EV Fast-charging market to reach $10+ billion by 2031.
China has the biggest market for fast charging systems. China holds near to four-fifth of the market share.
The global EV fast-charging system market is expected to reach $10.82 billion by 2031, growing with a CAGR of 16.56% during the forecast period 2022-2031.
According to “International Energy Agency“, there are around 10 million electric vehicles on the road worldwide. Governing bodies of various countries are rolling out funding and investments to support EV charging infrastructure development in their countries. Countries such as China, the U.S., and the U.K. are substantially investing in the development of charging infrastructure. A surge in demand for electric vehicles around the world is also pushing the EV fast-charging system market substantially.
EV Fast-Charging System
Electric vehicle (EV) fast-charging systems are involved in Level-3 chargers. EV fast-charging systems can range from 23KW to more than 200KW. This charging system is mostly found in the public area and charges the vehicle faster than normal chargers.
The fast-charging system can charge more than one electric vehicle at a time to reduce delay in charging time. Such systems make long-distance driving for EVs much more comfortable, with faster charging times and more efficient station utilization from a business standpoint. Strong grid access is necessary for working of EV fast-charging system.
The EV market in China is one of the largest in terms of volume in 2021 and is expected to increase exponentially. China holds four-fifth of the market share in terms of fast charging system units sold in 2021. Further, this number is expected to increase at a high growth rate during the forecast period.
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