BY Ravi K
The Hyper Charger 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%. The Hyper charger 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.
Hyper charger addresses the time constraints associated with traditional charging methods, providing EV users with the convenience of quickly replenishing their vehicle's battery charge.
The study involved 4 major activities in estimating the current size of the Hyper charger market. Exhaustive secondary research was done to collect information on the market, peer, and parent markets. The next step was to validate these findings, assumptions, and sizing with the industry experts across value chains through primary research. The top-down approach was employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used in estimating the market size of segments and subsegments.
Hyper Charger (ultra-fast charging II) Market Dynamics:
Driver: Increase in adoption of Electric Vehicles
The Hyper charger market is still in its early stages of development, but it is growing rapidly due to the increasing demand for EVs. Electric Vehicles (EVs) are rapidly gaining popularity as a sustainable transportation solution. However, range anxiety and inadequate charging infrastructure & speed remain top concerns.
The availability and accessibility of EV charging stations along with the charging speed play a crucial role in the widespread adoption of EVs. Wider adoption towards EVs is increasing the demand for faster charging stations to meet the range standards of ICE vehicles, Global EV sales are expected to grow more than 3 times till 2030.
Opportunity: Electric Truck and Bus Segment witnessing Developments Towards Hyper Charging
The rapid advancements in Hyper charger technology for electric trucks and buses present a significant opportunity in the transportation industry. Innovations like Designwerk's megawatt charging system, Heliox's dedicated high-power charging, Scania and ABB's successful tests, and partnerships between Phihong Technology subsidiary Zerova, and CHARIN are pushing the boundaries of what's possible in terms of fast and efficient charging for electric commercial vehicles.
As electric trucks and buses continue to gain traction, the development and commercialization of megawatt charging solutions will play a crucial role in accelerating their adoption and ensuring a sustainable future for transportation.
Heavy Commercial Vehicle segment to witness significant growth rate during the forecast period
Hyper charger compatible vehicles are set to see significant growth, particularly in the heavy commercial vehicle category. As the market for electric buses and trucks continues to rise, the imperative for rapid charging solutions becomes increasingly evident. Innovations like megawatt charging systems and dedicated high-power chargers are expected to drive the swift adoption of Hyper charging technology within the heavy commercial vehicle sector, catering to the distinctive needs of these sizeable, high-capacity electric vehicles.
The Combined Charging System (CCS) segment is expected to gain significant market share for Hyper charger market during the forecast period. The Combined Charging System (CCS) segment is expected to gain a substantial market share in the rapidly evolving Hyper charger Market. CCS stands out as an integrated and versatile charging standard, gaining prominence for its support of both alternating current (AC) and direct current (DC) charging.
This adaptability positions CCS as the preferred choice for electric vehicle manufacturers, contributing to the expected increase in its market share. The widespread adoption of CCS reflects its compatibility and efficiency with several electric vehicle models, driving its significant presence in the market.
“Europe Hyper Charger market is projected to hold the major market share by 2030.”
Germany, France, UK, Norway, Spain, Sweden, Spain and others have significant Hyper charger market in this region. France is the largest market for Hyper charger in the region. By the year 2030, Europe is expected to dominate the Hyper charger market, securing a substantial share. This projection underscores the region's anticipated leadership in the adoption and deployment of high-speed charging solutions for electric vehicles.
As Europe continues to prioritize and invest in sustainable transportation infrastructure, the Hyper charger market is likely to see significant growth, making the region a key player in shaping the future of electric vehicle charging technology.
Key Market Players
The Hyper charger market is dominated by a few globally established players such as ABB (Switzerland), Electrify America (US), Heliox (Netherlands), Tritium (Australia) and IONITY (Germany).The Hyper charger market is highly competitive with growing expansion by the regional players.
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