According to the latest research report from SkyQuest Technology Consulting, the global high power charging system market size is expected to reach US$1685.5bn by 2030 and exhibit a CAGR of 8.65% in the forecast period (2022−2030).
The trend of increasing demand for ultra-fast charging systems capable of charging electric vehicles in under 15 minutes is also enhancing market growth. These trends and drivers are compelling the EV companies to invest in the new charging stations and collaborate to expand the charging network providing a seamless charging experience for electric vehicle owners. Moreover, the convenience and ease of use for EV owners have increased drastically due to the development of wireless charging technologies.
By 2025, the European Union's Clean Energy Package will aim to develop one million public charging points for EVs. Regulations will require all new or renovated non-residential buildings with more than 10 parking spaces to have at least one charging point.
Ultrafast charging systems dominated the global market owing to an increasing demand for electric vehicles with long ranges and short charging times. The expansion of high-power charging networks is also driving the growth of ultra-fast charging systems. Market companies such as Electrify America, lonity and EVgo are investing heavily in developing ultra-fast charging stations across major highways and cities, providing the owners of electric vehicles with greater convenience and range of confidence.
In terms of application, the commercial segment is the leading segment for its adoption of heavy electric vehicles. The Increasing adoption of electric buses, trucks, and other heavy-duty vehicles by fleet operators led to the development of an overall better infrastructure for charging systems. FlixBus, the largest electric bus operator in Europe, has announced plans to convert its entire fleet to electric vehicles by 2030.
Region-wise, Europe is one of the largest growing markets with supportive government initiatives. High adoption of electric vehicles and focus on the deployment of high-power charging stations along major highways are also driving the market in the region.
Asia-Pacific is one of the fastest-growing markets owing to the increase in the adoption of electric vehicles. The increasing investments in charging infrastructure and incentives for EV buyers led to the shift from traditional to high-power charging systems. According to research, the Chinese government has set a target of having 1.2 million public charging stations for electric vehicles by 2025 with a focus on their deployment of fast and ultra-fast charging stations.
