The Global Electric Vehicle Fast-Charging System Market is expected to grow at a CAGR of around 17.56% during the forecast period, 2022-27, says MarkNtel Advisors in their recent research report. Some crucial factors responsible for the market growth are the rising fleet size of EVs, favorable government initiatives & rebates to adopt EVs, and growing government efforts to attain carbon neutrality, among others, which have stimulated the demand for the EV fast charging systems globally. Moreover, the automobile industry experts are providing schemes & plans for pushing individuals toward the e-mobility trend. Therefore, vehicle manufacturers in countries such as the US, China, India, parts of Europe, etc., are planning to make relevant changes in EVs to encounter the future demand for EVs.
Furthermore, global companies such as Volvo aim to achieve a 50% market share for electric vehicles by 2025. Hence, these policies intend to result in the growth of the EV charging infrastructure & the installation of public & private charging stations in countries globally. Additionally, government bodies of various countries are rolling out funding & investments to support EV charging infrastructure development in their countries. Further, the country’s government started collaborating with local network operators, OEMs, and EV manufacturers to deploy DC fast chargers. For instance, in January 2020, Faster Adoption and Manufacturing of Electric Vehicles in India, or FAME India, announced its plans to install 1,633 fast-charging stations in 62 cities across 24 states.
Thus, the rising government initiatives for the adoption of EV fast-charging systems in their countries led to boost the market growth in the coming years states the research report “Global Electric Vehicle Fast Charging System Market, 2022-2027”.
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Based on application, the market bifurcates into Public & Private. Of them, the Public EVs segment witnessed a considerable growth rate during the historical period. The public EV fast-charging facilities are available to commonly located in parking lots of residential & commercial buildings, on state & federal highways, and at work.
In addition, the availability of public EV charging plays an important role in purchasing electric vehicles across the globe. Besides, the access to public charging & fast charging stations is also significant factor to consider when purchasing an electric vehicle. Consequently, this resulted in strengthening the public charging segment's revenue growth. Additionally, the Asia Pacific region continues to install public chargers at a significant rate due to the increase in electric vehicle use, particularly in China, India, and South Korea. Thus, the rising number of EVs resulted in escalating market growth.
North America to Witness Substantial Growth in the Years to Come
Geographically, the North America Electric Vehicle Fast-Charging System market experienced significant market growth during 2017-21. The factors responsible for market growth are increasing government supporting & promoting the adoption of DC fast chargers throughout the country. The countries’ governments such as Canada & the US are also providing 50% relaxation for installing DC chargers falling under government plans. Therefore, the rising government initiatives result in propelling market growth.
Furthermore, the US has various giant players, such as ChargePoint Inc., Electrify America, and EVGo, expanding their charging station networks across the region. Their presence is a strong driving push for OEMs to develop new updates & better specifications for EV DC fast-charging stations in the country. Therefore, the region has the chance for larger revenue opportunities for the installation of EV fast-charging systems in the regional countries such as the US, Canada, and Mexico, reveals MarkNtel Advisors in their research report, "Global Electric Vehicle Fast-Charging System Market Analysis, 2027."
Key Market Competitors
According to MarkNtel Advisors, the leading players in the Global 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., Xi′an TGOOD Intelligent, Charging Technology Co., Ltd., and Others.
Key Questions Answered in the Study