High Power Charger for Electric Vehicles Market | 2031

Report Description

High-power Charger for Electric Vehicles Market Outlook 2031

The global high-power charger for electric vehicles market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of XX % during 2023–2031. The market is driven by the increasing awareness about air pollution and its environmental impact across the globe.

Growing adoption of electric vehicles, due to the surge in their popularity and fast charge charging capability, is expected to drive the market during the assessment period. The advancement in battery technology has led to the manufacture of high capacity batteries that enable the car to travel long distances and then charge quickly. Various government initiatives and regulations support the adoption of electric vehicles, increasing their demand among consumers. These factors are likely to fuel the market in the coming years.

• According to a survey in August 2023, the US had a sale of around 918,500 light electric vehicles in 2022. This is more than twice of the sale in the year 2018.

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The ongoing research & development in the charger technology and design is leading to innovations that make the battery increasingly efficient and provide high performance. Consequently, chargers are being developed that are compatible with such batteries and charge in less time. There is a high demand among consumers for fast charging in electric vehicles for an enhanced user experience. With the expansion of the electric vehicle (EV) industry, the market is projected to have a considerable rise during the projection period.

The COVID-19 pandemic hindered the market,owing to the lockdowns imposed by various governments and regulatory bodies across the globe. Manufacturing activities were halted in several industries, due to the absence of workers. This also affected EV manufacturing, and thereby leading to the slowdown of the market.

Impact of Artificial Intelligence (AI) in High-power Charger for Electric Vehicles Market

The use of artificial intelligence is likely to provide substantial propulsion to the high-power charger for electric vehicles market in the coming years. AI enhances efficiency by optimizing the charging process, reducing charging time, and minimizing energy wastage. It helps to minimize downtime and allows the charger to adapt to grid conditions, further contributing to the stability and sustainability of electric vehicles.

High-power Charger for Electric Vehicles Market Dynamics

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Major Drivers

Growing adoption of electric vehicles is expected to drive the market during the projection period.It is propelling the market by increasing the demand for fast-charging infrastructure. A convenient and rapid charging solution becomes essential, as increasing number of people switch to EVs. Therefore, several key players are focusing on developing a comprehensive charging network that supports fast charging. This is likely to create lucrative prospects for the market during the projection period.

• In January 2021, Aral AG, a BP subsidiary in Germany, assigned Siemens Smart Infrastructure to expand the grid connection for 30 gas stations. The company is expected to be able to equip these stations with ultra-fast charging technology by installing intelligent substations.

Existing Restraints

Inadequate availability of charging stations is likely to hamper the market during the forecast period. The lack of ample charging stations severely limits the practicality and convenience of owning high-power EVs. The shortage of infrastructure makes it challenging for consumers to access fast-charging options, thereby restraining the market during the forecast period.

Emerging Opportunities

­Rising technological advancements are anticipated to provide substantial growth opportunities for the market in the coming years. These advancements address the key concerns of EV users, the need for fast charging speed, and improved efficiency. Innovations such as bidirectional chargers feed power back to the grid or homes, thereby offering added value. Moreover, the integration of high-power chargers with smart grid systems is anticipated to create profitable projections during the assessment period.

Scope of the High-power Charger for Electric Vehicles Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

High-power Charger for Electric Vehicles Market Segment Insights

Type Segment Analysis

Based on type, the high-power charger for electric vehicles market is divided into above 350 kW, 150 kW - 350 kW, and 50 kW - 150 kW. The above 350 kW segment is projected to hold the major share of the market during the forecast period, due to the increasing demand for fast charging solutions to reduce EV charging times and enhance convenience for consumers. This growth is further accelerated by the rise in electric vehicle adoption and the introduction of high-capacity EV models. The segment is projected to have considerable propulsion in the coming years with several EV manufacturers focusing on developing high-performance vehicles.

• In September 2021, ABB introduced the Terra 360, an all-in-one electric vehicle charger that delivers the fastest charging experience available in the market. The charger fully charges any electric car within 15 minutes, due to a high output of 360 kW. It also provides a range of 100 km in under three minutes.

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Vehicle Segment Analysis

Based on the vehicle, the global market is divided into battery electric vehicle and plug-in hybrid electric vehicle. The plug-in hybrid electric vehicle segment is projected to register a substantial CAGR during the forecast period, owing to the high adoption of plug-in hybrid cars, driven by their ability to combine electric and internal combustion engine power. Various governments are incentivizing and promoting the use of hybrid EVs for the purpose of environmental conservation and improving air quality. Furthermore, this segment is likely to have substantial growth in the coming years, due to the expanding setups of electric vehicle charging stations for these EVs.

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Regional Outlook

In terms of region, the global high-power charger for electric vehicles market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North Americais expected to dominate the market during the projection period, due to the increased adoption of electric vehicles. Other factors contributing to the growth of the market in this region include advanced industrial infrastructure and a strong presence of key players in this region. These players are making significant investments in developing charging infrastructure and expanding fast-charging networks.

The market in Asia Pacific is anticipated to expand significantly in the coming years, owing to the increasing adoption of electric vehicles and various government initiatives to promote EVs as a step towards environmental conservation. Developing nations such as India and China are some of the hotspots for the market, as large investments are being made for the development of charging networks and the introduction of innovative charging technologies.

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