EV DC (electric vehicle direct current) fast charger is a direct current fast charger built for recharging electric vehicles. Electric vehicle chargers are prime components of the electric vehicle charging station that supply electric energy to recharge the electric vehicle. EV DC fast chargers recharge EVs at a comparatively rapid pace than that of AC (alternating current) electric vehicle chargers. EV DC chargers are able to recharge an electric vehicle battery up to 80% of its capacity within 20 to 30 minutes.
Deteriorating climate conditions around the world owing to high carbon dioxide proliferation in the environment due to transportation pollution, which is among the major contributor of carbon dioxide emission, have led to the higher rate of adoption of electric vehicles as a solution to curtail transportation pollution. Increase in rate of adoption of electric vehicles fuels the demand for charging stations. This is anticipated to be a key factor that is likely to drive the EV DC fast charger market during the forecast period. EV DC fast charger transfers power with higher efficiency as compared to other types of electric vehicle chargers. However, the sluggish rate of AC charging leads to longer queues, which hampers the growth of electric vehicle industry.
Introduction of EV DC fast charger, which charges EVs at a rapid rate, is considered to be a boost to the EV industry. This, in turn, is projected to drive the EV DC fast charger market during the forecast period. Furthermore, regulatory bodies across the globe are spreading awareness and prompting consumers to opt for ecofriendly vehicles in order to tackle and curb environment emission by offering lucrative incentives on the installation of EV charging infrastructure. This is another key factor that is anticipated to propel the EV DC fast charger market during the forecast period. Higher cost of EV DC fast charger due to its ability to charge an EV rapidly is likely to hamper the EV DC fast charger market in the near future.
The global EV DC fast charger market can be segmented based on connector type, power supply range, end-use, and region. In terms of connector type, the EV DC fast charger market can be bifurcated into combined charging system (CCS), CHAdeMO, and Tesla Supercharger. The CHAdeMO segment accounted for a higher share of the market. This connector offers quick EV charging speeds of 40 – 60 kW and above. Consequently, the segment accounts for a leading share of the market.
Based on the power supply range, the EV DC fast charger market can be bifurcated into 40 to 60 kW and > 60 kW. The 40 to 60 kW segment leads the EV DC fast charger market. It is likely to expand at higher growth rate primarily due to significant adoption of fast charging stations in countries such as U.S., China, Japan, and Norway.
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Based on end-use, the EV DC fast charger market can be split into home charging unit and public charging station. Public charging station is a highly attractive segment of the market. The segment dominates the EV DC fast charger market and is mostly found along highways and expressways, rather than at residential or commercial locations.
Based on region, the EV DC fast charger market can be segregated into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Asia Pacific accounts for a prime share of the global EV DC fast charger market, due to the high rate of adoption of electric vehicles in countries such as China, Japan, and South Korea. Moreover, surge in demand for rapid charging in the region for long-distance journeys is also likely to boost the EV DC fast charger market in Asia Pacific during the forecast period.
Major players operating in the global EV DC fast charger market are ABB, TESLA, Efacec, Alfen N.V., Allego B.V., Bosch Automotive Service Solutions Inc., and Schneider Electric.