Global Electric Vehicle Fast Charging System Market: Focus on Electric Light Duty Vehicles and Electric Buses Fast Charging System, Evolving Technologies, and Business Models – Analysis and Forecast, 2019-2029
The global automotive industry is undergoing a period of wide-ranging transformations with a change in the consumer behavior as well as an increase in the implementation of stringent environmental regulations. A rise in the conventional fuel vehicle sales, along with increasing global population and urbanization, has brought with it some serious concerns, such as global warming and alarming pollution levels. There are innumerable issues that are plaguing the planet, and the natural resources (especially fossil fuels) are declining at a rapid pace. This has consequently led the governments, environmental agencies, and automobile manufacturers to develop different modes of transport that run on alternate means.
An electric vehicle fast charging system is an integral part of the electric vehicle ecosystem and is used to charge the battery of electric vehicles faster as compared to other chargers. These chargers supply electric energy to the electric vehicle to charge the battery of battery electric vehicles and plug-in hybrid vehicles. The electric vehicle fast charging system market is majorly driven by the factors such as rise in electric vehicles sales, technological advancement, and increasing push from government for the deployment of highway chargers as well as fast bus chargers. However, factors such as a lack of standardization and the high cost of equipment and installation hamper the overall market growth. Moreover, the transition from conventional energy for charging system, evolving business models for EV charging, and wide ranging opportunities in developing region are anticipated to create numerous opportunities for the market growth.
The global electric vehicle fast charging system market has witnessed several strategic and technological developments in the past few years, undertaken by the different market players to attain their respective market shares in this emerging domain. Some of the strategies covered in this section are product launches and developments, business expansions, acquisitions and partnerships/collaborations/joint ventures. The preferred strategy for the companies has been partnerships/collaborations/joint ventures in order to strengthen their position in the global electric vehicle fast charging system market.
According to BIS Research analysis, the global electric vehicle fast charging system market was valued at 96.4 thousand units in 2018. APAC dominated the global electric vehicle fast charging system market in 2018, whereas Rest-of-the-World is expected to have the highest growth rate during the forecast period 2019-2029.
The key market players in the global electric vehicle fast charging system market are ABB, Advanced Vehicle Manufacturing, Inc., Blink Charging Co, ChargePoint, Inc., Delta Electronics, Inc., EVBox, Elmec Inc, GARO, Hog Kong EV Power Limited, POD Point, Proterra, Inc., Schneider Electric, Services FLO Inc, Shenzhen SORO Electronics Co., Ltd, Siemens, and Valent Power.
The report is a compilation of different segments of the global electric vehicle fast charging system market including market breakdown by type, application, and region. The report further takes into consideration the market dynamics and the competitive landscape. The study also discusses in detail about the key participants involved in the industry. The report answers the following questions about the global electric vehicle fast charging system market:
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