CHICAGO, Nov. 21, 2023 /PRNewswire/ — Hypercharger market size is projected to grow from 10.4 thousand Units in 2023 and projected to reach 273.7 thousand Units by 2030, at a CAGR of 59.5%, according to a new report by MarketsandMarkets™. The Hypercharger demand is primarily driven by the growing popularity and adoption of electric vehicles (EVs). As more consumers and businesses transition to electric mobility, there is a heightened need for charging solutions that offer ultra-fast charging speeds. Hypercharger addresses the time constraints associated with traditional charging methods, providing EV users with the convenience of quickly replenishing their vehicle’s battery charge.
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Browse in-depth TOC on “Hypercharger Market”.
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Hypercharger Market Scope:
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Report Coverage |
Details |
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Market Size |
273.7 thousand Units by 2030 |
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Growth Rate |
CAGR of 59.5% |
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Largest Market |
Europe |
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Market Dynamics |
Drivers, Restraints, Opportunities & Challenges |
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Forecast Period |
2023-2030 |
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Forecast Units |
Volume (Thousand Units) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
Hypercharging Compatible Vehicle Sales by Vehicle Type, Port Type and Region |
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Geographies Covered |
Asia Pacific, North America, Europe. |
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Report Highlights |
Updated financial information / product portfolio of players |
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Key Market Opportunities |
Electric Truck and Bus Segment witnessing Developments Towards Hyper Charging |
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Key Market Drivers |
Increase in adoption of Electric Vehicles |
Passenger Car segment is expected to have high growth rate in the sales of vehicle compatible with Hypercharging
The passenger car segment is anticipated to experience a high growth rate in the Hypercharger market, driven by the introduction of new electric vehicle models such as the Hummer EV, Hyundai Ioniq 5, KIA EV6, and several others. These launches contribute to overcoming range anxiety, a significant concern for potential electric vehicle buyers. The incorporation of Hypercharger capabilities in these models ensures faster and more convenient charging, alleviating concerns about long charging times and enhancing the overall appeal and feasibility of electric cars, thereby fueling growth in the sales for passenger vehicles compatible with hypercharging.
MCS” segment is expected to have significant growth opportunities in global Hypercharger Market
The Megawatt segment is poised for substantial growth in the global Hypercharger industry due to its pivotal role in addressing the specific needs of Heavy Commercial Vehicles (HCVs). As electric HCVs gain traction, the demand for rapid and high-capacity charging solutions becomes imperative. Megawatt charging systems are designed to cater to these heavy-duty vehicles, offering ultra-fast charging speeds that significantly reduce downtime. The surge in electric HCV adoption, coupled with the efficiency of Megawatt charging for quick and powerful recharging, creates significant growth opportunities in this segment within the broader Hypercharger
“South Korea to have significant market share in the Hypercharger Market in Asia Pacific”.
South Korea is poised to secure a significant market share in the Asia Pacific Hypercharger Market, driven by the surge in Battery Electric Vehicle (BEV) sales within the country. The increasing adoption of electric vehicles, particularly from local brands like Hyundai and KIA, contributes to this growth. These automakers offer Ultrafast charging-compatible vehicles, addressing the rising demand for efficient and high-speed charging solutions. As South Korea continues to prioritize sustainable transportation, its growing BEV market and the presence of local brands with Hypercharger-compatible offerings position it as a key player in the regional Hypercharger landscape.
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Key Market Players:
The major players in Hypercharger Market include ABB (Switzerland), Electrify America (US), Heliox (Netherlands), Tritium (Australia) and IONITY (Germany), etc.
Recent Developments
In 2021, ABB launched the world’s fastest EV charging station Terra 360, which can charge most EVs in less than 15 minutes.
In 2022, CharIN introduces Megawatt Charging System (MCS) at EVS35, Oslo, with impressive demonstrations and upcoming product showcases.
In June 2023, EVBox launches EVBox Troniq High Power, the most powerful standalone charging station with a 400 kW power output.
In 2023, Electrify America plans to deploy a total of 10,000 350 kW chargers by 2025.
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