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The Global High Power Charger For Electric Vehicle (EV) Market size is estimated to grow by USD 40,486.62 million, at a CAGR of 39.26% between 2022 and 2027. The market growth analysis depends on several factors, including increasing electric vehicles sales, the rising demand for electric vehicles, and favorable standards for electrical connectors. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing EV sales are notably driving market growth. Incentives and subsidies from governments and regulators around the world are driving the growth of the electric vehicles market. Governments in various countries are giving financial incentives to buyers according to battery size. For example, the Sustainable Energy Authority of Ireland (SEAI) is offering buyers up to USD 5,500 to USD 6,000 subsidy, as well as exemption from vehicle registration tax.
In the US, the federal government is giving hefty tax credits for new battery and plug-in hybrid electric vehicles, ranging from USD 2,500 to USD 7,500, depending on the battery capacity. All battery EVs are eligible for the full USD 7,500, but some plug-in hybrid models with smaller batteries qualify for less. In addition, Italian buyers of fully electric or hybrid vehicles are exempt from annual registration tax for five years after vehicle purchase. Five years after that, they could benefit from a 75% reduction in the equivalent tax rate on most petrol cars. Such tax incentives will increase the demand and drive the growth of the market during the forecast period.
Recent developments in high power chargers for EVs are a key trend influencing the market. The market is seeing an increase in new product launches. The addition of new products will encourage more consumers to purchase a variety of high-power chargers according to their needs. Align with market trends and analysis, the increasing number of new product launches also increases competition in the market, leading to innovation and differentiation.
New product launches encourage consumers to try different products, and manufacturers are also focusing on developing new products such as a revolutionary all-in-one (EV) charger that offers end-users the fastest charging experience, the launch of a new Chinese-made V3 supercharger station by Tesla motors, the launch of latest EV charging infrastructure portfolio in New Zealand via a partnership between Siemens and YHI energy. Such developments are expected to boost the growth of the market during the forecast period.
The lack of charging infrastructure in potential markets is challenging the market. Infrastructure plays a key role in selling. Finding a suitable charging infrastructure remains the biggest challenge for owners. Unlike internal combustion engine (ICE) vehicle owners, EV owners do not benefit from standardized refueling facilities. Poor communication of needs and requirements for building easily accessible charging networks is a major concern in the market. For example, finding EV charging infrastructure is the biggest hurdle preventing the mass adoption of EVs in India. Charging infrastructure is either difficult to implement or non-existent in most cities where EVs are the most viable mode of transportation. However, Mahindra and Mahindra Ltd have been unable to grow EV sales in 2022, mainly due to insufficient urban charging infrastructure. Electric bikes could not be sold in India for the same reason. Public awareness campaigns on EV prevalence and required charging infrastructure are needed for public and private companies to better understand EVs in such countries.
Governments play a key role in the development of EV charging infrastructure. Governments around the world offer tax breaks and subsidies for the purchase. However, their focus on developing and deploying better-charging infrastructure is marginal. For example, Norway, the Netherlands, and Denmark are making rapid progress in subsidizing EV sales and developing EV charging infrastructure, while countries such as Germany and the United Kingdom have seen a significant increase in infrastructure investment compared to total EV sales per year. There are not yet enough subsidies to drive development. These factors will therefore challenge the growth of the market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd: The company provides a control room, charging infrastructure, and industrial software solutions along with that it also provides low-voltage products and systems.
The market analysis and report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 15 market companies, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the 50 KW-less than 150 KW segment will be significant during the forecast period. Vendors mainly use high-power chargers for their PHEV or BEV electric vehicles to ensure higher performance. High-power chargers are used in these vehicles to provide fast charging capabilities. Popular PHEVs or BEVs with high-performance engines include BMW i3 (125 KW), BMW i8 (98 KW), GM Spark EV (105 KW), GM Bolt EV (150 KW), Mercedes-Benz E- B-class drive (132 KW). As the demand for increases, so does the need for high-performance chargers. These chargers can provide more than 50kW of charge to EVs and are typically used to charge EVs with a range of 150km or less. High-power chargers are typically found at public charging stations and can charge in minutes.
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The 50 KW-less than 150 KW segment was valued at USD 1,319.51 million in 2017 and continued to grow until 2021. Using a high-capacity charger has several advantages. First, drivers can quickly charge their car batteries. This is especially useful while traveling long distances. Second, high-power chargers can significantly reduce the time required to charge. And third, it can extend the range by providing higher charging rates. These factors will drive the segment of the High Power Charger For EV Market to grow from HE 50KW to below 150KW during the forecast period.
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APAC is estimated to contribute 44% to the growth of the market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. China will have the most EVs deployed in 2022 and is expected to produce the most EVs in APAC in 2027. China, Japan, and South Korea are three countries in Asia that are world leaders in the field of this and electromobility. South Korea is technologically strong, but Japan and China hold strong positions in terms of production and market size. The market for high-capacity EV chargers growing in China, where the world's largest number of EVs are sold. In addition to electric cars and private cars, public transport in China is also electrified. Such deployment of electric buses by governments for private or public transport, fueled by the growing need to reduce air pollution in countries across APAC, will result in large-capacity vehicles. Demand for chargers is expected to spur the growth of the Market in APAC during the forecast period.
The market research report forecasts market research and growth by revenue at global, regional & country levels and provides an analysis of the latest market growth and trends opportunities from 2017 to 2027.
The market is witnessing rapid growth, propelled by increasing automakers' focus on electric vehicle sales and the proliferation of EV charging stations. Both residential and commercial end-users are driving fast charging trends, prompting significant acquisition activities in the sector. Traditional players, including non-renewable energy giants, are adapting to the vehicle electrification trend, spurred by rising adoption and sales of electric vehicles. Meeting stringent safety norms requires advanced technology in high-power technology chargers, alongside convenient electronic payment methods and RFID technology integration for seamless transactions. Cloud-computing platforms like Ionity, Tritium, and the Tesla Supercharger network are revolutionizing charging infrastructure, catering to both plug-in hybrid cars and pure electric cars. As the market expands, a diverse range of electric models is emerging, driving innovation and accessibility in sustainable transportation.
High Power Charger for Electric Vehicle Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 39.26% |
Market growth 2023-2027 |
USD 40,486.62 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
37.23 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 44% |
Key countries |
US, China, Germany, France, and The Netherlands |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Blink Charging Co., BorgWarner Inc., Chargemaster NZ, ChargePoint Inc., ClipperCreek Inc., EV Safe Charge Inc., EVBox BV, FLO Services USA Inc., Hyundai Motor Co., Infineon Technologies AG, Leviton Manufacturing Co. Inc., Robert Bosch GmbH, Shenzhen Shenghong Electric Co. Ltd., Siemens AG, Tesla Inc., VOLTERIO GmbH, WiTricity Corp., Zhejiang Benyi Electrical Co. Ltd., and Tata Motors Ltd. |
Market dynamics |
Parent market analysis, market forecasting, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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