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Fast Charging Vehicles Market: Introduction

  • 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.

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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:

  • BMW AG
  • Daimler AG
  • Dr.-Ing. h.c. F. Porsche AG
  • Ford Motor Company
  • General Motors
  • Groupe Renault
  • Lucid Motors, Inc.
  • MITSUBISHI MOTORS CORPORATION
  • SAIC Motor Corporation Limited
  • SUBARU CORPORATION
  • Tesla
  • Toyota Motor Corporation
  • Volkswagen

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Global Fast Charging Vehicles Market: Research Scope

Global Fast Charging Vehicles Market, by Current

  • AC
  • DC

Global Remote Vehicle Shutdown System Market, by Standards

  • CHAdeMO
  • EN 61851
  • Others

Global Remote Vehicle Shutdown System Market, by Charging Method

  • Wired
  • Wireless

Global Remote Vehicle Shutdown System Market, by Vehicle Type

  • Passenger Vehicle
  • Commercial Vehicle
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle

Global Remote Vehicle Shutdown System Market, by Electric Vehicle

  • Plug-in Battery Electric Vehicle (BEV)
  • Plug-in Hybrid Electric Vehicle (HEV)

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Fast Charging Vehicles Market

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