iCrowdNewswire Jan 14, 2021 8:00 AM ET
Market Size – USD 368.4 Million in 2019, Market Growth – CAGR of 25.6%, Market Trends – High demand in cognitive analytical insights
An increase in the adoption of electric vehicles and a higher penetration of quick charging electrification for public transport is likely to fuel demand for a fast charging system for electric vehicles. People are increasingly moving to electric vehicles in countries, such as China, Norway, the United Kingdom, and Germany, among others, thus forcing automotive manufacturing firms to make heavy market investments and expand their businesses through collaborations with domestic firms, as well as targeting synergies to manufacture advanced electric vehicles.
A higher number of ride hailing, route vehicles public transport system are adopting the electric vehicles owing to the higher profit offering. These public transport vehicle owner require fast charging system, which reduces idle time for their vehicle and increase the ability to provide more operational efficacy.
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Key players in the market include Advanced Vehicle Manufacturing, Inc., Delta Electronics, Inc., EVBox, ABB, Blink Charging Co, ChargePoint, Inc., Elmec Inc, Hong Kong EV Power Limited, GARO, Proterra Inc., Schneider Electric, and Siemens, among others.
Electric Vehicle Fast Charging System Market Drivers
The global market size of the Electric Vehicle Fast Charging System was estimated at USD 368.4 million in 2019 and is projected to hit USD 2.30 billion at a CAGR of 25.6% by 2027. The key factors driving the growth of the fast charging electric vehicle industry are the widespread increase and proliferation of global sales of electric vehicles, technological advancements in EV charging infrastructure, battery management, and sustainability of electric vehicles, and the growing drive by policymakers to deploy electric highway vehicles and fast public charging infrastructure. The high cost of equipment and the lack of standardization are factors that could impede the growth of the industry.
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Electric Vehicle Fast Charging System Market: Regional Outlook
North America accounted for the largest market share of the Electric Vehicle Fast Charging System Market by region in 2019. Due to its immense increase in plug-in hybrid electric vehicles for heavy-duty applications, in particular, the Asia Pacific region is expected to accelerate with the fastest growth rate of 28.2% over the projected period from 2020 to 2027.
Vehicle Type Outlook (Revenue: USD Billion; 2017-2027)
- Light Duty Vehicles
- Heavy Duty Vehicles
- Electric Bikes
Charger Type Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
- Tesla Supercharger
- TYPE-2 (IEC 62196)
Installation Type Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
Application Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
Battery Type Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
- Nickel-Cadmium (Ni-Cd)
- Lithium-ion (Li-ion)
- Solid State Lithium-ion (SSB)
Vehicle Technology Outlook (Revenue: USD Billion; Volume: Thousand Units; 2017-2027)
- Plug-in Hybrid Electric Vehicles (PHEVs)
- Battery Electric Vehicles (BEVs)
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Key questions answered in the report
- What will be the market size in terms of value and volume in the next five years?
- Which segment is currently leading the market?
- In which region will the market find its highest growth?
- Which players will take the lead in the market?
- What are the key drivers and restraints of the market’s growth?
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