DC Fast Electric Vehicle Charging Station Market Analysis

DC Fast Electric Vehicle Charging Station Market Analysis

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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.