The rising demand for seamless & accessible charging for EVs globally and increasing adoption of smart charging technology are projected to drive the global DC fast charging stations market’s growth during the forecast period. The Asia-Pacific region is predicted to grow at its highest rate by 2032.
Wilmington, Delaware, April 19, 2024 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “ DC Fast Charging Stations Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Application : Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global DC fast charging stations market generated $4.3 billion in 2022, and is anticipated to generate $121.5 billion by 2032, rising at a CAGR of 40.2% from 2023 to 2032.
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Prime Determinants of Growth
The increasing adoption of electric vehicles (EVs) coupled with the rising demand for seamless & accessible charging for EVs globally, and global decarbonization initiatives by governments are the factors expected to drive the growth of the global DC fast charging stations market in the forecast period from 2023 to 2032. However, proliferation of big data in the EV charging industry may hamper market growth in the coming future. On the contrary, the industry’s shift toward improving energy efficiency and technological advancements are expected to offer remunerative opportunities for the expansion of the DC fast charging stations market during the forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $4.3 billion |
| Market Size in 2032 | $121.5 billion |
| CAGR | 40.2% |
| No. of Pages in Report | 310 |
| Segments covered | Type, Application, and Region |
| Drivers | Growing adoption of electric vehicles Rise in demand for seamless & accessible charging for EVs globally Increasing adoption of smart charging technology |
| Opportunities | Industry’s shift toward improving energy efficiency Technological advancements |
| Restraints | Privacy concerns due to big data |
Type: Combined Charging System Sub-segment to be Most Dominant During the Forecast Period
The combined charging system sub-segment accounted for the largest global DC fast charging stations market share of 37.8% in 2022 and is expected to rise at the highest CAGR of 41.3% during the forecast period. This dominance is mainly due to its adoption by key EV manufacturers in North America and Europe. As the EU mandates CCS2 for its charging networks, its global influence grows, with widespread usage extending beyond Europe. CCS's compatibility with various vehicle models promotes global interoperability, ensuring its dominance in streamlined infrastructure development across numerous regions including Greenland, Iceland, and parts of South America and Asia.
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Application: Passenger Vehicle Sub-segment to Flourish Immensely by 2032
The passenger vehicle sub-segment accounted for the largest global market share of 65.8% in 2022 and is expected to grow at the highest CAGR of 40.4% during the forecast period. This dominance majorly is driven by the impressive growth in electric cars, now totaling 26 million globally. BEVs, making up over 70% of this market, are significantly boosting the demand for high-speed charging solutions. Enhanced battery technologies have improved driving ranges and charging speeds, further escalating the need for efficient DC fast charging stations, ensuring the segment's strong market presence.
Region: Asia-Pacific Market to Witness Prominent Growth
The DC fast charging stations market in the Asia-Pacific region accounted for substantial share in 2022 and is predicted to grow at the highest CAGR of 42.7% during the forecast period. This growth is mainly owing to China’s rapid expansion in this sector. Besides, the growth is supported by government subsidies, regulated electricity prices, and increasing demand from urban residents and commercial fleets. The IEA predicts continued growth, reinforcing China’s pivotal role in the regional market.
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Leading Players in the DC Fast Charging Stations Market:
- ABB
- Allego B.V.
- ChargePoint, Inc.
- Schedier Electric
- Enel X Way S.r.l.
- Eaton Corporation plc
- Fortum
- Lincoln Electric Holdings Inc.
- Tesla
- Siemens
The report provides a detailed analysis of the key players of the global DC fast charging stations market. These players are employing various strategies including launching new products, entering collaborations, expanding operations, forming joint ventures, and signing agreements, all aimed at boosting their market share and securing their competitive position across different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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