High-power Charger for Electric Vehicle Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The high-power charger for electric vehicles market is estimated to register a CAGR of over 30% during the forecast period (2020-2025).

• Electric vehicles have been gaining traction since 2012 with various governments, worldwide, encouraging automakers to manufacture electric vehicles. The demand for high-power chargers for electric vehicles is expected to increase in the years to come. Governments of various regions, such as Europe and Asia-Pacific, have plans to launch high-power electric buses. Moreover, electric vehicle charging infrastructure is gaining traction, owing to several factors, such as an increase in electric vehicle sales across potential and emerging markets, expanding EV charging stations, and demand from residential and commercial end-users opting for fast charging trends. In addition, investments and acquisition activities of non-renewable energy giants that are diversifying their portfolio to meet the escalating vehicle electrification trend are likely to drive the growth of the market in the coming years.
• The growth in terms of adoption and sales of electric vehicles, increasing stringent safety norms promoting the adoption of electric vehicles by the government, and the introduction of advanced technology (high-power technology) for electric vehicles manufactured with high-power capabilities are expected to lead to a growth in the high-power charger for electric vehicles market in the coming years. 
• Technological advancements, such as the deployment of electronic payment methods through RFID technology, controlled by a cloud-computing platform in fast charger manufacturing, shall provide growth opportunities for the market in the years to come.

Scope of the Report

High-power charger for electric vehicles is essentially a DC fast charger that provides charging for vehicles in less than 30 minutes using fast-charging standards, like CHAdeMO, CCS, Supercharger, by transferring power at a minimum rate of 22kWh. The high-power charger for electric vehicles market study includes various power output type ranging from 50 kW - 150 kW, 150 kW - 350 kW, and above 350 kW, vehicle types, such as plug-in hybrid electric vehicle (PHEV) and battery electric vehicle (BEV).

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Key Market Trends

350 kW and above Power Type Segment projected to grow at a high pace

Currently, the 350 kW and above power type segment has the highest share out of all the segments. The announcement of numerous projects regarding the launch of ultra-fast charging stations and increasing investment toward the development of the public charging infrastructure, worldwide, are the primary factors responsible for the faster growth rate for 350 kW chargers. In 2018, Ionity chose Tritium as its technology partner for the construction of 100 high-power charging sites across Germany, France, the United Kingdom, Norway, and Sweden. China is in plans to upgrade its GB/T standard, which is expected to overtake both the CCS and CHAdeMO standards, at 350 kW and 400 kW, respectively, with a maximum charge of 900 kW on the new GB/T standard. The electric vehicle (EV) - charging stations developed by Tritium shall have an average of up to six user units, each capable of delivering 350 kW of power for fast charging of modern EVs, thus, 150 km of driving range to an EV in just five minutes. Thus, the increasing focus on this segment shall lead to its estimated high CAGR.

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