-charging system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle fast-charging system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the electric vehicle fast-charging system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
An electric vehicle fast-charging system refers to technology designed to deliver rapid power to electric vehicle batteries, significantly shortening the time needed for a full charge. This technology enhances convenience for long-distance travel and improves the efficiency of charging infrastructure.
The main types of electric vehicle fast-charging systems are home charging systems and commercial charging systems. Home charging systems are EV chargers intended for residential use, typically including Level 1 or Level 2 chargers that are installed in a garage or driveway, allowing EV owners to charge their vehicles overnight or while at home. The systems support various vehicle types, including passenger cars, light commercial vehicles, and heavy commercial vehicles. The connectors used include SAE Combo, GB/T, CHAdeMO, and Supercharger. Charging systems operate at different voltage levels, such as Level 1, Level 2, and Level 3, and are employed in a variety of applications, including both public and private settings.
The electric vehicle fast-charging system market research report is one of a series of new reports that provides electric vehicle fast-charging system market statistics, including electric vehicle fast-charging system industry global market size, regional shares, competitors with a electric vehicle fast-charging system market share, detailed electric vehicle fast-charging system market segments, market trends and opportunities, and any further data you may need to thrive in the electric vehicle fast-charging system industry. This electric vehicle fast-charging system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The electric vehicle fast-charging system market consists of revenues earned by entities by providing services such as installation, maintenance and support, network management, consulting, and training. The market value includes the value of related goods sold by the service provider or included within the service offering. The electric vehicle fast-charging system also includes sales of charging stations, charging connectors, charging cables, and energy storage systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The electric vehicle fast-charging system market size has grown rapidly in recent years. It will grow from $4.89 billion in 2023 to $5.53 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth observed in the historic period can be attributed to several factors, stricter environmental regulations, rising fuel prices, government incentives for EV adoption, increasing public awareness of climate change, the expansion of renewable energy sources, and substantial investments by automakers and tech companies.
The electric vehicle fast-charging system market size is expected to see rapid growth in the next few years. It will grow to $9.14 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The projected growth during the forecast period can be attributed to several factors, increasing adoption of electric vehicles (EVs) in emerging markets, advancements in EV range, government mandates for zero-emission vehicles, expansion of smart grid infrastructure, integration of vehicle-to-grid (V2G) technology, and rising corporate investments in sustainable transportation solutions. Key trends expected in this period include the expansion of charging networks into rural areas, integration of renewable energy sources, growth in subscription-based charging services, adoption of blockchain technology, advancements in battery technology for faster charging, and the proliferation of ultra-high-power charging stations.
The growing demand for electric vehicles (EVs) is anticipated to drive the expansion of the electric vehicle fast-charging system market. Electric vehicles, which use electric motors and rechargeable batteries, offer a more eco-friendly and efficient alternative to traditional gas-powered vehicles. The rise in demand for EVs is attributed to their environmental benefits, such as reduced emissions, lower operating costs, and increasing government incentives and regulations supporting cleaner energy solutions. Fast-charging systems for electric vehicles facilitate rapid battery recharging, minimizing downtime and boosting the convenience and adoption of EVs. For example, in July 2023, the Internal Energy Agency, a France-based intergovernmental organization, reported that over 2.3 million electric cars were sold in the first quarter of 2023, marking a 25% increase from the same period in 2022. Sales are projected to reach 14 million by the end of 2023, reflecting a 35% year-on-year increase, with growth expected to accelerate in the latter half of the year. Consequently, the rising demand for electric vehicles is expected to propel the growth of the electric vehicle fast-charging system market.
Key players in the electric vehicle fast-charging system market are focusing on technological innovations such as silicon carbide (SiC) semiconductor technology to improve charging efficiency, reduce system size, and enhance performance and reliability in high-power applications. SiC semiconductor technology utilizes silicon carbide material to create semiconductors that are highly efficient, durable, and capable of functioning in extreme conditions. For instance, in April 2024, Delta, a US-based power management company, introduced the UFC 500, a 500kW DC ultra-fast EV charger. This advanced charger boasts an exceptional power-to-size ratio, allowing for rapid charging of heavy-duty electric vehicles at 460 kW within 2 hours and supporting dual public EVs at 250 kW each. The UFC 500, which incorporates SiC technology for enhanced performance, is compact and user-friendly. It integrates with DeltaGrid EVM to optimize energy management and cost reduction and is compatible with Delta’s renewable energy systems.
In January 2024, Siemens AG, a technology company based in Germany, acquired Heliox BV for an undisclosed amount. This acquisition is intended to bolster Siemens AG’s capabilities in electric vehicle fast-charging systems, particularly for eBus and eTruck applications, thereby strengthening its position in the EV charging infrastructure sector. Heliox BV, a Netherlands-based company, specializes in electric vehicle fast-charging solutions.
Major companies operating in the electric vehicle fast-charging system market are TotalEnergies SE, Tesla Inc., Siemens AG, Schneider Electric SE, Asea Brown Boveri (ABB) Ltd., Eaton Corporation Plc, Borgwarner Inc., Delta Electronics Inc., Webasto Group, ChargePoint Inc., Enel X, Proterra Inc, Wallbox N.V., Pod Point, Garo AB, Tritium DCFC Limited, Blink Charging Co., Noodoe EV, EVgo, Fastned, Chargemaster Limited, Electrify America LLC, Heliox, Moser Services Group.
Europe was the largest region in the electric vehicle fast-charging system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle fast-charging system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the electric vehicle fast-charging system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
An electric vehicle fast-charging system refers to technology designed to deliver rapid power to electric vehicle batteries, significantly shortening the time needed for a full charge. This technology enhances convenience for long-distance travel and improves the efficiency of charging infrastructure.
The main types of electric vehicle fast-charging systems are home charging systems and commercial charging systems. Home charging systems are EV chargers intended for residential use, typically including Level 1 or Level 2 chargers that are installed in a garage or driveway, allowing EV owners to charge their vehicles overnight or while at home. The systems support various vehicle types, including passenger cars, light commercial vehicles, and heavy commercial vehicles. The connectors used include SAE Combo, GB/T, CHAdeMO, and Supercharger. Charging systems operate at different voltage levels, such as Level 1, Level 2, and Level 3, and are employed in a variety of applications, including both public and private settings.
The electric vehicle fast-charging system market research report is one of a series of new reports that provides electric vehicle fast-charging system market statistics, including electric vehicle fast-charging system industry global market size, regional shares, competitors with a electric vehicle fast-charging system market share, detailed electric vehicle fast-charging system market segments, market trends and opportunities, and any further data you may need to thrive in the electric vehicle fast-charging system industry. This electric vehicle fast-charging system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The electric vehicle fast-charging system market consists of revenues earned by entities by providing services such as installation, maintenance and support, network management, consulting, and training. The market value includes the value of related goods sold by the service provider or included within the service offering. The electric vehicle fast-charging system also includes sales of charging stations, charging connectors, charging cables, and energy storage systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Electric Vehicle Fast-Charging System Market Characteristics3. Electric Vehicle Fast-Charging System Market Trends and Strategies32. Global Electric Vehicle Fast-Charging System Market Competitive Benchmarking33. Global Electric Vehicle Fast-Charging System Market Competitive Dashboard34. Key Mergers and Acquisitions in The Electric Vehicle Fast-Charging System Market
4. Electric Vehicle Fast-Charging System Market - Macro Economic Scenario
5. Global Electric Vehicle Fast-Charging System Market Size and Growth
6. Electric Vehicle Fast-Charging System Market Segmentation
7. Electric Vehicle Fast-Charging System Market Regional and Country Analysis
8. Asia-Pacific Electric Vehicle Fast-Charging System Market
9. China Electric Vehicle Fast-Charging System Market
10. India Electric Vehicle Fast-Charging System Market
11. Japan Electric Vehicle Fast-Charging System Market
12. Australia Electric Vehicle Fast-Charging System Market
13. Indonesia Electric Vehicle Fast-Charging System Market
14. South Korea Electric Vehicle Fast-Charging System Market
15. Western Europe Electric Vehicle Fast-Charging System Market
16. UK Electric Vehicle Fast-Charging System Market
17. Germany Electric Vehicle Fast-Charging System Market
18. France Electric Vehicle Fast-Charging System Market
19. Italy Electric Vehicle Fast-Charging System Market
20. Spain Electric Vehicle Fast-Charging System Market
21. Eastern Europe Electric Vehicle Fast-Charging System Market
22. Russia Electric Vehicle Fast-Charging System Market
23. North America Electric Vehicle Fast-Charging System Market
24. USA Electric Vehicle Fast-Charging System Market
25. Canada Electric Vehicle Fast-Charging System Market
26. South America Electric Vehicle Fast-Charging System Market
27. Brazil Electric Vehicle Fast-Charging System Market
28. Middle East Electric Vehicle Fast-Charging System Market
29. Africa Electric Vehicle Fast-Charging System Market
30. Electric Vehicle Fast-Charging System Market Competitive Landscape and Company Profiles
31. Electric Vehicle Fast-Charging System Market Other Major and Innovative Companies
35. Electric Vehicle Fast-Charging System Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Electric Vehicle Fast-Charging System Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on electric vehicle fast-charging system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for electric vehicle fast-charging system? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The electric vehicle fast-charging system market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Product Type: Home Charging Systems; Commercial Charging Systems2) By Vehicle Type: Passenger Car; Light Commercial Vehicle; Heavy Commercial Vehicle
3) By Connector Type: SAE Combo Charging System; GB Or T; Charge De Move (CHADeMO); Supercharger
4) By Charging Voltage Level: Level 1; Level 2; Level 3
5) By Application: Public; Private
Key Companies Mentioned: TotalEnergies SE; Tesla Inc.; Siemens AG; Schneider Electric SE; Asea Brown Boveri (ABB) Ltd.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
- TotalEnergies SE
- Tesla Inc.
- Siemens AG
- Schneider Electric SE
- Asea Brown Boveri (ABB) Ltd.
- Eaton Corporation Plc
- Borgwarner Inc.
- Delta Electronics Inc.
- Webasto Group
- ChargePoint Inc.
- Enel X
- Proterra Inc
- Wallbox N.V.
- Pod Point
- Garo AB
- Tritium DCFC Limited
- Blink Charging Co.
- Noodoe EV
- EVgo
- Fastned
- Chargemaster Limited
- Electrify America LLC
- Heliox
- Moser Services Group
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | October 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 5.53 Billion |
Forecasted Market Value ( USD | $ 9.14 Billion |
Compound Annual Growth Rate | 13.4% |
Regions Covered | Global |
No. of Companies Mentioned | 24 |