EV High Power Charger Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 22.36 Billion |
| Market Size (2029) | USD 94.13 Billion |
| CAGR (2024 - 2029) | > 33.30 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
High Power Charger For Electric Vehicle Market Analysis
The High Power Charger For Electric Vehicle Market size is estimated at USD 22.36 billion in 2024, and is expected to reach USD 94.13 billion by 2029, growing at a CAGR of greater than 33.30% during the forecast period (2024-2029).
The high power charger for the electric vehicle market is being driven by increased sales of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), along with lower costs of powertrain components. Governments worldwide are launching various schemes and policies to encourage the adoption of EVs over conventional vehicles.
鈥� More than 10 million electric cars were sold worldwide in 2022. The momentum was expected to continue into 2023, with sales projected to grow by another 35%, reaching approximately 14 million vehicles.
鈥� Globally, EVs are expected to represent over 40% of auto sales in 2030, equating to around 40 million vehicles.
In addition, investments and acquisition activities of non-renewable energy giants that are diversifying their portfolios to meet the escalating vehicle electrification trend are likely to drive the market's growth in the coming years.
The growth in terms of adoption and sales of electric vehicles, increasing stringent safety norms promoting the adoption of electric vehicles by the government, and the introduction of advanced technology (high-power technology) for electric vehicles manufactured with high-power capabilities are expected to lead to a growth in the high-power charger for electric vehicles market in the coming years.
Technological advancements, such as the deployment of electronic payment methods through RFID technology, controlled by a cloud-computing platform in fast charger manufacturing, shall provide future growth opportunities for the market.
EV High Power Charger Market Trends
50-150 kW Power Type Segment is Dominating the Market
The 50-150 kW charger category is emerging as the dominant segment in the high-power charger for EV market. The segment is best suited for most of the EV landscape in different regions, offering a balance between charging speed and infrastructure requirements, making them ideal for the present EV adoption. These chargers are the most suitable option for economies like China and India.
Technological advancements in battery technology and charging infrastructure are making it possible to charge EVs faster and more efficiently. The 50-150 kW power type segment is at the forefront of this technological advancement.
Further, governments and private companies are investing heavily in EV charging infrastructure, particularly in the 50-150 kW power type segment. This investment is driving the deployment of high-power chargers in this power range, making them more accessible to EV drivers.
鈥� In India, the government has sanctioned a substantial amount of INR 800 crores under the FAME India Scheme Phase II. This allocation is specifically directed towards the PSU Oil Marketing Companies (OMC) - namely Indian Oil (IOCL), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) - to facilitate the establishment of 7,432 public fast charging stations across the nation.
Asia Pacific is Leading The Market Concerned
Asia-Pacific is leading the market for high-power EV (Electric Vehicle) chargers driven by factors such as the rapid growth of the EV market, government support, technological advancements, and growing investment in R&D by key players. China is the world's largest market for electric vehicles, and the demand for EVs is growing rapidly in other countries in the Asia Pacific region, such as Japan, South Korea, and India. This growing demand for EVs is driving the need for high-power chargers that can charge EVs quickly and efficiently. For instance,
鈥� China has imposed a quota on manufacturers of electric or hybrid vehicles, which must represent at least 10% of total new sales. Also, the city of Beijing only issues 10,000 permits for the registration of combustion engine vehicles per month to encourage its inhabitants to switch to electric vehicles.
The Chinese government is encouraging people to use electric vehicles. The country has already announced plans to phase out diesel fuel used in tractors and construction equipment. By 2040, the country intends to outlaw all diesel and gasoline vehicles.
Moreover, the Chinese government is encouraging people to use electric vehicles. The country has already announced plans to phase out diesel fuel used in tractors and construction equipment. By 2040, the country intends to outlaw all diesel and gasoline vehicles.
Further, companies in Asia-Pacific are forming strategic partnerships to expand their reach and capabilities. Key players are also investing heavily in R&D to develop advanced EV charging technologies.
鈥� In August 2023, CATL unveiled its new ultra-fast charging LFP battery called Shenxing, which will be made commercially available in the first quarter of 2024. Shenxing has reduced heat generation and is equipped with a new advanced battery management system (BMS), making it fit for any vehicle type.
High Power Charger For Electric Vehicle Industry Overview
The high-power charger for electric vehicles market is moderately concentrated, with few players having no clear winner in the market. Key players in the market include ABB Ltd, Ev-Box BV, IES Synergy, Garo AB, XCharge Inc., and Tesla Inc., which constitute over 30% of the market.
Various initiatives done by companies have led them to strengthen their presence in the market. For example,
鈥� In September 2023, Hitachi Industrial Products announced the launch of a high-capacity multi-port EV charger (250 kW and 500 kW). This will enable to shorten the charging time and eliminate charging congestion by increasing the number of vehicles to be charged simultaneously.
EV High Power Charger Market Leaders
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ABB Ltd
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Tesla Inc.
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EV-Box BV
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IES Synergy
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Siemens AG
*Disclaimer: Major Players sorted in no particular order
High Power Charger For Electric Vehicle Market News
- December 2023: Lincoln Electric Holdings Inc., the Velion DC Fast Charger for electric vehicles. The charger, designed with industrial-grade components, is a Level 3 DC fast charger platform that delivers fast charging speeds with unparalleled reliability for ultimate performance and uptime.
- April 2023: ABB E-mobility announced the investment in the London-based, deep-tech start-up company Switch. The investment marks the beginning of a partnership with ABB E-mobility, enhancing their comprehensive range of smart EV charging solutions. Together, they aim to innovate the EV charging experience for both operators and drivers, creating a seamless ecosystem. Financial terms of this transaction were not disclosed.
EV High Power Charger Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Growing EV Sales is Driving the Market Growth
4.2 Market Restraints
4.2.1 Lack of Proper Charging Infrastructure is a Chgallenge
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Power Output Type
5.1.1 50 kW - Less than 150 kW
5.1.2 150 kW - 350 kW
5.1.3 350 kW and Above
5.2 Vehicle Type
5.2.1 Passenger Cars
5.2.2 Commercial Vehicles
5.3 Connector Type
5.3.1 CHAdeMO
5.3.2 SAE Combo Charging System
5.3.3 Supercharger
5.3.4 GB/T
5.4 Application
5.4.1 Public
5.4.2 Private
5.5 Geography
5.5.1 North America
5.5.1.1 United States
5.5.1.2 Canada
5.5.2 Europe
5.5.2.1 Germany
5.5.2.2 United Kingdom
5.5.2.3 France
5.5.2.4 Netherlands
5.5.2.5 Rest of Europe
5.5.3 Asia-Pacific
5.5.3.1 China
5.5.3.2 Japan
5.5.3.3 India
5.5.3.4 Rest of Asia-Pacific
5.5.4 Rest of the World
5.5.4.1 South America
5.5.4.2 Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Royal Dutch Shell PLC (Acquired NewMotion)
6.2.2 ABB Ltd
6.2.3 XCharge Inc.
6.2.4 Total SA(Acquired G2Mobility)
6.2.5 Fastned BV
6.2.6 IES Synergy
6.2.7 EVgo Services LLC
6.2.8 EVBOX
6.2.9 Siemens AG
6.2.10 Allego BV
6.2.11 Phoenix Contact
6.2.12 Tesla Inc.
6.2.13 Garo AB
6.2.14 ENSTO INDIA PRIVATE LIMITED
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 The Increasing Government Support and Incentives Offer Growth Opportunities
High Power Charger For Electric Vehicle Industry Segmentation
High-power charger for electric vehicles is essentially a DC fast charger that provides charging for vehicles in less than 30 minutes using fast-charging standards, like CHAdeMO, CCS, Supercharger, by transferring power at a minimum rate of 22kWh. The high-power charger for electric vehicles market study includes various power output types ranging from 50 kW - 150 kW, 150 kW - 350 kW, and above 350 kW, vehicle types, such as a plug-in hybrid electric vehicle (PHEV) and battery electric vehicle (BEV).
The High-power Charger for Electric Vehicles Market is segmented by power output, vehicle type, connector type, application, and geography. By power output type, the market is segmented as 50 kW - 150 kW, 150 kW - 350 kW, and above 350 kW. The market is segmented by vehicle types, such as passenger cars and commercial vehicles. The market is segmented by connector type as CHAdeMO, SAE Combo Charging System, Supercharger, and GB/T. By application, the market is segmented as public and private. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. The report offers market size and forecasts for all the above segments in terms of value (USD).
| Power Output Type | |
| 50 kW - Less than 150 kW | |
| 150 kW - 350 kW | |
| 350 kW and Above |
| Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| Connector Type | |
| CHAdeMO | |
| SAE Combo Charging System | |
| Supercharger | |
| GB/T |
| Application | |
| Public | |
| Private |
| Geography | |||||||
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EV High Power Charger Market Research FAQs
How big is the High Power Charger For Electric Vehicle Market?
The High Power Charger For Electric Vehicle Market size is expected to reach USD 22.36 billion in 2024 and grow at a CAGR of greater than 33.30% to reach USD 94.13 billion by 2029.
What is the current High Power Charger For Electric Vehicle Market size?
In 2024, the High Power Charger For Electric Vehicle Market size is expected to reach USD 22.36 billion.
Who are the key players in High Power Charger For Electric Vehicle Market?
ABB Ltd, Tesla Inc., EV-Box BV, IES Synergy and Siemens AG are the major companies operating in the High Power Charger For Electric Vehicle Market.
Which is the fastest growing region in High Power Charger For Electric Vehicle Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in High Power Charger For Electric Vehicle Market?
In 2024, the Asia Pacific accounts for the largest market share in High Power Charger For Electric Vehicle Market.
What years does this High Power Charger For Electric Vehicle Market cover, and what was the market size in 2023?
In 2023, the High Power Charger For Electric Vehicle Market size was estimated at USD 14.91 billion. The report covers the High Power Charger For Electric Vehicle Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the High Power Charger For Electric Vehicle Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
High Power Charger for Electric Vehicle Industry Report
Statistics for the 2024 High Power Charger for Electric Vehicle market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. High Power Charger for Electric Vehicle analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
