EV Fast Charging Infrastructure Market To Generate Revenue Worth $18,909.8 Mn by 2030

The EV fast-charging infrastructure market generated revenue of $3,240.7 million in 2021, and the market size will advance at a CAGR of 21.7% during 2021–2030, to reach $18,909.8 million by 2030. Portable charging stations, bi-directional charging, smart charging with load management, usage-based analytics, automated payments, and the ultra-fast charging technology will provide lucrative opportunities in the market.

APAC region held the largest market share over the past few years, and the market share would grow at a significant CAGR, of around 22.0%, during 2021–2030. The region's market is projected to be driven by the large-scale expansion of the EV charging infrastructure in China, rising demand for inexpensive EVs for everyday use, and government incentives for these automobiles. During the forecast period, China's fast-growing economy will stimulate the adoption of new technologies to increase automobile electrification, which will boost the market growth.

In the same way, Japan and South Korea intend to significantly increase the number of electric car charging stations there. In addition, as part of its first phase of EV infrastructure development, the Indian government has announced plans to create more than 60,000 EV charging stations around the nation.

CHAdeMO Category To Undergo Substantial Growth

The CHAdeMO category, which is showing substantial growth in the market, also had a significant share of the global revenue in 2021. This is mostly owing to the CHAdeMO connector’s simplicity and compatibility with the vast majority of electric vehicles (including models from GM, BMW, and VW), as well as its ease of use. Furthermore, because it only requires a single charging outlet, it provides design freedom for electric cars.

<100-kW Chargers Contributed Highest Revenue to Market

In 2021, <100-kW chargers accounted for the largest share, over 60%. This is because fast chargers with less than 100-kW power are not much expensive and can easily charge an electric vehicle in a few hours.

To leverage the popularity of these variants, in December 2020, Circontrol launched Raption 100, a 100-kW fast charger that halves the charge time and offers double the charging power of the previous model, Raption 50.

Collaborations Are Most-Effective Strategic Measures

Players in the market have been involved in various strategic developments to remain competitive. For instance, in September 2021, ABB Ltd. introduced the new Terra 360 charger with dynamic power distribution, which can provide charging outlets for up to four vehicles at once.

Moreover, in June 2021, ChargePoint launched a complete electric fleet charging offering those leverages ChargePoint's AC and DC charging infrastructure to minimize EV fleet expenses, charging time, and energy use.

Some of the major players operating in the EV fast-charging infrastructure market 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., and Valent Power.