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

The EV high power charger market is expected to grow at a strong CAGR of around 30% during the forecast period.

High power charger refers to the level 3 DC fast charger which can recharge an EV to 80% in about 20-45 minutes. The EV high power charger market includes a range of products such as high power charger of different power capacities, different voltage capacities, in addition high power charger uses different types of operating connector plugs like Tesla supercharger, CHAdeMO, and CCS. Moreover, different mode of businesses are operational in this market where some players are in direct manufacturing of the components and some are operating as a service provider by giving charging as a service(Caas), and lots of state units are also actively involved in this market, developing charging infrastructure at very fast rate.

Electric vehicles are increasing on the roads and it is anticipated that, 120 million BEVs will be sold till 2030, this growth will be driven by declining battery prices and cost of ownership, increase in fleet electrification and focus on achieving emissions targets. With this rising EV customer base, demand for public fast charging is also increasing for its on-the-go use case which delivers charging at highest speed, and to make this on-the-go use case work charger technology is focused on DC high power charger that can deliver power up to 350Kw and more, bringing this EV ecosystem very close to conventional transportation ecosystem by reducing the charging time to as low as 20 minutes which is comparable to what it takes for filling up the gas at the gas station. And because of these factors countries are investing heavily on increasing their fast charger infrastructure. For instance, as per IEA, in 2021 the number of public fast chargers in Europe was up by over 30% to nearly 50 000 units. This includes 9 200 public fast chargers in Germany, 7 700 in the United Kingdom, 6 700 in Norway, 4 500 in France, 2 600 in Spain and in the Netherlands. The United States counts about 22 000 fast chargers, of which nearly 60% are Tesla superchargers. Korea has 15 000 fast chargers, 50% more than in 2020.

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. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst power capacity type, the 150Kw-350kW segment is expected to grow with the significant CAGR during the forecast period.”

On the basis of power capacity type, the market is segmented into 50kw-150kw, 150kw-350kw, and above 350kw. 150Kw-350Kw segment is anticipated to grow at the highest CAGR. With increased EVs affordability now the major roadblock in the mass adoption EVs are no longer the cost but the charging time where EV drivers want to charge their cars as conveniently as they would refuel an ICE vehicle. And ultra fast charging is the solution for this which can recharge an electric vehicles batteries in less than 30 mins. Moreover, one of the key barriers for the EV adoption is range anxiety with more high power DC fast charger on the road this can no longer be a concern. Additionallly until 2017 virtually all electric vehicles were limited to 50Kw fast charging and most fast charger installed had maximum capacity of 50kw but now manufacturers such as Volkswagen, Audi and Porsche are agreeing with the fact that ultra fast charging is critical for the adoption of electric cars. For instance, in 2017 CharIN released the specifications of an enhanced CCS standard that allows charging up to 350 kW. That’s up to seven times faster than a 50 kW charger reducing the time to charge 250 kilometers of range from one hour to less than 10 minutes.

 “Amongst vehicle type, the BEV segment holds the significant market share in the year 2021”

Based on vehicle type, the market is bifurcated into BEV and PHEV. BEV segment holds the highest market share and is also anticipated to witness the highest CAGR during the forecast period.  The growing factors such awareness about environmental concerns among the consumers, rising number of choices of electric vehicles in the market which used to be very concentrated in the past and rapid urbanization is fueling this growth. Moreover, BEV being full electric and with increasing value proposition offered by an electric vehicle, with decreasing cost, and increasing range along with rising fast charging infrastructure, is loved more by the consumers than PHEVs.

EV high power charger Market Report Coverage

“Asia Pacific dominated the EV high power charger market in 2021.”

The EV high power charger market in the Asia Pacific region held the largest market share and is expected to maintain its growth throughout the forecast period. With rising electric vehicles market the need for charging infrastructure has become a necessity and governments are being very proactive about it as they have prioritized reducing tailpipe emissions in their countries which account for the major GHG emissions For instance, as per IEA, China has set a target of having 40% of the vehicles sold in the nation be EVs by 2030, which means that a lot more vehicles will need to be charged. The government intends to have charging infrastructure in place by 2025 to satisfy the needs of more than 20 million cars, and China is the global leader in the number of publicly available chargers as of 2020. It has approximately 85% of the world’s fast chargers and 55% of the slow ones. This represents China’s demonstrated leadership in the EV sector, as well as the country’s extremely dense urbanization.

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