In 2021, the electric vehicle fast-charging market contributed $3,240.7 million, and it is projected to generate $18,909.8 million revenue in 2030, rising at a rate of 21.7% from 2021 to 2030. It is ascribed to the worldwide growing sales of the EV, resulting in zero-emission transportation.
Moreover, public charging holds a substantial share of the industry, and it is expected to rise at a rate of 22% from 2021 to 2030, ascribed to the massive installation of public fast chargers for the adoption of EVs. Numerous EV and OEM network operators are establishing public fast chargers at hospitality facilities, retail houses, government offices, parking lots, offices, gas, fuel stations, and other areas.
The Bipartisan Infrastructure Law has allocated around $7 billion for EV charging infrastructure development in the U.S., aiming at the deployment of 500,000 public chargers by 2030 in the country. The rising adoption of the E.V. proliferates the demand for the development of the EV charging infrastructure.
The vehicle-to-grid EV charging technology facilitates electrical energy flow in both directions, to and from power grid and plug-in electric vehicles. In addition, this technology enables electrical vehicles for storing and discharging unused energy to the grid, to the improvement of electrical component performance that adds value to electric vehicle owners.
GB/T holds the significant revenue share of the EV fast charging infrastructure industry, amounting to ~$1.2 billion, and it is expected to rise at a 20% rate in the coming future. It is attributed to GB/T DC fast-charging technology provides faster charging of up to 250 kW of power.
Moreover, superchargers are projected to experience extensive development in the coming future, as they fit the long-distance travel and intend to charge Tesla swiftly. This is why Tesla Inc. captures a larger share of the global electric car industry. Superchargers, provide lucrative opportunities to industry players. Moreover, the price drop in the Tesla models leads to their rising sales which, in turn, fuels the growth of the supercharger industry.
EV fast chargers with a capacity of <100-kW are projected to capture a significant share of the industry in the coming future, rising at a rate of over 21% from 2021 to 2030. It is due to fast chargers with a 100-kW power output that are affordable and provide fast charging in 1 to 2 hours. These are usually installed at retail shops, hotels, and shopping malls.
A Look at the EV Fast Charging Infrastructure Market Accelerating Growth
Pramod has around 7 years of experience in market research and consulting services for healthcare industry.
