Insights by Charger Type
DC fast electric vehicle charging station market is projected to achieve USD 126.73 billion up to 2033. The main reason behind the growth of the segment is the fast charging feature and affordability in terms of pricing. The DC charging stations can directly charge the battery by converting the electricity before it reaches the converter of the car. Furthermore, the rise in the adoption of technologies like Radio Frequency Identification (RFID) and Near Field Communication (NFC) in the EV charging stations also propels the growth of the segment.
Insights by Charging Level
Charger Level 3 is witnessing the significant market growth over the forecast period. This is because level 3 chargers are adopted mostly for the industrial purposes. An electric vehicle can charge 16 to 32 faster at the EV charging station which uses level 3 charger. The third level of charging charges far more faster than the previous two levels and has the highest output of any level. This level requires a specific cable to handle larger electrical demands and also provides DC Fast Charging.
Insights by End Users
Public charging stations segment accounted the largest market share of around 88% in 2023. Most of the public electric vehicle charging stations are occupied due to the increasing adoption of EVs. Fast public charging access is seen as a crucial factor when choosing an electric car. The public charging segment's revenue growth is anticipated to expand as a result.
Major players in the market
Recent Industry Developments