Over the years, the electric vehicles industry has managed to garner the attention of several eminent research organizations and technology giants across the globe. With substantial investments in research and development, electric vehicle (EVs) today has emerged as an ideal and the most desirable alternative to the conventional form of vehicles.
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With the demand for EVs increasing at a breakneck pace, various segments in the electric vehicle ecosystem are witnessing several developments and technological advancements. These advancements help improve the functioning of EVs, thus, enhancing the consumer experience. Fast charging system as a segment is one of the most significant and crucial aspect of the EV market.
BIS Research recently published a market intelligence report titled “Global Electric Vehicle Fast Charging System Market — Analysis and Forecast (2019–2029),” providing key insights and statistics for the expected growth of the emerging EV fast charging system market.
As per BIS Research analysts, the global fast charging system market under a realistic scenario is projected to grow at a compound annual growth rate of 21.90% during the period, 2019–2029. Furthermore, the market in terms of volume was valued at 96.4 thousand units in 2018.
Currently, fast charging systems are available for two types of EVs, namely electric light-duty vehicles and electric buses. Amongst these, the electric buses segment is projected to witness growth at the highest CAGR during the forecast period, while the light-duty vehicles segment is projected to lead the market in terms of market share.
Further, amongst the two key application areas of fast charging system i.e. public and private EV fast charging system, the former segment (public EV fast charging system) is anticipated to acquire larger share in the market as compared to the latter. However, in terms of growth rate, the private EV fast charging system segment is expected to lead the market, followed by the public EV fast charging system segment.
The analysis of the market in terms of the region suggests that the Asia-Pacific (APAC) region is expected to witness tremendous growth in the future. APAC is anticipated to hold the primary share of the EV fast charging system market by 2029, followed by Europe, North America, and Rest-of-the-World.
Despite being in a nascent stage, the fast charging system industry has attracted investments from several established and emerging companies. To gain a competitive edge, these companies are rapidly adopting strategies such as product launches, collaborations, and business expansion. Some of the prominent players venturing in this growing market are ChargePoint, POD Point, ABB, and EVBox.
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