Global Electric Vehicle Fast Charging System Market is estimated to be 812.2 thousand units by 2029 (Business Opportunities - Marketing & Sales)

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Global Electric Vehicle Fast Charging System Market is estimated to be 812.2 thousand units by 2029


The electric vehicle fast charging system market was estimated at 96.4 thousand units in 2018 and is expected to reach 812.2 thousand units by 2029, registering a CAGR of 21.90% between 2019 and 2029. EV charging station OEMs, such as ABB, Schneider Electric, and Siemens, design, manufacture, assemble, and supply fast charging station for electric vehicle. End users of electric vehicle fast charging station as well as network providers procure charging station form OEMs. Electric vehicles use one or more electric motors or traction motors for propulsion. An electric vehicle may be powered by a collector system by electricity from off-vehicle sources, or may be self-contained with a battery or generator to convert fuel to electricity. Electric vehicles have witnessed an upsurge across the globe, owing to the rising demand for fuel efficient vehicles, and stringent vehicle norms and regulations. BEVs, also known as fully-electric vehicles, utilize electricity which is stored in a battery pack installed in the vehicle to power the electric motor. The battery pack, which is commonly made of Lithium-ion cells, can be recharged upon depletion using a dedicated charging unit. The vehicles are solely powered by battery and have no need for gasoline or diesel, thus making them “all-electric”.

The report "Global Electric Vehicle Fast Charging System Market, By Product (Small Car Rapid Charging System, and Electric Bus Rapid Charging System), By Applications (Public Use, and Civil Use), and Region - Global Forecast to 2029".

Analyst View

The rise in electric vehicles adoption, technological advancement, and increasing government initiatives towards the deployment of highway chargers as well as fast bus chargers are the major factor driving the growth for the target market. However, lack of standardization and the high cost of fast charging equipment and installation hamper the market growth.

Key Highlights:

In May 2019, ABB boosts emission-free transport in Scandinavia by equipping new electric vehicle (EV) charging stations across Denmark, Norway and Sweden – first flagship station now opens in Fredericia, Denmark.
In October 2019 ChargePoint and SFMTA Partner to Empower the Future of Bus Electrification With Infrastructure Agreement
Key Market Insights from the report:

The electric vehicle fast charging system market was estimated at 96.4 thousand units in 2018 and is expected to reach 812.2 thousand units by 2029, registering a CAGR of 21.90% between 2019 and 2029. The market report has been segmented based on Hardware, By End-user Industry, and region.

By Product, global Electric Vehicle Fast Charging System market is classified into small car rapid charging system and electric bus rapid charging system.
By Applications, the global Electric Vehicle Fast Charging System market is classified into public use and civil use.
By Region, APAC is expected to show the highest CAGR in the forecast period. Owing to rising adoption of EV vehicle which supports the demand for the target market. Additionally some promising regulatory for using EV vehicle coupled with the rapid deployment of smart charging lead to drive the growth for the target market.

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Last Update : Nov 11, 2021 6:24 AM
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2022-06-26 (0.404 sec)