The global electric vehicle rapid charger market is expected to reach US$ 41,682.8 million by 2030, with an annual growth rate of more than 29.3%. RationalStat also forecasts 5.8 million annual EV sales in 2030.
Wilmington, Delaware, Oct. 13, 2023 (GLOBE NEWSWIRE) — According to RationalStat’s recent market report and industry analysis, the Global Electric Vehicle Rapid Charger Market value is US$ 6,895.3 million in 2023 and is expected to rise at a strong CAGR of over 29.3% over the forecast period of 2023-2030
Market Definition, Market Scope, and Report Overview
A rapid charger for electric vehicles (EV) is a high-power charging station designed to charge electric vehicles significantly faster than normal home chargers. These rapid chargers charge the vehicle’s battery using direct current (DC) rather than alternating current (AC), allowing EV owners to replenish their battery levels much faster, often within 30 minutes to an hour, depending on the charger’s power output and the vehicle’s battery capacity.
Battery advancements, such as increased energy density and faster charging capabilities, are complementing the development of rapid charging stations. EVs with batteries that can tolerate rapid charging without significant deterioration are increasing the demand for quick charger installations.
- According to a deep-dive market assessment by RationalStat, the global electric vehicle rapid charger market has been analyzed on the basis of market segments, including type, application and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global electric vehicle rapid charger market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global electric vehicle rapid charger market. It also includes the industry’s current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Electric Vehicle Rapid Charger Market: Segmental and Market Share Analysis
- Based on application, hybrid electric vehicle is projected to dominate the market due to the declining cost of battery packs, the increasing availability of public charging infrastructure.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 6,895.3 million |
| Market Size Forecast | US$ 41,682.8 million |
| Growth Rate | 29.3% |
| Dominant Segment | Hybrid Electric Vehicle (HEV) |
| Dominant Region | Asia Pacific |
| Key Market Drivers | - Improved battery technology
- Expanding EV fleets
- Growing environmental awareness
|
| Companies Profiled | - Delphi Technologies PLC
- Pod Point
- Chargemaster
- Robert Bosch GmbH.
- ChargePoint, Inc.
- Schaffner Holding AG.
- AeroVironment, Inc.
- Siemens
- Chroma ATE Inc.
- ABB
|
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Competition Analysis and Market Structure
Leading players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global electric vehicle rapid charger market include,
- In May 2023, Siemens agreed to buy the electric vehicle branch of Mumbai-based Mass-Tech Controls Private Limited. The division designs, engineers, and manufactures a wide range of AC chargers and 30 to 300kW capacity DC chargers for diverse EV end applications.
- In January 2023, ABB increased its EV charger production in South Carolina. This dramatically reduces delivery and lead times for DC fast chargers in the U.S., allowing charging developers, owners, and operators to quickly deploy reliable chargers.
- In January 2023, ChargePoint, Inc. signed an agreement with Stem, one of the world’s leading providers of AI-powered clean energy solutions and services, to expedite the implementation of EV charging and battery storage solutions for highway corridor DC fast charging and other EV charging applications.
Some of the prominent players and suppliers operating and contributing significantly to the global electric vehicle rapid charger market growth include Delphi Technologies PLC, Pod Point, Chargemaster, Robert Bosch GmbH., ChargePoint, Inc., Schaffner Holding AG., AeroVironment, Inc., Siemens, Sun Mobility, Chroma ATE Inc., ABB, among others.
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RationalStat has segmented the global electric vehicle rapid charger market based on type, application and region
- Global Electric Vehicle Rapid Charger Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Type
- On-board Chargers
- Off-board Chargers
- Global Electric Vehicle Rapid Charger Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Application
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- Global Electric Vehicle Rapid Charger Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Electric Vehicle Rapid Charger Market
- Latin America Electric Vehicle Rapid Charger Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Electric Vehicle Rapid Charger Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Electric Vehicle Rapid Charger Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Electric Vehicle Rapid Charger Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Electric Vehicle Rapid Charger Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
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Key Questions Answered in the Electric Vehicle Rapid Charger Report:
- What will be the market value of the global Electric Vehicle Rapid Charger market by 2030?
- What is the market size of the global Electric Vehicle Rapid Charger market?
- What are the market drivers of the global Electric Vehicle Rapid Charger market?
- What are the key trends in the global Electric Vehicle Rapid Charger market?
- Which is the leading region in the global Electric Vehicle Rapid Charger market?
- What are the major companies operating in the global Electric Vehicle Rapid Charger market?
- What are the market shares by key segments in the global Electric Vehicle Rapid Charger market?
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- Defining the problem by understanding the type of market and data required by the client.
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