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Last Updated: Apr 25, 2025 | Study Period: 2024-2030
Governments around the world are considering transportation electrification as an important step toward air quality, climate, and energy independence goals. In order to achieve these goals, governments have invested substantial funding to incentivise electric vehicle sales and the associated charging infrastructure.
DC fast chargers have the potential to solve the inherent range anxiety associated with EVs. Therefore, they are being looked upon as the ultimate growth accelerator for EV ownership.
| S No | Company Name | Development |
| 1 | Quench EV | Launch of the First-of-its-Kind Movable DC Fast Charger by Quench EV ChargersThe Quench Mini is a Movable DC Fast Charger that Quench EV Chargers introduced as its most recent creation. |
| 2 | Lincoln Electric Holdings | The project to develop and produce DC rapid charge electric vehicle (EV) chargers for the American EV market was started by Lincoln Electric Holdings. The company has created a single charge port pedestal compatible with CCS-1 vehicles and a DC fast charger power module with scalable architecture to offer power levels. |
Quench Mini was created especially for the world's harshest environments.Businesses may easily test and roll out fast charging services with the Quench Mini without the need for labor-intensive installations.
No permissions for grid connectivity, step-down transformers, cable installation, foundations, or civil mounting platforms are required. This portable charger simplifies use, provides a hassle-free experience, and is compatible with any industrial power outlet anywhere in the world.
The initiation of an endeavor to design and produce DC rapid charge electric vehicle (EV) chargers for the U.S. EV market has been announced by Lincoln Electric Holdings. The company has created a single charge port pedestal compatible with CCS-1 cars as well as a DC fast charger power module with a scalable architecture to offer power levels.
A larger network of DC fast chargers must be built to service both public and private vehicle fleets as well as the traveling public in order to reduce drivers' "range anxiety" and encourage EV adoption.A dependable fast charging infrastructure that can operate in a variety of environmental situations and charge batteries much more quickly than AC chargers is essential for adoption.
By utilizing the Company's extensive track record of producing premier industrial-grade, high power electronic equipment built for high duty cycles and use in mission-critical industrial applications, Lincoln Electric's DC fast charger assists in meeting these crucial requirements.
The company's technology is designed to outperform many of today's EV chargers in terms of dependability and durability under a variety of challenging outdoor working circumstances.
In addition, the Company believes that its significant domestic field service footprint might expand for maintenance and engineering service support because it produces more PC boards and equipment power sources domestically than is required.
A larger network ofDC fast chargersmust be built to service both public and private vehicle fleets as well as the traveling public in order to reduce drivers' "range anxiety" and encourage EV adoption.
A dependable fast charging infrastructure that can operate in a variety of environmental situations and charge batteries much more quickly than AC chargers is essential for adoption.
By utilizing the Company's extensive track record of producing premier industrial-grade, high power electronic equipment built for high duty cycles and 24-hour/7-day operation in mission-critical industrial applications, Lincoln Electric's DC fast charger assists in meeting these crucial requirements.
The company's technology is designed to outperform many of today's EV chargers in terms of dependability and durability under a variety of challenging outdoor working circumstances. In recent years, electric vehicle (EV) technology has been rapidly advancing as more people switch to electric vehicles.
The EV DC fast charger is an advancement in charging technology because it can fully charge an electric vehicle battery in 15 to 30 minutes. This is significantly faster than the several hours often needed with regular EV charging systems.
This charger operates differently than most in that instead of using alternating current (AC), it charges the battery directly using high-voltage direct current (DC). This type of charger is also known as a Level 3 charger as it provides a DC power output of 50 kW or larger.
EV DC fast chargers are equipped with various safety features that ensure that the process is safe and efficient.Many include physical barriers such as lockable charging ports, integrated control systems to limit the power output of the charger, and various sensors to monitor the charging process.
These chargers are currently undergoing significant development in order to meet growing demand for quicker charging times and increased safety. One example of this development is Ultra-fast charging, which is a new type of DC fast charger capable of providing rapid charging in just a few minutes.
This new type of charger is made possible by higher power outputs, up to 400kW or larger. In addition, more efficient battery management systems are being developed for use with this type of charger that are capable of providing better safety and stability.
Another area of ongoing development is the implementation of wireless charging technology. This technology utilizes electromagnetic coupling to wirelessly transfer power from a stationary charging pad to the battery of an electric vehicle.
This type of charging eliminates the need for physical plug-ins and could potentially be safer and more reliable than traditional charging methods.
EV DC fast chargers are quickly becoming a vital component of the electric vehicle ecosystem and are essential for long distance travel. As technology continues to advance, these chargers will become faster and more reliable.
| SI No | Timeline | Company | Developments |
| 1 | 2021 | BP | The Volkswagen Group and bp are teaming up to offer ultra-fast electric vehicle charging throughout Europe.Bpâs charging networks to be integrated into VW Group vehicles. |
| 2 | 2022 | ChargePoint | Formerly known as Coulomb Technologies, this company claims to run the world's largest network of electric vehicle charging stations. It acquired 10,000 charging stations from General Electric, bringing its total to 35,000. According to the most recent estimates, the corporation employs roughly 60,000 people. |
| 3 | 2021 | ABB | ABB made a partnership with Porsche to develop EV chargers. |
EV promotional policy is the most important factor for Electric vehicle fast charger market. The importance of this factor can be judged by the fact that, in US, states which follow California ZEV mandate, represent 35% of total EV population.
In china, the mandatory sales quota for EVs had put the market in overdrive mode for past 3 years, but subsidy withdrawal in Aug 2019 led to a contraction in overall 2019 volumes.
Varying charging standards and low EV PARC are the most important challenge to Electric vehicle fast charger market. Despite all the improvements in electric vehicle technologies, charging infrastructure still suffers from inconsistent data availability and a lack of consistent standards in most countries.
For DC fast charging, connector types vary by OEMs as well as region. The Japanese OEMs prefer CHAdeMO fast charging standard whereas American and European OEMs prefer Combined Charging System (CCS), China has created its own GB/T standard for domestic DC fast charging networks.
In Colorado and California, Rivian is opening its first DC fast-charging locations.
The three locations mark the beginning of the Rivian Adventure Network, a nationwide DC rapid charging network. In Salida, Colorado, the first Rivian Adventure Network location opened to the public.
It had four DC fast chargers, one of which was a pull-through charger for trailer-towing cars. The location also has four Level 2 chargers, also known as Rivian Waypoints, that are accessible to all EVs.
The second and third Adventure Network locations are in California's Inyokern and Bishop. The EV manufacturer Electrek, was working on the Rivian Adventure Network and recruited individuals who have experience with Tesla's Supercharger network.
To supply fast chargers for a new nationwide EV charging network, Wise EV, a division of renewable energy service provider Wise Power, has partnered with Tritium DCFC Limited, a global developer and producer of direct current ("DC") fast chargers for electric vehicles.
With DC fast chargers at significant gas stations through one of Wise EV's partners in gas station operation, the charging network is anticipated to launch with 25 locations throughout Florida.
Tritium, a manufacturer of DC fast chargers, is currently taking orders for its first EV charging system for the National Electric Vehicle Infrastructure (NEVI) Formula Programme. Tritium is based in Tennessee.
States are receiving funds through the NEVI programme of the US Department of Transportation to establish an interstate system of EV chargers.
The NEVI-compliant charging system from Tritium will have two power rectifiers and four PKM150 150 kW charging stations that can simultaneously supply power to four EVs.
As we discussed earlier that most of the charging infrastructure initiatives are driven by government initiatives, what is in it for EV charger manufacturers and network providers?
We believe, as the market starts growing from consumer demand and begins to reach mainstream, there is a strong potential for a complete transition into a commercially sustainable business.
We have listed down three business cases below
1. Charge fees for electricity usageâ Now, this is the easiest of the three. You source electricity in bulk from energy and utilities companies in bulk and charge a mark-up on your services. The pricing could vary as per location, timing and number of users.
2. Advertising-Since, all the charging outlets will have a digital user interface, location-based advertising could bring in substantial revenues. For example, we learnt from our Bike sharing report that the biggest bike sharing operator in US, Citi Bike generates ~10-15% of its revenue from ads.
3. Installing chargers at supermarkets and stores-About 25-30% of urban traffic is a result of people not able to find a parking spot. If supermarkets and stores could provide charging points, it will not only increase their retail sales but also an additional revenue source.
The big stores like Walmart and Target have already started making a move in this direction. In June 2019, Walmart completed installation of 350kW charging points in 100 stores across 34 US states initially announced in April 2018.Target plans to have more than 100 charging sites in 20 US states by 2020.
| SI No | Timeline | Company | Updates |
| 1 | August 21 2021 | Ather Energy | Invested in the creation of Ather Grid, gives free normal-speed charging choices to all-electric two-wheelers and four-wheelers. |
| 2 | Apr 13 2021 | StoreDot | Manufactured five-minute charge batteries which is seen as an indicative of rapid advancement in battery development. |
| 3 | Jan 22 2021 | EVgo
| EVgo has Been Selected As Preffered EV Charging Partner Of Subaru Of America. |
There is a clear co-relation between EV sales and charging infrastructure in every part of the world. And, the stakeholders most likely affected by this co-relation are the car manufacturers themselves.
Furthermore, investment by OEMs also bolsters consumer trust in this new technology. Taking cognizance of this fact, Ford, BMW, Daimler, and Volkswagen Group are collaborating to construct a network of ultrafast charging stations across EU.
In Oct 2020, Electrify America announced an agreement with Volkswagen of America to provide owners of the 2021 VW ID.4 electric SUV with three years of unlimited charging sessions on its network at no additional cost to the vehicleâs purchase price.
In Sep`18, Audi launched a new âe-tron Charging Serviceâ to enable access to 70k+ charging points by 220 providers with one card in Europe.
VW`s Electrify America is currently working on expanding its EV charging station footprint in various countries across the world.
In China, Xpeng Motors announced in April 2018 that it will build more than 1,000 super charging (300kW) station.
Schemes like these will boost interoperability and consumer confidence in EVs, ultimately driving the EV fast charger market. By the end of October 2020, 78 supercharging stations were in operation in 19 cities nationwide.
Tesla is the driver for EVs in USA and Teslaâs superchargers account for more than 50% of the fast chargers in USA. Their goal is to deliver an efficient charging system across the country. The upcoming Texas factory means there will be increased manufacturing mainly to supply to USA. To make EVs lucrative, Tesla will focus on increasing its supercharger network across the country.
The FLO Ultra ultra-fast charger was developed to maximise energy delivery with future-proof performance and smart design, enabling the best possible EV charging experience.FLO is a prominent North American operator of electric vehicle (EV) charging networks and a provider of smart charging solutions. The FLO Ultra charger has a straightforward but ground-breaking design and includes two high-powered charging ports in a tough aluminium housing.
With up to 320 kW accessible utilising dynamic power sharing and up to 500 kW When multiple electric car charging stations are connected together, it can charge the majority of EVs to 80% of their capacity in 15 minutes.
These level 3 EV chargers may be set up in various ways, giving drivers a range of parking options and making installation simpler for site hosts. The FLO Ultra charger has a low horizontal profile thanks to its streamlined design and is simple to find with its highly visible illuminated canopy.
Drivers are quickly informed by state-of-charge indications as to whether the DC fast charging station is ready for usage.
A motorised cable management system, which is patent-pending, is another feature of the new charger. The expanded length of this system allows for charging regardless of where a car port is located, while keeping cables off the ground.
The motorised system's primary benefit is that it makes the wires feel lighter and easier to move, relieving users' strain. The FLO Ultra charging station also has flexible and secure payment options for quick and simple transactions, as well as a separate colour touchscreen display for each charging connection.
In May-June 2020, Germany and France governments have announced generous incentives for buying EVs only. In France, the incentives bring down the cost of a $ 40,000 EV to as much as $ 26,285 (when trading in older ICE cars)
As a result, Europe already sold more plugged in vehicles in the first 9 months of 2020 compared to entire 2019 and is the only region with increased EV sales compared to 2019
For EVs to become mainstream, the recharging times have to be at par with gas vehicles and that can only happen if fast chargers are in use everywhere.
In US, the DOE (Department of Energy) wants to lower charging times to less than 15 minutes by 2028. It wants to increase the charging output to 400kW at most of the public charging stations.
As of Oct, `20, Tesla has one of the biggest fast charging networks of ~20,000 super chargers at 2,000+ stations. The cost to set up Electric vehicle charging infrastructure has declined substantially over the past 5 years due to growth in volumes.
As of 2018, the installation of Level 2 charger costs approximately $6-10K USD whereas fast chargers cost almost 7-8 times.About 20,000 ChadeMO DC fast chargers are in use globally and it will continue to grow at double digits till 2025.
The EV DC fast charger market will grow to XX units and $YY Million per annum by 2030.
EV charging network ChargePoint, the biggest and most open in the world, has inked an exclusive arrangement with Australian-based Tritium for the United States. The Veefil, an award-winning DC fast charging station from Tritium, will be installed by ChargePoint all throughout the nation.
With a 50kW power output, the rapid charging stations can complete up to 80 miles (or 128 km) of charge in just 20 minutes.All vehicles with DC fast charging capability can be charged at Tritium stations utilising either the SAE-Combo or CHAdeMO connectors that are provided.
With the help of an adaptor that will soon be available for purchase, Tesla drivers will be able to use the CHAdeMO connector.The stations will be added to the ChargePoint network of more than 21,000 EV charging stations and will be put along major highways across the nation.
Recently, ChargePoint teamed up with Volkswagen and BMW to construct quick charging lanes on both the east and west coasts of the United States.Drivers will be able to identify which connectors are suitable with their car thanks to the stations' ChargePoint branding, explicit designation as DC Fast stations, and labelling of the connectors.
New electric vehicle (EV) fast-charging stations will be installed by Walmart in tens of thousands of Walmart and Sam's Club locations around the US.Bp has stated that it will spend $1 billion by 2030 building electric vehicle (EV) charging stations all around the country.
Hertz and bp announced their intent to install fast charging infrastructure at Hertz sites in significant cities, including Atlanta, Austin, Boston, Chicago, Denver, Houston, Miami, New York City, Orlando, Phoenix, San Francisco, and Washington, DC. This announcement is a key component of the investment.
A massive 10,000 EV DC fast chargers have been ordered by UK charging network evyve from DC fast charger manufacturer Tritium by 2030.
Tritium's modular 75kW and 150kW DC fast chargers will make up the largest destination and en route charging network in the UK, according to evyve.Tritium's EV DC fast chargers will be installed by evyve at retail, dining, entertainment, and commercial business venues.
| SI No | Timeline | Company | Updates |
| 1 | 2020 | Deutsche Telekom | It was reported that 12,000 street cabinets would be converted into charging stations. They claim that each gadget will provide enough power each hour to power two vehicles for a range of 50 to 75 kilometres. |
| 2 | 2021 | ABB
| ABBâs new Terra 360 is a modular charger which can simultaneously charge up to four vehicles with dynamic power distribution. The new charger has a maximum output of 360 kW and is capable of fully charging any electric car in 15 minutes or less. |
| 3 | 2021 | Delta Electronics | Delta's Ultra Fast Charger is a multi-standard, non-discriminatory charger that works with all electric automobiles on the market today and in the future. It can already assist auto makers in field charging their new prototypes. |
A robust public private partnership is required to grow EV fast charger market and make it commercially viable.
Competition among charging providers and charger manufacturers will facilitate growth of the early infrastructure and further new product development.
Oil companies are feeling the heat of EV market growth and in order to make themselves âfuture proofâ, they have started making inroads in EV charging market.
Oil companies like British Petroleum and Shell have made some big-ticket investments and acquisitions.
Australian fast charger manufacturer Tritium is a preferred choice for car manufacturers, charging network companies and government bodies alike as it has won many contracts in Europe, US and even India.
There is a lot happening among EV fast charger industry stakeholders right now.
| Sl no | Fast Charging netwrok | Country/Region |
| 1 | Evgo | US |
| 2 | Electrify America | US |
| 3 | Ionity | Europe |
| 4 | Chargepoint | US |
| 5 | Ecotricity | UK |
| 6 | Xpeng | China |
| 7 | Xcharge | Australia |
| 8 | Tesla | US,EU,China |
| 9 | Stomnetz | |
| 10 | Gronn Kontakt | Norway |
| 11 | Instavolt | Instavolt |
| 12 | Greenlots | UK |
| 13 | BP Charge Master- Polar Network | UK |
| 14 | NIO | China |
| 15 | CarEnergyNet | China |
| 16 | EVCDX | China |
| 17 | Kakuka | China |
| 18 | YKCharge | China |
| 19 | China Southern Power Grid | China |
| 20 | E.ON | Germany |
| 21 | Comfort Charge | Germany |
| 22 | Allego | Europe |
| 23 | PlugSurfing | Europe |
| 24 | Tata Autocomp- Tata Motors | India |
| 25 | Energy Absolute | Thailand |
| Sl. No | Topic | Slide Number |
| 1 | Market Segmentation | 5 |
| 2 | Executive Summary | 07-12 |
| 3 | Introduction | 14-15 |
| 4 | Insights from Industry stakeholders | 17 |
| 5 | Key criteria for fast charger vendor selection by network operators | 18 |
| 6 | Breakdown of new EVs by powertrain and improvement in fast charging capability | 20-30 |
| 7 | DC Fast charger manufacturing in US, Europe and China | 31 |
| 8 | Overview of installed DC fast chargers, by region | 33-35 |
| 9 | Upcoming planned fast charging sites in next 2 years in major cities | 36-37 |
| 10 | EV battery developments and impact on EV DC fast charger market | 38-39 |
| 11 | Average fast charging fees for consumers in top 10 EV markets | 40 |
| 12 | Role of Thermal management in Ultra fast charging | 41-42 |
| 13 | EV PARC in top 10 markets | 43 |
| 14 | Planned investment by major charging network operators for next 2-3 years | 44-45 |
| 15 | US DC Fast Charger production and Sub-component mapping | 46 |
| 16 | Improvement in Fast charger components(Cables, connectors etc.) | 47 |
| 17 | B2B pricing of DC fast chargers by region | 48 |
| 18 | B2B pricing of DC fast chargers by kW | 49 |
| 19 | Market Size ,Dynamics and Forecast By Geography(2022-2027), Units and $M | 51-69 |
| 20 | Market Size ,Dynamics and Forecast By Power output(2022-2027), Units and $M | 71-76 |
| 21 | Market Size ,Dynamics and Forecast By Application(2022-2027), Units and $M | 78-84 |
| 22 | Market Size ,Dynamics and Forecast By Sub-Components(2022-2027), Units and $M | 86-89 |
| 23 | Competitive Landscape | 91 |
| 24 | New Product development | 92-93 |
| 25 | Charging network and DC fast charger supplier alignment for charger sourcing | 94 |
| 26 | Market share of major DC fast charger vendors- 2021 | 95 |
| 27 | Company Profiles- DC Fast Charger manufacturers | 97-102 |
| 28 | Company Profiles- Charging network operators | 104-107 |
| 29 | Upcoming EV DC Fast Charger Manufacturer | 109-112 |
| 30 | Conclusion | 114 |
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