In 2021, the electric vehicle fast-charging market contributed $3,240.7 million, and it is projected to generate $18,909.8 million revenue in 2030, rising at a rate of 21.7% from 2021 to 2030. It is ascribed to the worldwide growing sales of the EV, resulting in zero-emission transportation.
Moreover, public charging holds a substantial share of the industry, and it is expected to rise at a rate of 22% from 2021 to 2030, ascribed to the massive installation of public fast chargers for the adoption of EVs. Numerous EV and OEM network operators are establishing public fast chargers at hospitality facilities, retail houses, government offices, parking lots, offices, gas, fuel stations, and other areas.
GB/T holds the significant revenue share of the EV fast charging infrastructure industry, amounting to ~$1.2 billion, and it is expected to rise at a 20% rate in the coming future. It is attributed to GB/T DC fast-charging technology provides faster charging of up to 250 kW of power.
Moreover, superchargers are projected to experience extensive development in the coming future, as they fit the long-distance travel and intend to charge Tesla swiftly. This is why Tesla Inc. captures a larger share of the global electric car industry. Superchargers, provide lucrative opportunities to industry players. Moreover, the price drop in the Tesla models leads to their rising sales which, in turn, fuels the growth of the supercharger industry.
Another major factor that supports the sales of <100-kW chargers in the EV fast-charging infrastructure industry is the growing need for energy from higher-kW chargers and the lack of energy, due to unreliable grid connectivity, for supporting such technology.
APAC holds a massive share of the industry, rising at an extensive rate of around 22.0% from 2021 to 2030. It is ascribed to the growing demand for clean transportation, resulting in surging adoption of the EV in the public fleet, which in turn, creates demand for electric vehicle fast charging infrastructure.
The major companies operating in the industry are ABB Ltd., Blink Charging Co., Elmec Inc., Proterra Inc., Valent Power, Hong Kong EV Power Limited, EVBox, and Delta Electronics Inc.
Therefore, the rising adoption of electric vehicles leads to the growing demand for the EV fast charging infrastructure.