Hypercharger Market To Generate Revenue Worth $9,219.8 Million by 2030
- Published: February 2024
The hypercharger market generated revenue of USD 3,902.1 million in 2023, which is expected to witness a CAGR of 13.3% during 2024–2030, to reach USD 9,219.8 million by 2030. This is due to the rapid usage of electric vehicles, advancements in hypercharger technology, and governments’ support through specific policies and incentives.
- Additionally, people understand the importance of the green environment, and many governments globally implemented particular regulations that are helping to drive the adoption of hyperchargers, in order to enhance fuel efficiency to fulfill the target of sustainability.
Rapid Usage of Electric Vehicles
- The rising usage of electric vehicles (EVs) is increasing the demand for hyperchargers.
- Sustainability and reduced carbon emissions are essential aspects of making a green environment.
- Electric mobility solutions are gaining popularity among customers and governments to achieve these targets.
- The main essential factor behind the rising usage is quick and efficient charging options.
- Traditional internal combustion engines also need to be replaced since electric powertrains come with modern charging infrastructure.
- The popularity of electric vehicles is the reason behind automotive manufacturers and hypercharger manufacturers collaborate to develop innovative technologies.
- These joint ventures will drive the hypercharger market by integrating hypercharger systems with electric vehicles to boost the charging processes and overall performance.
- Urban and populated areas have large numbers of EV charging stations with high charging speeds.
Government Incentives and Policies Are Boosting the Market Growth
Numerous governments are implementing policies and offering incentives in the form of subsidies or tax benefits, which are enhancing the utilization of EVs. Several countries are investing in improving charging infrastructure for a smooth transition to EVs. In addition, the incorporation of government support with modern technology makes a suitable environment that increases the demand for hypercharging solutions.
Heavy Commercial Vehicles Category Dominates the Market
Based on the vehicle type, the heavy commercial vehicles category holds the largest market share and it is also expected to witness the highest CAGR of 15% from 2024 to 2030.
- This is due to the rising number of electric buses and trucks, which is raising the demand for quick charging solutions.
- Hyperchargers have a great role in increasing the efficiency and performance of heavy-duty engines, which aligns with the increased power and fuel economy in commercial vehicles.
- Numerous suppliers and manufacturing organizations are developing innovative solutions specifically for heavy-duty applications.
Europe Is the Markt Leader
Geographically, Europe accounted for the largest market share in 2023. This is attributed to the high adoption and deployment of EVs in the region.
- Moreover, the region is investing a large amount of money to develop sustainable transportation infrastructure to minimize environmental problems.
Whereas, the North American market is projected to record the highest CAGR, of 14%, during 2024–2030. This can be due to the increasing number of collaborations among market players.
- For instance, Travel Centers of America (TA) collaborated with Electrify America to install 1,000 DC fast chargers at 200 locations along major highways in the coming years.
Some of the major market players are ABB Ltd., Electrify America LLC, Heliox, Tritium, IONITY GmbH, Wallbox, FreeWire Technologies Inc., MYENERGI LTD., Pod Point, Span.IO Inc., EVBox, and CTEK Sweden AB.