Electric Vehicle Fast-Charging Infrastructure Market Outlook by Application (Public, Private), Connector Type (Supercharger, SAE Combo Charging System, GB/T, CHAdeMO), Charging Power (<100 kW, 100–200 kW, >200 kW) – Revenue Estimation and Demand Forecast to 2030

Market Overview

The electric vehicle fast-charging infrastructure market revenue was $3,240.7 million in 2021, and it is expected to reach $18,909.8 million by 2030, at a CAGR of around 21.7% during the forecast period. This will be due to the rising EV sales throughout the globe, itself owing to the growing need for zero-emission transportation.

Public Fast Chargers Hold Larger Share in Application Segment

Public charging accounted for the larger share in the market, and it is expected to witness growth at a CAGR of around 22% between 2021 and 2030. This will be owing to the widespread installation of public fast chargers to facilitate EV adoption. Various OEMs and EV network operators are setting up public fast chargers at retail and hospitality facilities, parking lots, government offices, roads, gas and fuel stations, and other areas.

For instance, in the U.S., the Bipartisan Infrastructure Law (BIL) has allocated over $7 billion for the development of charging infrastructure for electric vehicles. The objective is to deploy 500,000 public chargers by 2030 that are compatible with all the technologies and vehicles operational around the country.

Rapid Surge in Investments and EV Sales Will Spur Market Growth

The increasing adoption of electric cars has emphasized the need for charging infrastructure development. Major electric vehicle markets, such as China, the U.S., and Germany, are spending heavily on research and development, for easier and more-efficient EV charging techniques. For instance, in October 2021, GM announced plans to invest more than $30 billion to achieve the sales target of over one million electric vehicles by 2025. In addition, by 2035, the corporation intends to be entirely electric.

Similarly, Ford expects to raise its EV production to 600,000 units per year by 2023. Additionally, by 2030, it has planned to make half its vehicle offerings electric. Other firms, such as Tesla, Nissan, and BMW, have also made substantial improvements and plans for meeting the future EV demand. These policies and investments are likely to increase the demand for EV fast-charging systems over this decade.

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Increase in Usage of V2G EV Technology

The Vehicle-to-grid (V2G) EV charging technology permits the electrical energy to flow in both the directions between the power grid and plug-in electric vehicles. Moreover, this technology also permits the EVs in storing and discharging the unused energy to the grid which can improve the performance of the electrical component along with adding value to the electric vehicle owners. Therefore, the surging technological advancement will provide new market opportunities for the market’s growth rate.

GB/T Is Most-Used Connector Type

GB/T is the highest-revenue-generating connector type in the market, accounting for around $1.2 billion revenue in 2021, which is projected to grow at a CAGR of more than 20.0% during the forecast period. This is because the GB/T DC fast-charging standard supports faster charging with up to 250 kW of power.

Furthermore, superchargers are expected to witness significant development throughout the forecast period since they are suited for long-distance travel and intended to charge the Tesla swiftly. Because Tesla Inc. holds a substantial chunk of the global electric car market, superchargers might offer market players lucrative opportunities. Additionally, due to the price drop in Tesla models, they have become preferred among EV customers, which is, in turn, driving the supercharger market.

<100-kW Chargers Are Highest Revenue Generators in Market

EV fast chargers of <100-kW power are expected to dominate the industry through the forecast period, with the category witnessing a growth rate of more than of 21% between 2021 and 2030. This is because fast chargers with an up to 100-kW power output are less expensive and can charge an EV in 1–2 hours. They are generally installed at shopping malls, retail shops, and hotels.

Another key factor supporting <100-kW charger demand in the electric vehicle fast-charging infrastructure market is the higher requirement for energy by the higher-kW chargers and the lack of energy, often due to the unreliable grid connectivity, to support such technology. In addition, majorly public charging networks do not require a power output of over 100 kW for customer satisfaction.

APAC Led Market, Driven by Government Support for EV Adoption

APAC region held the largest market share over the past few years, and it would grow at a significant CAGR, of around 22.0%, during 2021–2030. This is due to the region's strong preference for clean transportation, which offers a diverse set of prospects for network operators. The region's rapid market growth may be ascribed to an increase in government regulations and investments and rise in the acceptance of zero-emission automobiles. This will help in bolstering the electric vehicle fast-charging infrastructure market growth as the number of DC fast chargers is grossly low compared to the number of EVs already on the roads.

For instance, the Australian government has launched a number of programs to establish fast-charging stations around the country. State governments in Australia have begun to provide charging points for about 7,000 EVs that operate in the country currently. The country had over 300 fast and ultra-fast charging stations at 150 sites, as of July 2020, representing a 40% increase since July 2019. In addition, there are about 2,000 standard charging stations with a charging capacity of less than 50 kW, spread across 1,200 sites, representing a 15% increase in the count from July 2019.

Furthermore, EV fast charger demand in the North American region is predicted to increase significantly throughout the forecast period. Government measures to improve the charging infrastructure have contributed to the region's rapid market expansion. For instance, the U.S. government stated in 2022 that it will give roughly $5 billion over five years to deploy thousands of electric car charging stations.

To Increase Market Share, Companies Involved in Several Strategic Developments

The market has the presence of several key players, who, in recent years, have been involved in various strategic developments in order to stay ahead of their competitors. For instance:

• In September 2021, WEX, a financial services provider, and ChargePoint announced the extension of their current partnership to enable seamless EV charging integration for mixed fleets.
• In March 2021, Recargo, the company behind PlugShare, announced plans for the expansion of the ultra-fast charging station network across the U.S., in conjunction with BTC Power.
• In October 2020, ABB Ltd. announced that it will offer 11-kW bi-directional charging technology particularly intended for vehicle-to-grid operations, as part of a deal with DREEV, a France-based JV between Nuvve, which offers intelligent charging solutions for EVs, and Électricité de France (EDF).

Top Electric Vehicle Fast-Charging Infrastructure Market Players Are:

• ABB Ltd.
• Advanced Vehicle Manufacturing Inc.
• Blink Charging Co.
• ChargePoint Inc.
• Delta Electronics Inc.
• EVBox
• Elmec Inc.
• Hong Kong EV Power Limited
• Proterra Inc.
• Valent Power

EV Fast Charging Infrastructure Market Size Breakdown by Segment

The study offers comprehensive market segmentation analysis along with market estimation for the period 2017-2030.

Based on Application

• Public
• Private

Based on Connector Type

• Supercharger
• SAE Combo Charging System
• GB/T
• CHAdeMO

Based on Charging Power

• <100 kW
• 100–200 kW
• >200 kW

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • U.K.
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • Australia
  • South Korea
• Latin America (LATAM)
  • Brazil
  • Mexico
  • Colombia
• Middle East and Africa (MEA)
  • U.A.E.
  • South Africa
  • Saudi Arabia
  • Egypt