Global Ultra-Fast EV Charging Dispensers Market - 2024-2031

Overview

Global Ultra-fast EV Charging Dispensers Market reached US$ 2.6 billion in 2023 and is expected to reach US$ 10.2 billion by 2031, growing with a CAGR of 18.6% during the forecast period 2024-2031.

In the effort towards sustainable environmental practices, many countries are shifting from internal combustion engine vehicles to electric vehicles (EVs). UK plans to prohibit the sale of all gas and diesel vehicles by 2030. The European Union seeks a total transition to electric vehicles by 2035, whereas President Biden has set a goal for a minimum of 50% of new automobile sales to be electric by 2030 in US. The move to electric vehicles is expected to greatly improve the environment; but, countries must guarantee they possess the necessary infrastructure to support this change.

The electric vehicle charging station or EV charging point, is fundamental to this infrastructure, facilitating the connection between an electric car and a power source for recharging. These stations consist of electric vehicle supply equipment (EVSE) and the requisite infrastructure for power distribution. Charging stations are classified into three categories: Level 1, Level 2 and Level 3. They might be either pedestal or wall-mounted devices utilized in diverse situations, such as public areas, commercial establishments, workplaces, residential complexes and private residences.

The need for electric vehicle (EV) charging stations is rising, propelled by the growing global acceptance of electric cars. Multiple factors contribute to the increasing demand, such as governmental incentives, intensified environmental concerns, breakthroughs in electric car technology and the proliferation of charging infrastructure. With the growing popularity of electric vehicles, the demand for convenient and accessible charging solutions is becoming increasingly essential.

Dynamics

Declining Battery Costs and Rising Customer Demand for EVs

In contrast to traditional automobiles that refuel just at gas stations, electric vehicles (EVs) can be charged at multiple locations, such as residences, businesses and public areas. This adaptability in charging is facilitated by various charging apparatus engineered to transfer electricity from the energy grid to electric vehicles. The substantial decrease in battery pack costs has facilitated the manufacture of longer-range electric cars (EVs), improving their cost-competitiveness against internal combustion engine (ICE) vehicles.

Between 2010 and 2021, the costs of battery packs have decreased by over 90%. Although recent supply chain disruptions may momentarily halt the decline in battery prices, long-term projections still anticipate additional cost reductions. Recent developments in battery technology and continuous enhancements in current technologies have significantly reduced costs over the last decade.

An instance of this advancement is the introduction of Mobilize Fast Charge in October 2022 by Mobilize and Renault's dealerships, which established an ultra-fast electric vehicle charging network. This trend highlights the increasing significance of ultra-fast charging infrastructure as a pivotal factor in the worldwide EV charging dispenser market, promoting the widespread adoption of electric vehicles and addressing the changing demands of consumers.

Growing Adoption of Electric Vehicles

The International Energy Agency reports that over 14 million electric vehicles were sold globally in 2023, predominantly in regions such China, Europe and US. The increase in EV sales has generated a significant demand for efficient and speedy charging infrastructure, underscoring the need for improved charging solutions to support the growing EV fleet. With the worldwide electric vehicle population nearing 40 million, the market for ultra-fast chargers is poised for significant expansion to enable widespread adoption.

The growing need for varied charging alternatives is driving significant expansion of ultra-rapid charging infrastructure. The Energy Research and Development Authority (ERDA) of New York State intends to convert all school buses to all electric, zero-emission versions by 2035. Realizing this objective necessitates sophisticated rapid-charging technologies that guarantee optimal operational efficiency and preparedness for these electric school buses, bolstered by New York's clean energy infrastructure.

Furthermore, the emergence of smart cities and urban planning projects that integrate EV infrastructure amplifies the demand for advanced charging stations. As metropolitan regions progressively electrify public transportation, the demand for ultra-fast chargers intensifies to facilitate these disruptive developments.

High Initial Costs

The establishment of a comprehensive charging network necessitates significant investments and effective coordination between government entities and private companies. Additionally, both the setup and ongoing maintenance of this infrastructure demand substantial capital. The costs involved can vary significantly from one country to another and encompass various components, including hardware, labor, electricity connections, land acquisition, EVSE management, software integration and civil engineering expenses.

Furthermore, the surging demand for electric vehicles can strain the existing electricity grid, necessitating frequent upgrades to accommodate the increasing load. This challenge is compounded by the lack of regulatory frameworks and standardized policies governing charging technologies, which may hinder the growth of the electric vehicle charging station market.

Segment Analysis

The global ultra-fast EV charging dispensers market is segmented based on charging power output, charging standard, installation type, end-user, application and region.

The Integrated Systems Dominated The Market

Integrated systems in the ultra-fast EV charging dispenser market denote sophisticated charging systems that amalgamate charging hardware with software and energy management capabilities. The systems are engineered to enhance the charging process for numerous electric vehicles concurrently, frequently integrating functionalities such as load balancing, real-time monitoring and payment processing.

In 2023, the integrated systems segment comprised over 65% of the total market share, attributed to its scalability and efficiency. The demand for integrated systems is propelled by the rising prevalence of electric vehicles and the necessity for enhanced charging infrastructure, especially in commercial and public environments.

The expansion is bolstered by governmental measures encouraging electric car use, investments in charging infrastructure and technological breakthroughs that enhance the performance and reliability of integrated charging solutions. Businesses, municipalities and fleet operators are anticipated to rely on integrated systems to establish efficient charging networks, hence enabling the transition to electric mobility and addressing the growing need for ultra-fast charging capabilities.

Geographical Penetration

Asia-Pacific Leads Ultra-fast EV Charging Dispensers Market

In 2023, Asia-Pacific commanded a significant proportion of the electric vehicle charging station market and is anticipated to sustain its leadership with the highest compound annual growth rate during the forecast period. This expansion is primarily propelled by the rising demand for electric cars (EVs) and the requisite supporting infrastructure.

In May 2023, Charge+ revealed intentions to construct a 5,000 km electric vehicle charging highway, incorporating 45 fast-charging sites throughout five Southeast Asian nations: Singapore, Malaysia, Thailand, Cambodia and Vietnam. The region is experiencing an infusion of enterprises entering the sector, hence facilitating its expansion. The strategic investments are expected to drive the market demand in the region.

Competitive Landscape

The major global players in the market include Siemens AG, Eaton, ChargePoint Inc., ABB, Schneider Electric, EVBox, Webasto Group, Tesla, Blink Charging Co. and EO Charging.

Russia-Ukraine War Impact Analysis

The persistent conflict between Russia and Ukraine has significantly impacted the worldwide electric vehicle (EV) sector, especially the ultra-fast EV charging dispenser market. The implementation of sanctions against Russia has established obstacles for international corporations, complicating their business operations and impeding Russian enterprises from obtaining the latest electric vehicle technology and components.

Furthermore, the conflict has displaced millions, including proficient workers in the electric vehicle sector, resulting in labor shortages and heightened operational expenses. Consumer trust has diminished due to the persistent instability, especially in Ukraine, where the demand for electric vehicles has significantly decreased.

The ambiguity over the battle has provoked concerns about the viability of the electric car industry, particularly as Russia is a crucial source of lithium and lithium-ion batteries, vital for electric vehicles. Should the scenario continue, the possible disruption of lithium supplies may result in considerable shortages and escalate prices, rendering electric vehicles less accessible for numerous buyers.

By Charging Power Output

• 50 kW to 150 kW
• 150 kW to 250 kW
• 350 kW and above

By Charging Standard

• CCS (Combined Charging System)
• CHAdeMO
• Tesla Supercharger
• GB/T (China)
• Others

By Installation Type

• Standalone Chargers
• Integrated Systems

By End-User

• Public Charging Stations
• Commercial Fleets
• Residential Charging
• Highway Rest Areas
• Others

By Application

• Commercial Vehicle
• Residential Vehicle

By Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In May 2023, Canada and US announced the establishment of the inaugural electric vehicle charging corridor between Quebec and Michigan, a prominent route for both passenger travel and trade between the two nations. This corridor will feature electric vehicle charging infrastructure at intervals of 80 km, incorporating a minimum of one DC fast charger equipped with CCS (Combined Charging System) connectors. In Canada, the route will comprise 215 stations, each situated within 6 km of a highway, including 61 stations between Detroit and Toronto and a further 154 stations between Toronto and Quebec City.
• In May 2023, Blink Charging Co. introduced a new integrated battery storage and DC fast charging device, which will be incorporated with four Blink EV chargers in Southport Plaza in Philadelphia, PA. The advanced battery energy storage system (BESS) effectively stores energy on-site and supplies power to electric vehicle (EV) operators as required.

Why Purchase the Report?

• To visualize the global ultra-fast EV charging dispensers market segmentation based on charging power output, charging standard, installation type, end-user, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel spreadsheet containing a comprehensive dataset of the ultra-fast EV charging dispensers market, covering all levels of segmentation.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global ultra-fast EV charging dispensers market report would provide approximately 78 tables, 74 figures and 208 pages

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies