Charging technologies of electric vehicles is witnessing rapid transformations due to changing customer expectations. Electric vehicles require frequent charging through an external supply of electric energy, which maximizes the range of vehicles. Fast charging vehicles with AC or DC systems rated between 7kW to 22kW reduce the time required to charge vehicles to 3 - 4 hours, thus reducing the waiting time and providing better mobility experience.
Key Drivers of Fast Charging Vehicles Market
Traditional electric vehicles are equipped with slow-speed AC charging solutions, which makes charging a vehicle a cumbersome task. Currently available electric vehicles in the market have a low range and hence, require charging at frequent intervals. OEMs have introduced fast charging vehicles in order to address these difficulties in slow charging speed, which considerably reduces the charging time of vehicles. For instance, the MG ZS EV of SAIC Motor Corporation Limited and Nissan Leaf of Groupe Renault feature fast charging technologies. Thus, the benefits of rapid charging technologies to deliver better customer experience are driving the fast charging vehicles market across the globe.
Increase in prices of fossil fuels and awareness among people regarding emissions from IC engines has boosted the sale of electric vehicles. International Energy Agency stated in their Global EV Outlook 2020 that in 2019, sale of electric cars was more than 2.1 million worldwide, with a 40% year-on-year growth. This rise in demand for electric vehicles has prompted OEMs to launch newer models. For instance, in September 2020 Lucid Motors, Inc. launched Lucid Air electric vehicle with fast charging system that charges the vehicle at a rate of 32 km per minute. This growing inclination toward electric vehicles and emergence of new vehicle models is fuelling the global fast charging vehicles market.
Challenges in Fast Charging Vehicles Market
Issues associated with thermal management due to overheating of vehicle batteries in fast charging vehicles are posing a challenge to the global fast charging vehicles market
Opportunities in Fast Charging Vehicles Market
OEMs are focused on the development of next-generation fast charging electric vehicles that have wireless charging capabilities. Daimler AG and BMW AG have partnered to develop wireless induction charging technologies for their electric vehicles. These new technologies are anticipated to drive the global fast charging vehicles market in the near future.
Impact of COVID-19 pandemic on Fast Charging Vehicles Market
The recent outbreak of COVID-19 pandemic decreased the sales and production of electric vehicles and disrupted automotive supply chains. However, demand for fast charging vehicles is expected to rise again globally, as governments ease restrictions and companies restart their operations with precautionary measures.
Europe holds Significant Share of Global Fast Charging Vehicles Market
Europe accounted for a significant share of the global fast charging vehicles market due to considerable presence of OEMs. Additionally, these OEMs are partnering to create fast vehicle charging network across Europe to support their fast charging vehicles. BMW AG, Daimler AG, Ford Motor Company, Volkswagen, AUDI AG, and Porsche AG have partnered to develop a fast charging network for electric vehicles in Europe, which can deliver a charge of 240 miles range within 15 minutes. These infrastructural developments are further driving the global fast charging vehicles market.
Key Players Operating in Fast Charging Vehicles Market
The global fast charging vehicles market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the fast charging vehicles market are:
Dr.-Ing. h.c. F. Porsche AG
Ford Motor Company
Lucid Motors, Inc.
MITSUBISHI MOTORS CORPORATION
SAIC Motor Corporation Limited
Toyota Motor Corporation
Global Fast Charging Vehicles Market: Research Scope
Global Fast Charging Vehicles Market, by Current
Global Remote Vehicle Shutdown System Market, by Standards
Global Remote Vehicle Shutdown System Market, by Charging Method
Global Remote Vehicle Shutdown System Market, by Vehicle Type
Light Commercial Vehicle
Heavy Commercial Vehicle
Global Remote Vehicle Shutdown System Market, by Electric Vehicle