The rise of fast charging infrastructure propelled the growth of the EV high power charger market in the APAC Region!
- Himanshu Patni
- December 16, 2023
- AUTOMOTIVE, NEWS
- EV High Power Charger Market, EV High Power Charger Market Forecast, EV High Power Charger Market Growth, EV High Power Charger Market Share, EV High Power Charger Market Trends
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The EV high power charger market in APAC (Asia-Pacific) is expected to grow significantly in the coming years. APAC is a region with diverse economies and infrastructure development levels, but the demand for high power charger is increasing across the region due to the rapid urbanization which is taking place in the region. The growing adoption is also attributed to the rising demand for the electric vehicles in these markets, as with rising production and China being one of the global leader in battery manufacturing and one of the biggest manufacturer of electric vehicles, with the economy of scale the price of an electric vehicle is approaching the ICE counterpart, but the offerings of an electric vehicle is far more lucrative than an ICE counterpart. Moreover, with governments aiming to become carbon neutral in the coming years, and the transportation sector being a major contributor to greenhouse gas (GHG) emissions while also being necessary for driving the economy, governments are further fueling the growth of this industry through subsidies and tax breaks for both manufacturers and consumers.
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For instance, on March 2023, The Ministry of Heavy Industries(Indian Government department) announced that Rs 800 crore(USD 100 million) has been sanctioned to three PSU oil marketing companies (OMC) under the FAME India Scheme Phase II for the establishment of 7,432 public fast charging EV stations across the nation. The sum has been approved under Phase II of the FAME Scheme. As the first installment, the ministry has released 70% of the total amount, to three OMCs – Indian Oil (IOCL), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) – for the installation and commissioning of upstream infrastructure and charging equipment of EV public charging stations at respective retail outlets across the country. Moreover, as the emerging economies continues to grow, rapid urbanization is happening with more people joining the workforce and living in the cities, raising the demand for mobility and due to this currently buisnesses that are operating in this sector such as shared mobility, cabs and taxis, and last mile deliveries are very extensively electrifying their large fleets. For instance, on May 2022, Indian automaker TATA Motors, unveiled the electric version of its popular mini truck, Ace, as it continues the drive for electrification of its portfolio. The company has also signed pacts with leading e-commerce players such as Amazon, BigBasket, City Link, DOT, Flipkart, LetsTransport, MoEVing and Yelo EV, to supply the Ace EV and it has already received orders for 39,000 unit.
The APAC EV high power charger market is expected to grow at a strong CAGR of 30 % during the forecast period (2022-2028). APAC is anticipated to emerge as the fastest-growing EV high power charger market primarily owing to the spur in demand for long range BEVs in China, India, and Japan coupled with rising income and awareness about climate change and its implications, countries like China and India are expected to drive the market during the analysis time period.
FIG. 1 APAC EV high power charger Market Revenue (2020-2028)- USD Mn
For a detailed analysis of the Global EV High Power Charger Market browse through – https://univdatos.com/report/ev-high-power-charger-market/
Based on power capacity type, the market is segmented into 50kw-150kw, 150kw-350kw, and above 350kw. The 150kw-350kw category 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 higher 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 deliveries, shared mobility or cab services are further boosting the demand for the public high power chargers that takes less time for recharging
Based on connector plug type, the market is segmented into Tesla supercharger, CHAdeMO, and CCS. CCS(Combined Charging). 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 manufacturers 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.
Global EV High Power Charger Market Segmentation
Market Insight, by Power Capacity
· 50KW-150KW
· 150KW-350KW
· Above 350KW
Market Insights, by Connector Plug Type
· Tesla Supercharger
· CHAdeMO
· CCS
Market Insights, by Vehicle Type
· BEV
· PHEV
Market Insight, by Region
· North America
o U.S.
o Canada
o Rest of North America
· Europe
o Germany
o U.K.
o France
o Italy
o Spain
o Rest of Europe
· APAC
o China
o Japan
o India
o South Korea
o Rest of APAC
· Rest of the World
Top Company Profiles
· Tesla
· ABB
· Siemens
· Tritium DCFC Limited
· Sice Automobile Technology (Shanghai ) Co., Ltd
· EVBox
· Schneider Electric
· ChargePoint, Inc
· Wallbox USA Inc.
· BTC POWER
