Selbyville, Delaware,, Nov. 12, 2023 (GLOBE NEWSWIRE) -- The DC fast electric vehicle charging station market valuation is expected to surpass USD 110 billion by 2032, as reported in a research study by Global Market Insights Inc.
The tightening regulations by the government to phase out emissions is contributing to the growing demand for fast EV charging infrastructure. In March 2023, the U.S. government announced an investment of more than USD 6 billion to cut down industrial emissions. Many government authorities are also investing significant amounts into electric vehicle infrastructure to address the issue of peak emissions from the automotive sector. In February 2023, the UK government unveiled an investment of over USD 70 millionfor increasing EV charge points across the country.
The ultrafast charging technology held more than 43% of the DC fast electric vehicle charging station market share in 2022. These technologies have the potential to charge in comparatively less duration than traditional sockets. Growing private and public spending for the development of an integrated fast EV charging infrastructure is also contributing to segment expansion.
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The private DC fast EV charging station market size was worth USD 1.5 billion in 2022. Surging development of physical and digital EV charging hubs by the upgradation of conventional street stations at low cost is propelling segment growth. Growing number of residential apartments is further expected to increase the demand for private DC fast electric vehicle charging stations.
North America DC fast electric vehicle charging station market size recorded over USD 300 million in 2022. Introduction of incentives by regional governments for the adoption of electric vehicles has increased the demand for fast-charging stations. Moreover, the robust presence of industry giants such as Tesla, ChargePoint, Inc., and others who are constantly focusing on product innovations is also likely to strengthen regional market landscape.
Volta, ChargePoint, Inc., EVgo Services LLC, Leviton Manufacturing Co., Inc., GreenWay Infrastructure s.r.o., ABB, Siemens, EV Box, Tesla, and Delta Electronics, Inc., among others.
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DC Fast Electric Vehicle Charging Station Market News:
• In June 2022, Blink Charging Co., a prominent EV charging equipment manufacturer announced the acquisition of SemaConnect, a leading provider of EV charging infrastructure solutions in North America. The acquisition will help the company strengthen its position in North America by adding 13,000 EV chargers to its footprint.
• In March 2022, ChargePoint, a leading EV charging network inked a deal with Toyota Motor North America, Inc. to offer accessible public and home electric vehicle charging for drivers of Toyota’s new battery electric bZ4X SUV. As per the partnership, SUV buyers can charge vehicles on both facilities. The company will also provide a broad public network featuring DC fast chargers, which will be inclusive of roaming partner charging stations across North America.
• In January 2022, Eaton, a multinational power management company, acquired Royal Power Solutions, a U.S.-based maker of electrical connectivity components used in electric vehicles. This acquisition will help the company capitalize on electrification trends across high-growth markets.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive summary
2.1 DC Fast Electric Vehicle Charging Station Market 360° synopsis, 2019 - 2032
Chapter 3 DC Fast Electric Vehicle Charging Stations Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 COVID- 19 impact on the industry outlook
3.5 Growth potential analysis
3.6 Porter's Analysis
3.7 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
