High Power Charger for Electric Vehicle Market is projected to grow at a CAGR of 40.0% to reach US$ 344.6 billion by 2034

Published Date: April 2024

The demand for high-power chargers for electric vehicles is projected to grow over the forecast period. Governments of several regions, such as Asia-Pacific and Europe, have plans to introduce high-power electric buses. Further, electric vehicle charging infrastructure is gaining traction, due to various factors, such as expanding EV charging stations, growth in electric vehicle sales across potential and emerging markets, and demand from commercial and residential end-users opting for fast charging trends. Also, acquisition and investments activities of non-renewable energy giants that are expanding their portfolio to meet the increasing vehicle electrification trend are likely to boost the growth of the target market shortly. Growing stringent safety norms stimulating the adoption of electric vehicles by the government and the growth in terms of adoption and sales of electric vehicles are fueling the growth of the target market globally. Moreover, the launch of advanced technology (high-power technology) for electric vehicles made with high-power capabilities are anticipated to lead to a growth of the target market. Nevertheless, technological advancements, such as the deployment of electronic payment method through RFID technology, organized by a cloud-computing platform in fast charger manufacturing can provide growth opportunities for the global market over the forecast period.High Power Charger for Electric Vehicle Market was valued at US$ 16.1 billion in 2024 and is projected to grow at a CAGR of 40.0% to reach US$ 344.6 billion by 2034.

The report "High Power Charger for Electric Vehicle Market, By Power Output Type (50-less than 150kW, 150-less than 350kW, and 350kW and Above), By Vehicle Type (Plug-in Hybrid Electric Vehicle (PHEV) and Battery Electric Vehicle (BEV)), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034"

Key Highlights:

  • In 2018, ABB Ltd. declared that it mounted the first DC fast charger, Terra 53 multi-standard DC charging station (50 KW), in Egypt.
  • In 2018, Tesla Motors Netherlands BV and Turkish manufacturer, Gersan Elektrik Ticaret ve Sanayi AS, employed a one-sided non-disclosure agreement to evaluate a possible commercial deal for the installation and production of electric vehicle charging stations.

Key Market Insights from the report:        

High Power Charger for Electric Vehicle Market was valued at US$ 16.1 billion in 2024 and is projected to grow at a CAGR of 40.0% to reach US$ 344.6 billion by 2034.. The market report has been segmented based on power output type, vehicle type, and region.

  • By Power output type, currently, the 350 kW and above power output type segment has the largest share out of all the segments. This is mainly attributed due to increasing launches of ultra-fast charging stations and growing investment toward the development of the public charging infrastructure globally.
  • By Vehicle Type, the target market is segmented into the plug-in hybrid electric vehicle (PHEV) and battery electric vehicle (BEV)
  • By Region, Europe is expected to witness the fastest growth rate over the forecast period owing to the increase in the number of electric vehicles. The growth in the sales of electric vehicles is due to the increasing presence of DC fast-charging stations along the highways, as well as on roadsides. The DC fast-charging stations are controlled by the 125 kW Tesla Supercharger network. Further, the rising number of DC fast chargers in Germany shall lead to the growth of the global market in the country.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global High Power Charger For Electric Vehicle Market”, By Power Output Type (50-less than 150kW, 150-less than 350kW, and 350kW and Above), By Vehicle Type (Plug-in Hybrid Electric Vehicle (PHEV) and Battery Electric Vehicle (BEV)), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034

The prominent player operating in the global high power charger for electric vehicle market includes Royal Dutch Shell (Acquired New Motion), EVBOX, Siemens, ABB, XCharge, Inc., Total (Acquired G2Mobility), Fastned, IES Synergy, EVgo, and Allego BV.

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