Electric Vehicle Fast-Charging System Market To Reach USD 6.40 Billion With CAGR 21.08% by 2028: Market Report Constantly Evolving Business Models for Promoting EV Adoption Rate

Market Overview:
Global Electric Vehicle Fast-Charging System Market Size Was Valued at USD 1.60 Billion in 2021, and is Projected to Reach USD 6.10 Billion by 2028, Growing at A CAGR of 21.08% From 2022 to 2028.

Fast charging systems for electric vehicles are becoming increasingly important in facilitating the transition to zero-emission mobility. The dominant fast charging capacity for passenger vehicles is 50 kW, while newer systems allow charging at speeds of at least 175 kW, and even 350 kW. For commercial and logistics fleets, even higher fast charging rates apply (up to 1 MW), such as for buses and heavy trucks. Such systems allow electric vehicles (EVs) to travel smoother long distances with faster charging times and more efficient use of stations from a business perspective. The DCFC is the fastest of the three, making it ideal for long-distance travel with frequent stops to recharge. DCFC could be key for EV users to make longer trips and travel farther along US highways more convenient and faster as EV ranges grow and EV infrastructure grows development becomes more common. Therefore, the market for fast charging systems for electric vehicles is expected to explode during the forecast period.

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Market Dynamics:

Driver:
An increase in the use of electric vehicles and greater penetration of fast-charging electrification for public transport will likely drive demand for fast-charging systems for electric vehicles. People in countries like China, Norway, the UK and Germany, among others, are increasingly turning to electric vehicles, prompting carmakers to invest heavily in the market and open up new markets. expanding their activities through partnerships with national companies, aiming to join forces to produce advanced electric vehicles.

Opportunities:
Fast Charging Infrastructure Development Opportunity For Long-Distance Travel
While fast charging stations currently play an important role in meeting the demand for long-distance charging, future increases in charging speeds could alter their usefulness. In major Chinese cities, such as Beijing, many fast charging stations such as level 2 stations have been installed. This is an attempt to meet the needs of urban EV drivers, who do not have their own parking space and therefore have a dedicated charging station.

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Segmentation Analysis of Electric Vehicle Fast-Charging System Market
By Power, >200 KW segment is expected to be dominating in the Electric Vehicle Fast-Charging System Market. The fast-charging system above 200 KW is also referred to as high-power charging.
By Connector Type, CHADeMO dominates the EV fast-charging system market. The CHAdeMO charging system was developed by Tokyo Electric Power Co. Between 2006 and 2009, TEPCO worked on several EV infrastructure initiatives with Nissan, Mitsubishi, and Subaru (amongst others).
By Application, the Public segment is likely to dominate the Electric Vehicle Fast-Charging System Market. Governments all over the world are promoting electric vehicles by investing extensively in the expansion of EV charging infrastructure to attract more people to them.

By Type
• 200 KW

By Connector Type
• SAE Combo Charging System
• GB/T
• CHADeMO
• Supercharger

By Application
• Public
• Private

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Regional Analysis of Electric Vehicle Fast-Charging System Market

The European region is dominating the Electric Vehicle Fast-Charging System Market. Electric car sales in Europe were much greater as a result of current legislative support programs. Global market conditions were dramatically different in the second half of 2020 when lockdowns were eased for a time and the automobile sector began to recover. Electric vehicle sales in all major markets, including China, India, the European Union, Korea, the United States, and the United Kingdom, exceeded monthly sales every month between July and December 2019.

By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
• Middle East & Africa (GCC Countries, South Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of South America)

Players Covered in Electric Vehicle Fast-Charging System Market are

• ABB
• Blink Charging Co.
• BP Chargemaster Ltd
• Broadband TelCom Power Inc.
• ChargePoint Inc.
• Delta Electronics Inc.
• Efacec Electric Mobility
• Signet EV Inc.
• EVBox
• ShenZhen SETEC Power Co. Ltd.
• Siemens
• Star Charge

Key Industry Developments In Electric Vehicle Fast-Charging System Market
In September 2021, ABB has unveiled a revolutionary all-in-one electric vehicle (EV) charger that offers the industry's fastest charging experience. The Terra 360 from ABB is a modular charger that can charge up to four vehicles at once with dynamic power distribution.

July 2020, Over the next five years, GM and EVgo plan to increase the size of the nation's largest public fast-charging network by adding more than 2,700 new fast chargers, which will assist drive wider adoption of electric vehicles.

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Table Of Content
Chapter 1: Introduction
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
Chapter 4: Market Landscape
Chapter 5: Electric Vehicle Fast-Charging System Market by Power
Chapter 6: Electric Vehicle Fast-Charging System Market by Connector Type
Chapter 7: Electric Vehicle Fast-Charging System Market by Application

To Be Continue….
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