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The new report published by The Business Research Company, titled Electric Vehicle Fast-Charging System Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the electric vehicle fast-charging system market size has grown rapidly in recent years. It will grow from $4.89 billion in 2023 to $5.53 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The electric vehicle fast-charging system market size is expected to see rapid growth in the next few years. It will grow to $9.14 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%.
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What Is Driving The Growth Of The Global Electric Vehicle Fast-Charging System Market?
Increasing Demand For Electric Vehicles Fuels Growth In The Electric Vehicle Fast-Charging System Market
The increasing demand for electric vehicles for transportation is expected to drive the electric vehicle fast-charging system market. Electric vehicles are vehicles that use electric motors and rechargeable batteries for power, providing a more environmentally friendly and efficient option compared to conventional gas-powered vehicles. The demand for electric vehicles for transportation is rising due to their environmental benefits, including reduced emissions, lower operating costs, and increasing government incentives and regulations promoting cleaner energy solutions. Electric vehicle fast-charging systems enable rapid battery recharging, reducing downtime and enhancing the convenience and adoption of electric vehicles. For instance, in July 2023, according to the Internal Energy Agency, a France-based autonomous intergovernmental organization, over 2.3 million electric cars were sold in the first quarter of 2023, a 25% increase from the same period in 2022. By the end of 2023, sales are expected to reach 14 million, representing a 35% year-on-year increase, with growth accelerating in the second half of the year. Therefore, the increasing demand for electric vehicles for transportation is expected to drive growth in the electric vehicle fast-charging system market.
What Is The Key Trend In The Global Electric Vehicle Fast-Charging System Market?
Technological Advancements In Electric Vehicle Fast-Charging Systems
Major companies operating in the electric vehicle fast-charging system market are developing technological advancements, such as silicon carbide (SiC) semiconductor technology, to enhance charging efficiency, reduce system size, and improve overall performance and reliability in high-power charging applications. Silicon carbide (SiC) semiconductor technology uses SiC material to produce semiconductors that are highly efficient, durable, and capable of operating in extreme conditions. For instance, in April 2024, Delta, a US-based power management company, launched a 500kW DC ultra-fast EV charger, the UFC 500. This state-of-the-art charger offers an exceptional power-to-size ratio, enabling rapid charging of heavy-duty electric vehicles at 460 kW in just 2 hours and supporting dual public EVs at 250 kW each. Equipped with SiC technology for improved performance, the UFC 500 is compact and user-friendly. It also integrates with DeltaGrid EVM to optimize energy management and cost reduction, and it is compatible with Delta’s renewable energy systems.
How Is The Global Electric Vehicle Fast-Charging System Market Segmented?
The electric vehicle fast-charging system market covered in this report is segmented –
1) By Product Type: Home Charging Systems, Commercial Charging Systems
2) By Vehicle Type: Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle
3) By Connector Type: SAE Combo Charging System, GB Or T, Charge De Move (CHADeMO), Supercharger
4) By Charging Voltage Level: Level 1, Level 2, Level 3
5) By Application: Public, Private
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How Is The Competitive Landscape Of The Global Electric Vehicle Fast-Charging System Market?
Major companies operating in the electric vehicle fast-charging system market are TotalEnergies SE, Tesla Inc., Siemens AG, Schneider Electric SE, Asea Brown Boveri (ABB) Ltd., Eaton Corporation Plc, Borgwarner Inc., Delta Electronics Inc., Webasto Group, ChargePoint Inc., Enel X, Proterra Inc, Wallbox N.V., Pod Point, Garo AB, Tritium DCFC Limited, Blink Charging Co., Noodoe EV, EVgo, Fastned, Chargemaster Limited, Electrify America LLC, Heliox, Moser Services Group
Contents Of The Global Electric Vehicle Fast-Charging System Market
1. Executive Summary
2. Electric Vehicle Fast-Charging System Market Report Structure
3. Electric Vehicle Fast-Charging System Market Trends And Strategies
4. Electric Vehicle Fast-Charging System Market – Macro Economic Scenario
5. Electric Vehicle Fast-Charging System Market Size And Growth
…..
27. Electric Vehicle Fast-Charging System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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