EV High Power Charger Market: Current Analysis and Forecast (2022-2030)

The High power charger refers to level 3 DC fast charger that converts AC power to DC within the charging station and deliver DC power directly to the battery. DC fast chargers has an output range that starts from 50Kw and goes all the way to 350Kw and are capable of recharging an EV battery to 80% anywhere within 15 minutes to 45 minutes, depending on the vehicles voltage capacity.

The EV high power charger market is expected to grow at a strong CAGR of 30% during the forecast period owing to rising adoption of EVs and increasing investments in charging infrastructure for EVs. The market is mainly driven by factors like the adoption of medium- and heavy-duty EVs by fleets (such as commercial trucks, vans, and public transportation), as well as the construction of fast charging centres for transportation network companies (such as Uber and Lyft), also as the EV fleet is rising on the roads, longer trips are made easier by public fast chargers. As they become more prevalent, they will allow longer trips, encourage consumers who do not have access to private charging to buy an EV, and address range anxiety as a barrier to EV adoption. Moreover, governments incentivization for increasing the charging infrastructure through direct investments to install publically accessible chargers or through subsidies or incentives is further fueling the growth. For instance, on Feb 2022, The U.S. Departments of Transportation and Energy announced nearly USD 5 billion that will be made available under the new National Electric Vehicle Infrastructure (NEVI) Formula Program established to build out a national electric vehicle charging network, an important step towards making electric vehicle (EV) charging accessible to all Americans. The program will provide nearly $5 billion over five years to help states create a network of EV charging stations along designated Alternative Fuel Corridors, particularly along the Interstate Highway System.

Based on power capacity, the market is segmented into 50kw-150kw, 150kw-350kw, and above 350kw. The 150kw-350kw is anticipated to witness the highest CAGR during the forecast period. In recent years, as the demand for long range BEV vehicles as well as SUVs and light duty trucks are increasing companies are launching EVs that features heigher charging speeds, with most models are coming with an acceptance rate of 100kw and above charging speed. Moreover, with companies starting to electrify their fleets at a rapid rate, for last mile deleiveries, shared mobility or cab services are further boosting the demand for the public high power chargers that takes less time for recharging. For instance, Walmart bought 4,500 Canoo EDVs and reserved 5,000 GM BrightDrop electric vans for last-mile deliveries. For larger deliveries, the business also tested Freightliner eCascadia and Nikola heavy electric trucks. Amazon has also recently deployed a fleet of Rivian electric trucks in 100 cities across the United States, with the goal of ultimately deploying 100,000 electric trucks for delivery. The US Postal Service is also going electric, pledging to spend nearly $10 billion on a fleet of more than 60k electric vehicles by 2028.

Based on connector plug type, the market is segmented into Tesla supercharger, CHAdeMO, and CCS. CCS(Combined Charging) category is anticipated to witness the highest CAGR during the forecast period. The major factor for this growth is because majority of the EVs these days uses CCS charging as it is accepted standard with most American and Europian manufactuers like General Motors, Ford, Dodge, Jeep, Chrysler, Mercedes, Volkswagen, BMW, Audi, Honda, Porsche, Kia, Volvo, Rolls Royce, and several others, also CHAdeMO requires an additional connector cord for using AC charging whereas CCS does not as it comes with cobined connector port hence it is more convenient to use and is more widely accepted as a standard.

Based on vehicle type, the market is bifurcated into BEV(battery electric vehicle) and PHEV(plug in hybrid electric vehicle). BEV is anticipated to witness a significant CAGR during the forecast period. The driving factors for BEV is urbanization where more than 50% of global population is projected to be living in the cities by the year 2030 and where driving distance is much shorter hence making BEV an ideal choice. Moreover, buisnesses and governments worldwide are aimed at reducing GHG(green house gas) emission, reducing noise pollution, and increasing efficiency by focusing more on making EVs mainstream where governments are offering tax credits and incentives for those who purchases EV, making electric vehicles more accessible for the mass adoption.

For a better understanding of the market adoption of the EV high power charger industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The EV high power charger market in the Asia Pacific(APAC) region held the largest market share and is expected to maintain its growth throughout the forecast period. With increasing use of EV for longer journeys and for countering the range anxiety as a barrier for EVs, rate of installation of fast charger is much heigher than the slow chargers and is significantly influencing the market growth during the forecast period. For instance, as per international energy agency(IEA), Publicly accessible chargers worldwide approached 1.8 million charging points in 2021, of which a third were fast chargers. Nearly 500 000 chargers were installed in 2021, which is more than the total number of public chargers available in 2017.

Some of the major players operating in the market include: Tesla; ABB; Siemens; Tritium DCFC Limited; Sice Automobile Technology (Shanghai ) Co., Ltd; EVBox; Schneider Electric; ChargePoint, Inc; Wallbox USA Inc.; BTC POWER