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North America Electric Vehicle (EV) Fast Charging System Market 2030

North America Electric Vehicle (EV) Fast Charging System Market 2030

Bonafide Trust 18-08-2022 102 Pages Figures : 45 Tables : 24
Region : North America Category : Automotive & Transport Automotive

North America market of EV fast charging system (AKA high-power chargers) is expected to grow by 31.8% annually in the forecast period and reach $11.21 billion by 2030 driven by the rising number of government policies for electric vehicles, better availability of charging infrastructure and minimizing carbon dioxide emissions. The adoption rate of electric vehicles is increasing rapidly in North America. According to the International Council on Clean Transportation, the U.S. is the third-largest electric vehicles market, with approximately 320,000 new EV sales in 2019. Also, according to the International Energy Agency (IEA), almost 1.8 million EVs were registered in the U.S. as of 2020, which is more than three compared to the EV registrations in 2016. The total number of EVs registered in the U.S. soared from fewer than 300,000 in 2016 to more than 1.1 million in 2020. To support this mass adoption of EVs, the state of California started building networks of charging stations. This charging station network consists of more than 42,000 publicly accessible charging stations in the U.S as of 2021.

Furthermore, automotive OEMs announced huge investments in 2020 for the transition to electric mobility and the development of the EVs market in North America. For instance, Tesla invested $1 billion in Austin, Texas, to build a Gigafactory for producing Cybertruck EVs by the end of 2021. Volkswagen invested $800 million in its Chattanooga, Tennessee plant to upgrade the plant for the production of EVs. The upgradation work began in August 2020. These factors increase the demand for EVs and create opportunities for the growth of the electric charging stations market in North America. Furthermore, shifts in consumer purchasing behavior due to uncertainty surrounding the pandemic are expected to have significant consequences for the industry's near-future growth. Meanwhile, shortfall and cash crunch have already affected fleet operators' sales, which is expected to widen further in the coming months. In North America, automobile players face a major setback from the demand side due to stringent federal, state, or provincial, and local measures restricting travel and social interactions. The sales of automobiles are expected to see a 15% decline in North America countries due to the COVID-19 pandemic. The DC fast-charging segment is projected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is mainly attributed to increasing investments for the development of DC fast-charging station infrastructure to support their long-range battery-electric vehicles, increasing government initiatives for installing DC chargers in North America, and faster-charging capabilities of DC fast chargers compared to other chargers.

The wireless EV charging segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is mainly attributed to the rising demand for EV fast-charging infrastructure, increasing implementation of wireless charging infrastructure, increasing prevalence of range anxiety issues associated with electric vehicles, standardization of wireless EV charging systems, and the growing usage of autonomous vehicles for public transport and logistics. The heavy commercial vehicles segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing adoption of electric mobility in emerging economies, supportive government subsidies & tax rebates for promoting EVs, the growing adoption of autonomous delivery vehicles, and the increasing adoption of electric buses and trucks for public transport and freight services.

Canada is expected to witness the fastest growth by value and volume during the forecast period. The country's high market growth rate is attributed to the increasing initiatives by the government to develop electric vehicle charging infrastructure. For instance, in 2020, Canadian Tire announced its plan to open a network of 240 fast chargers and 55 Level 2 chargers at 90 Canadian Tire retail locations across the country by the end of 2020. The network was developed in collaboration with FLO, Tesla, and Electrify Canada.

Impact of Covid-19
The COVID-19 pandemic caused a widespread economic downturn. Several countries imposed strict lockdowns to contain the infection, resulting in the closure of manufacturing industries and disruptions in supply chains and production schedules. There has been a significant impact on technology supply chains. The economic slowdown significantly disrupted the automotive industry, causing a rapid decline in light vehicle sales. The light vehicle market suffered a decline in revenue close to 20% in 2020. However, electric vehicle production witnessed a limited effect due to the pandemic as predicted production levels for EVs in 2020 are expected to be similar to that of 2019. Governments across various countries are providing monetary subsidies for EV purchases. As a result, the demand for EVs is not expected to be disrupted significantly due to the pandemic.

Highlighted with 24 tables and 45 figures, this 102-page report “North America Electric Vehicle (EV) Fast Charging System Market 2020-2030 by Connector Type, Charging Power, Application, Vehicle Type, EV Type, and Country: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire North America EV fast charging system market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2015-2020 and provides forecast from 2021 till 2030 with 2020 as the base year. (Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)
In-depth qualitative analyses include identification and investigation of the following aspects:
• Market Structure
• Growth Drivers
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter’s Fiver Forces
The trend and outlook of North America market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19. The balanced (most likely) projection is used to quantify North America EV fast charging system market in every aspect of the classification from perspectives of Connector Type, Charging Power, Application, Vehicle Type, EV Type, and Country.

Based on Connector Type, the North America market is segmented into the following sub-markets with annual revenue ($ mn) for 2020-2030 included in each section.
• CHADeMO
• SAE Combo Charging System
• Supercharger
• GB/T

Based on Charging Power, the North America market is segmented into the following sub-markets with annual revenue ($ mn) for 2020-2030 included in each section.
• 50-150 KW
• 150-350 KW
• Over 350 KW

Based on Application, the North America market is segmented into the following sub-markets with annual revenue ($ mn) for 2020-2030 included in each section.
• Public Fast-charging Systems
• Private Fast-charging Systems

Based on Vehicle Type, the North America market is segmented into the following sub-markets with annual revenue ($ mn) for 2020-2030 included in each section.
• Light Vehicles
• Heavy Vehicles

Based on EV Type, the North America market is segmented into the following sub-markets with annual revenue ($ mn) for 2020-2030 included in each section.
• Battery Electric Vehicle (BEV)
• Plug-in Hybrid Electric Vehicle (PHEV)

Geographically, the following national/local markets are fully investigated:
• U.S.
• Canada
• Mexico
For each key country, detailed analysis and data for annual revenue ($ mn) are available for 2020-2030. The breakdown of key national markets by Charging Power, Application, and EV Type over the forecast years are also included.

The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.
Specifically, potential risks associated with investing in North America EV fast charging system market are assayed quantitatively and qualitatively through GMD’s Risk Assessment System. According to the risk analysis and evaluation, Critical Success Factors (CSFs) are generated as a guidance to help investors & stockholders identify emerging opportunities, manage and minimize the risks, develop appropriate business models, and make wise strategies and decisions.
Key Players (this may not be a complete list and extra companies can be added upon request):
ABB Ltd.
Blink Charging Co.
BP Chargemaster Ltd.
Broadband TelCom Power, Inc.
ChargePoint Inc.
Delta Electronics, Inc.
Efacec Electric Mobility
EVBox
EVgo
Siemens AG
Signet EV Inc.
Star Charge
Tesla, Inc.
Tritium Pty Ltd
(Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)

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