Bengaluru, NFAPost: According to the latest analysis by Emergen Research, the global Electric Vehicle Fast Charging System Market is expected to reach a market size of USD 10.67 Billion in 2028 with a substantially high revenue growth rate of 25.4%. This estimate is projected for the eight-year forecast period.
The rise in the adoption of electric vehicles and higher penetration for the fast charging electrification for public transport is likely to spur demand for electric vehicle fast-charging system. Also, numerous public transport agencies collaborating with automotive companies for the setting up of charging stations that are capable of offering fast-charging systems for electric buses are causing a huge market growth.
Major companies operating in the Electric Vehicle Fast Charging System Market include Advanced Vehicle Manufacturing, Inc., Delta Electronics, Inc., EVBox, ABB, Blink Charging Co, ChargePoint, Inc., Elmec Inc. Hong Kong EV Power Limited, GARO, Proterra Inc., Schneider Electric, and Siemens.
A higher number of ride-hailing, route vehicles public transport system are adopting electric vehicles owing to the higher profit offering. These public transport vehicle owners require fast charging system, which reduces the idle time for their vehicle and increases the ability to provide more operational efficacy.
Additionally, the increasing focus by various automotive firms such as BMW, Tesla, Volkswagen Group, and ChargePoint, Inc., among others, on the installation of the advanced charging stations throughout various destinations, including movie theatres, shopping malls, stadiums, hotels, and airports, among others, is projected to fuel the demand for the overall market
Key Highlights of Report
- In February 2019, Hubject announced entering into a partnership with electric vehicle charging firm Greenlots to implement its groundbreaking ISO 15118 Plug&Charge technology in the North American region. Customers with the novel, Plug & Charge-enabled vehicles would no longer need to be concerned about using a card or an app to pay for the charge.
- The market in the Asia Pacific region, in terms of value, contributed to the largest market share of plug-in hybrid PHEV in 2019 and is likely to grow at the fastest rate of 39.8% in the forecast period, attributed to increasing concern towards environmental pollution and government support to promote sustainable mobility.
- By region, North America accounted for the largest market share of the Electric Vehicle Fast Charging System Market in 2019.The market is projected to see substantial growth owing to its huge implementation in various areas verticals, especially in the North American region. The extensive proliferation of the EV fast-charging infrastructure especially in the United States and rising investment in the EV charging infrastructure is anticipated to stimulate demand for the market.
- Major companies operating in the Electric Vehicle Fast Charging System Market include Advanced Vehicle Manufacturing, Inc., Delta Electronics, Inc., EVBox, ABB, Blink Charging Co, ChargePoint, Inc., Elmec Inc. Hong Kong EV Power Limited, GARO, Proterra Inc., Schneider Electric, and Siemens.
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