DUBLIN--(BUSINESS WIRE)--The "Global High Power Charger for Electric Vehicle Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The high-power charger for electric vehicles market is estimated to register a CAGR of over 30% during the forecast period, 2019-2024.
Electric vehicles have been gaining traction since 2012 with various governments, worldwide, encouraging automakers to manufacture electric vehicles. The demand for high-power chargers for electric vehicles is expected to increase in the years to come.
Governments of various regions, such as Europe and Asia-Pacific, have plans to launch high-power electric buses. Moreover, electric vehicle charging infrastructure is gaining traction, owing to several factors, such as an increase in electric vehicle sales across potential and emerging markets, expanding EV charging stations, and demand from residential and commercial end users opting for fast charging trends.
In addition, investments and acquisition activities of non-renewable energy giants that are diversifying their portfolio to meet the escalating vehicle electrification trend are likely to drive the growth of the market in the coming years.
The growth in terms of adoption and sales of electric vehicles, increasing stringent safety norms promoting the adoption of electric vehicles by the government, and the introduction of advanced technology (high-power technology) for electric vehicles manufactured with high-power capabilities are expected to lead to a growth in the high-power charger for electric vehicles market in the coming years.
Technological advancements, such as the deployment of electronic payment method through RFID technology, controlled by a cloud-computing platform in fast charger manufacturing shall provide growth opportunities for the market in the years to come.
350 kW and above Power Type Segment projected to grow at a high pace
Currently, the 350 kW and above power type segment has the highest share out of all the segments. The announcement of numerous projects regarding the launch of ultra-fast charging stations and growing investment toward the development of the public charging infrastructure, worldwide, are the primary factors responsible for the faster growth rate for 350 kW chargers.
In 2018, Ionity chose Tritium as its technology partner for the construction of 100 high-power charging sites across Germany, France, the United Kingdom, Norway, and Sweden. China is in plans to upgrade its GB/T standard, which is expected to overtake both the CCS and CHAdeMO standards, at 350 kW and 400 kW, respectively, with a maximum charge of 900 kW on the new GB/T standard.
The electric vehicle (EV) - charging stations developed by Tritium shall have an average of up to six user units, each capable of delivering 350 kW of power for fast charging of modern EVs, thus, 150 km of driving range to an EV in just five minutes. Thus, the increasing focus on this segment shall lead to its estimated high CAGR.
Europe is expected to see the highest growth
In the high-power charger for electric vehicles market, the growth of the European region is expected to be more during the forecast period. Europe is witnessing an increase in the number of electric vehicles. The increase in the sales of electric vehicles is due to the rising presence of DC fast-charging stations along the highways, as well as on road sides.
The DC fast-charging stations are led by the 125 Kw Tesla Supercharger network. Moreover, the increasing number of DC fast chargers in Germany shall lead to the growth of the market in the country. On the other hand, plug-in hybrid car and pure electric cars accounted for 59,911 registrations and 15,474 sales, respectively, in the United Kingdom, in 2018. The availability of a wide range of electric models is one of the key indicators for the positive growth of the EV market in the United Kingdom.
France is one of the leading markets in terms of European electric vehicles sales, registering 52,597 sales of electric vehicles in 2018. Out of this, 39,158 registered as all-electric vehicles, while the rest accounted for plug-in hybrid electric vehicle sales, in 2018. Thus, such developments are likely to lead to drive the growth of the high-power charger for electric vehicles market in the European region.
The high-power charger for electric vehicles market is fragmented, with various players existing in the market. ABB Ltd is the leading player in the market. Other players in the market include Ev-Box BV, IES Synergy, Garo AB, XCharge Inc., and Tesla Inc., which constitute over 30% of the market.
Various initiatives done by companies have led them to strengthen their presence in the market. For example, in 2018, ABB Ltd announced that it installed the first DC fast charger, Terra 53 multi-standard DC charging station (50 KW), in Egypt. Moreover, in 2018, Tesla Motors Netherlands BV and Turkish manufacturer, Gersan Elektrik Ticaret ve Sanayi AS, signed a one-sided non-disclosure agreement to evaluate a possible commercial deal for the production and installation of electric vehicle charging stations.
Key Topics Covered
1.1 Study Deliverable
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Power Output Type
5.1.1 50 kW - Less than 150 kW
5.1.2 150 kW - 350 kW
5.1.3 350 kW and Above
5.2 Vehicle Type
5.2.1 Plug-in Hybrid Electric Vehicle (PHEV)
5.2.2 Battery Electric Vehicle (BEV)
5.3.1 North America
5.3.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Royal Dutch Shell (Acquired NewMotion)
6.2.3 XCharge Inc.
6.2.4 Total (Acquired G2Mobility)
6.2.6 IES Synergy
6.2.10 Allego B.V.
6.2.11 Phoenix Contact
6.2.12 Tesla Inc.
6.2.14 Ensto Group
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/research/2bzdpn/high_power?w=4
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Related Topics: Electric and Hybrid Vehicles