According to a recent report published by Allied Market Research, titled, “DC Charger Market by Power Output and End Use: Global Opportunity Analysis and Industry Forecast, 2021-2030”, the DC charger industry size was valued at $67.4 billion in 2020, and is projected to reach $221.31 billion by 2030, registering a CAGR of 13.2%.
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DC Chargers or direct current chargers are designed and developed for charging and recharging of electronic devices, automotive vehicles, and industrial equipment. These DC chargers are the prime components of the electric vehicle charging station as they supply electric energy required to recharge the electric vehicle. DC chargers recharge electric vehicles at a faster rate than AC chargers. DC chargers having power output of 10 kW to 100 kW is the most extensively used charger owing to its increased incorporation in charging of automotive vehicles and industrial equipment. Chargers having power output of less than 10 kW and more than 100 kW are expected to grow decently over the forecast period.
The constantly evolving portable electronics and wearable devices majorly drives the DC charger market growth. Further, increase in number of electric vehicles and the need to charge the electric vehicles boosts the need for DC chargers to charge the batteries of the electric vehicles. Moreover, the need for the constant DC supply in the industrial equipment to charge the batteries and other equipment contributes toward the growth of the DC charger market revenue. However, high cost of the fast DC charger is expected to hinder the market growth.
DC chargers having power output of 10 kW to 100 KW segment contributed the maximum in terms of revenue to the market and accounted for around 47.0% share in 2020. Factors such as surge in adoption of electric vehicles and installation of charging station to charge the electric vehicle battery propels the market growth. DC chargers with power output of less than 10 kW is expected to grow at a decent rate, in comparison to the DC chargers with power output of more than 100 kW, owing to the high demand of the electronics devices.
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COVID-19 IMPACT
The COVID-19 has impacted the global electronics and semiconductor sector, due to which production facility as well as new projects have stalled. The emergence of COVID-19 has lowered down the growth of the DC charger market revenue in 2020, and is estimated to witness decent growth till the end of 2021. Implementation of partial or complete lockdown across countries is the prime reason for the lower growth rate.
Key Findings Of The Study:
10 kW to 100 kW segment is projected to be the major application growth segment during the forecast period.
U.S. dominated the DC charger market share.
China is anticipated to witness highest growth rate during the forecast period.
The key players profiled in the report include ABB Ltd., AEG Power Solutions, Bori S.p.A., Delta Electronics, Inc., Helios Power Solutions Group, Hitachi Hi-Rel Power Electronics Private Ltd., Kirloskar Electric Company Ltd, Phihong Technology Co., Ltd, Siemens AG, and Statron Ltd.
These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to enhance DC chargers market forecast and penetration.
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