EV Turbo Charging Market By Offering (Hardware, Software, and Service), By Charger Type (Combined Charging System (CCS), CHAdeMO, and Tesla), By Station Type (Private Charging Infrastructure and Charging Infrastructure), By Vehicle Type (Passenger Vehicle and Commercial Vehicle) – Analysis & Forecast 2020-2030.
Report ID : 364 | Published Date : Jul 2020 | Pages : 170 | Region : Global | Report Code : AT-14
EV Turbo Charging Market Overview and Introduction
EV turbo charging refers to DC fast-charging for electric vehicles. The DC charging technology offers faster charging speeds as compared to AC charging technology. This is because DC charging technology provides DC power directly to the battery unlike AC charging technology, which converts AC power to DC in order to charge the battery. Thus, DC fast-charging bypasses the time required for AC to DC conversion. Additionally, the charging time also depends on the battery size, the output of the dispenser, and the vehicle charging flexibility. CHAdeMO, Combined Charging System (CCS), and Tesla are the major adopted charging standards present in the operating market. Tesla charging standard is only available for Tesla electric vehicles. However, Tesla electric vehicles are capable of adopting other charging standards including CHAdeMO.
Many regional governments have been undertaking vital initiatives to promote electric vehicles owing to various environmental concerns and to reduce dependency on crude oil. For instance, in Feb 2019, the Governor of New York announced about US$31.6 million funding for expanding electric vehicle fast-charging stations. Additionally, established key players and automakers have been investing heavily to develop Fast DC charging infrastructure. For instance, in October 2019, a giant automaker, Ford, announced that it will be creating North America’s largest electric vehicle public charging network. Also, the company is planning to spend $11.5 billion on the electric vehicle technology through 2022. Such initiatives are likely to further fuel the market growth.
The launch of new electric vehicles that support the DC fast-charging technology and the emergence of portable DC fast chargers for residential applications are expected to drive to market growth during the forecast period. Additionally, ongoing R&D activities to develop better solutions in the market and the increasing adoption of the DC fast-charging technology in commercial vehicles are expected to boost the market growth. Moreover, increasing collaborations between the government bodies & electric vehicle station manufacturers across the globe are expected to create new growth opportunities during the forecast period.
However, the lack of electric vehicle infrastructure in several regions, including the Middle East & Africa, is one of the major limiting factors present in the market. Additionally, battery power limitations and time constraints for charging are other factors restraining the market growth. Moreover, the emergence of fuel cell electric vehicles is considered as one of the major threats present in the operating market.
The global EV turbo charging market can be segmented into Offering, standard, station type, vehicle type, and region.
EV Turbo Charging Market By Offering
Based on offering, the market can be segmented into hardware, software, and service. The hardware segment is likely to grow at the highest CAGR during the forecast period. The growth for this segment can be attributed to the increasing demand for DC fast-charging stations at residential places. Also, the growing demand for DC fast-charging hardware in the development of public and private electric vehicle charging infrastructures is propelling the growth of this segment.
EV Turbo Charging Market By Charger Type
Based on charger type, the market can be segmented into Combined Charging System (CCS), CHAdeMO, Tesla, and others. In 2019, the CHAdeMO segment accounted for the largest market share and expected to continue its dominance for the next few years. The growth of this segment can be attributed to its high adoption in North America and Europe. Also, the ChAdeMO standard is highly suitable for DC fast-charging, which is further supplementing the growth for this segment.
EV Turbo Charging Market By Station Type
Based on station type, the market can be segmented into private charging infrastructure and public charging infrastructure. The private segment is expected to grow at the highest CAGR during the forecast period. The growth for this segment can be attributed to the development of compact-sized DC fast chargers for residential places. Moreover, the increasing number of new passenger electric vehicle launches is supplementing the growth of this segment.
EV Turbo Charging Market By Region
Based on region, the global EV turbo charging market can be segmented into North America, Europe, Asia Pacific, and the Rest of the world. In 2019, North America accounted for the largest market share followed by Europe. However, Asia Pacific is expected to grow with the highest CAGR during the forecast timespan. Favorable government initiatives, the presence of established players such as Tesla, and the high demand for passenger electric vehicles are the major factors driving the market growth in North America. The growth of the Asia Pacific region can be attributed to the growing adoption of electric vehicles in China, Japan, India, and South Korea. Also, extensive investments in China for the development of a Fast DC charging infrastructure is supplementing the growth in this region.
EV Turbo Charging Market Prominent Players
Some of the prominent players in the EV turbo charging market include ChargePoint, Inc., EVgo Services LLC., Blink Charging Co., Tesla, ABB, Efacec Electric Mobility, S.A., Schneider Electric, SIGNET SYSTEMS INC., Bosch Automotive Service Solutions Inc, and BTCPower, among others.