Global electric vehicle fast charging system market was valued at 96.4 thousand units in 2018

Global Electric Vehicle Fast Charging System Market to Grow at a CAGR of 21.90% from 2019-2029

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May 13, 2019, 17:10 ET

NEW YORK, May 13, 2019 /PRNewswire/ -- Read the full report: https://www.reportlinker.com/p05774462/?utm_source=PRN

The global automotive industry is undergoing a period of wide-ranging transformations with a change in the consumer behavior as well as an increase in the implementation of stringent environmental regulations.A rise in the conventional fuel vehicle sales, along with increasing global population and urbanization, has brought with it some serious concerns, such as global warming and alarming pollution levels.

There are innumerable issues that are plaguing the planet, and the natural resources (especially fossil fuels) are declining at a rapid pace. This has consequently led the governments, environmental agencies, and automobile manufacturers to develop different modes of transport that run on alternate means.

An electric vehicle fast charging system is an integral part of the electric vehicle ecosystem and is used to charge the battery of electric vehicles faster as compared to other chargers.These chargers supply electric energy to the electric vehicle to charge the battery of battery electric vehicles and plug-in hybrid vehicles.

The electric vehicle fast charging system market is majorly driven by the factors such as rise in electric vehicles sales, technological advancement, and increasing push from government for the deployment of highway chargers as well as fast bus chargers.However, factors such as a lack of standardization and the high cost of equipment and installation hamper the overall market growth.

Moreover, the transition from conventional energy for charging system, evolving business models for EV charging, and wide ranging opportunities in developing region are anticipated to create numerous opportunities for the market growth.

The global electric vehicle fast charging system market has witnessed several strategic and technological developments in the past few years, undertaken by the different market players to attain their respective market shares in this emerging domain.Some of the strategies covered in this section are product launches and developments, business expansions, acquisitions and partnerships/collaborations/joint ventures.

The preferred strategy for the companies has been partnerships/collaborations/joint ventures in order to strengthen their position in the global electric vehicle fast charging system market.

According to the analysis, the global electric vehicle fast charging system market was valued at 96.4 thousand units in 2018. APAC dominated the global electric vehicle fast charging system market in 2018, whereas Rest-of-the-World is expected to have the highest growth rate during the forecast period 2019-2029.

The key market players in the global electric vehicle fast charging system market are ABB, Advanced Vehicle Manufacturing, Inc., Blink Charging Co, ChargePoint, Inc., Delta Electronics, Inc., EVBox, Elmec Inc, GARO, Hog Kong EV Power Limited, POD Point, Proterra, Inc., Schneider Electric, Services FLO Inc, Shenzhen SORO Electronics Co., Ltd, Siemens, and Valent Power.

The report is a compilation of different segments of the global electric vehicle fast charging system market including market breakdown by type, application, and region. The report further takes into consideration the market dynamics and the competitive landscape. The study also discusses in detail about the key participants involved in the industry. The report answers the following questions about the global electric vehicle fast charging system market:
• What is electric vehicle charging system?
• What are the major technological trends which are expected to affect the market ecosystem?
• What are the major business models followed by the EV fast charging network providers?
• Which global factors are expected to impact the electric vehicle fast charging system market?
• What are the key market strategies adopted by the electric vehicle fast charging system players?
• How wide is the electric vehicle fast charging system market in terms of revenue, and what is the compound annual growth rate "CAGR" (2019-2029)?
• What is the revenue generated by different types of fast charger used for charging electric light duty vehicles and electric buses?
• What is the revenue generated by different applications of fast charging system, namely public charging and private charging?
• What is the revenue breakdown in different regions, namely North America, Europe, Asia-Pacific, and Rest-of-the-World (RoW)?
• Which are the key companies operating in the electric vehicle fast charging system market?

Executive Summary
The global automotive industry is undergoing transformations, with a shift in the consumer behaviour from conventional vehicles to electric vehicles as well as an increase in the implementation of stringent environmental regulations.The automotive industry currently experiences substantial investments in research and development.

Unlike in other industries, automotive research and development efforts are largely funded by this industry, rather than public sources.The spending for R&D from automotive OEMs and equipment providers is increasing rapidly to keep pace with the demands for more sophisticated and effective technologies, such as electric vehicle fast charging system and wireless charging system, owing to the need of advance and fast charging station in highways as well as in cities.

As a consequence, both public sources and private companies are investing substantially in the automotive industry.

An electric vehicle fast charging system is an integral part of the electric vehicle ecosystem and is used to charge the battery of electric vehicles faster as compared to other chargers. These chargers supply electric energy to the electric vehicle to charge the battery of electric vehicles and plug-in hybrid vehicles.

The electric vehicle fast charging system market is anticipated to grow at a CAGR of 21.90% during the forecast period 2019-2029. The electric vehicle fast charging system market is majorly driven by the factors such as rise in electric vehicles sales, technological advancement, and increasing push from government for the deployment of highway chargers as well as fast bus chargers. However, factors such as a lack of standardization and the high cost of equipment and installation hamper the overall market growth. Moreover, the transition from conventional energy for charging system, evolving business models for EV charging, and wide-ranging opportunities in developing region are anticipated to create numerous opportunities for the market growth.

The electric light duty vehicle segment dominated the global electric vehicle fast charging system market, accounting for around 74.08% of the total market in 2018 and is anticipated to maintain its dominance throughout the forecast period (2019-2029). The electric light duty vehicle fast charging system market was estimated at 71.4 thousand units in 2018 and is anticipated to reach 564.5 thousand units by 2029, growing at a CAGR of 21.20% from 2019 to 2029. This is mainly due to a rise in the number of electric passenger vehicles, such as electric cars, vans, and pick-up trucks, which further boosts the demand for fast charging system. Additionally, governments of numerous countries are creating policies and taking initiatives to increase the deployment rate for electric vehicles. Moreover, governments are also focusing for the deployment of highway chargers for electric vehicles. In terms of growth, the electric buses fast charging system market is anticipated to be the segment with the highest potential expected and to register the highest CAGR of 17.3% from 2019 to 2029. This is mainly due to the rising number of intra-city electric bus fleets owing to the rising vehicular emission concern, which further boosts the demand for opportunity charging as well as depot charging.

The public charging segment dominated the global electric vehicle fast charging system market, accounting for around 68.08% of the total market in 2018 and is anticipated to maintain its dominance throughout the forecast period. The public fast charging system market was estimated at 65.7 thousand units in 2018 and is anticipated to reach 532.0 thousand units by 2029, growing at a CAGR of 21.47% from 2019 to 2029. This is mainly due to the fact that LDVs are more in number as compared to electric buses, as public charging is mostly used by the electric LDVs, such as electric cars, vans, and pickup truck. Government of various countries, such as India, the U.S., China, and the Netherlands, are deploying highway charger to overcome the need for public charging at highways.

APAC dominated the global electric vehicle fast charging system market accounting for 82.20% of the total market share in 2018 and is anticipated to uphold its dominance throughout the forecast period. The APAC electric vehicle fast charging system market was estimated at 79.3 thousand units in 2018 and is anticipated to reach 627.3 units by 2029, growing at a CAGR of 21.21% between 2019 and 2029. The electric vehicle fast charging system market in APAC is majorly driven by factors, such as growing number of electric vehicles in the region, which further creates high demand for fast charging system. In the APAC region, China is currently the largest market for EV fast charging, as China is the largest market for electric vehicles also. This is mainly due to the stringent government rules and regulation regarding vehicular emission. which have created a push by the government for the adoption of electric vehicles.

The global electric vehicle fast charging system market has witnessed several strategic and technological developments in the past few years, undertaken by different market players to attain their respective market shares in this emerging domain. Some of the initiatives taken by players in the component market include new product launches and developments, development of precise and secure systems, pricing strategies, acquisitions of small-scale start-ups and emerging players, and formation of partnerships among the major players of the electric vehicle ecosystem.

The key players in the global electric vehicle fast charging system market are ABB, Advanced Vehicle Manufacturing, Inc., Blink Charging Co, ChargePoint, Inc., Delta Electronics, Inc., EVBox, Elmec Inc, GARO, Hog Kong EV Power Limited, POD Point, Proterra, Inc., Schneider Electric, Services FLO Inc, Shenzhen SORO Electronics Co., Ltd, Siemens, and Valent Power.

Countries Covered
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• The Netherlands
• Rest-of-Europe
• APAC
• China
• Japan
• South Korea
• Rest-of-APAC
• Rest-of-the-World (RoW)
• Latin America
• Middle East and Africa (MEA)

Read the full report: https://www.reportlinker.com/p05774462/?utm_source=PRN

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