DC Fast Electric Vehicle Charging Station Market Size By Charging Type (DC Fast), By Charging Site (Public Private), COVID-19 Impact Analysis & Forecast Report, 2024 – 2032

DC Fast Electric Vehicle Charging Station Market Size

DC Fast Electric Vehicle Charging Station Market size surpassed USD 17.6 billion in 2023 and is anticipated to grow at 30.9% CAGR from 2024 to 2032, driven by the growing need for fast EV charging infrastructure.

The rising adoption of electric vehicles along with growing consumer inclination towards minimizing EV battery recharging time has increased the demand for DC fast electric vehicle charging stations. As per the IEA’s annual Global Electric Vehicle Outlook, over 10 million electric car sales were reported in 2022, which are expected to grow by around 35% in 2023 to hit 14 million units. Increasing investments by the government for EV charging hubs are further creating a broad scope for industry growth.
 

Despite an expanding scope for growth, steep installation and product cost may limit the deployment of DC fast EV charging hubs in some countries. Additionally, the lack of policies and standards for the implementation of EV infrastructure in low and middle-income economies is presenting barriers to industry growth. However, many countries are working on developing more economical public electric vehicle charging stations, which may create a favorable environment for DC fast electric vehicle charging station market development.
 

COVID-19 Impact

The COVID-19 pandemic had a negative impact on the automotive industry, on account of temporary halts in supply chain operations worldwide. As per data from the IEA, sales of electric cars reported an average 15% decline in initial months of 2020 as compared to the same period in 2019. However, the industry is likely to witness a strong rebound in the post-COVID-19 era owing to favorable government support for the deployment of EV infrastructure, which may create significant demand for these charging stations.
 

DC Fast Electric Vehicle Charging Station Market Trends

Rising innovations in charging technologies are creating lucrative opportunities for DC fast electric vehicle charging station market growth. Growing demand for short charging time for EVs has compelled many industry players to develop advanced solutions. In April 2021,  E.ON Next, the part of renewable electricity provider E.ON, inked a deal with ev.energy, a provider of EV charging solutions to jointly launch ‘Next Drive’, an app bundle solution for electric vehicles. Governments across the world are also making substantial investments in advancing EV charging technologies, which may foster the business development.
 

DC Fast Electric Vehicle Charging Station Market Analysis

The industry size from the DC fast segment will witness 21% growth during 2023-2032. Growing adoption of hybrid electric vehicles has increased the demand for DC fast charging systems. As per the U.S. EIA, plug-in hybrid, electric vehicles, and hybrid vehicles made up 11% of light-duty vehicle sales in the U.S. in the fourth quarter of 2021. Moreover, the increasing demand for rapid charging stations is further contributing to segment growth.
 

The DC fast electric vehicle charging station market share from public segment will grow at more than 27.5% by 2032. High availability of public EV charging stations is supporting the business growth. In March 2023, the U.S. government opened applications for the first round of its USD 2.5 billion funding program for electric vehicle charging and alternative fueling infrastructure. This was part of its goal of constructing 500,000 public EV charging stations and minimizing GHG emissions by around 50–52% by 2030. 
 

Asia Pacific DC fast EV charging station industry is estimated to amass USD 26 billion by 2032. Favorable government schemes such as incentives and tax rebates for increasing adoption of electric vehicles are creating substantial demand for fast EV charging solutions. As per the Press Information Bureau of India, owners of electric vehicles can avail incentives in the form of an upfront reduction in the purchase price of products under the FAME-India scheme. Such initiatives are presenting lucrative prospects for market expansion by 2032 end.
 

DC Fast Electric Vehicle Charging Station Market Share

Major operating players in the industry’s competitive landscape are

• Volta
• E.ON SE
• ABB
• Siemens
• EV Box
• Leviton Manufacturing Co., Inc.
• Delta Electronics, Inc.
• GreenWay Infrastructure s.r.o.
• ChargePoint, Inc.
• EVgo Services LLC
• Tesla
   

DC Fast Electric Vehicle Charging Station Industry News:

• In June 2022, Siemens, a prominent automation company, acquired a stake in WiTricity, a U.S.-based wireless EV charging technology firm. This strategy helped the company bring innovations in wireless charging networks. The integration of Siemens’ global footprint with WiTricity innovative solutions will elevate the offerings in the wireless charging space.
   

This DC fast electric vehicle charging station market research report includes an in-depth coverage of the industry with estimates & forecast in terms of USD Million from 2019 to 2032, for the following segments:

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Market, By Charging Type

• DC Fast
• Others

Market, By Charging Site

• Public
• Private

The above information has been provided for the following region & countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Norway
  • Germany
  • France
  • Netherlands
  • UK
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
• Middle East & Africa
  • UAE
  • Israel
  • South Africa
• Latin America
  • Argentina
  • Chile