ELECTRIC VEHICLE FAST CHARGER MARKET
- As of Oct 2019, there are ~220,000 DC fast chargers installed globally.The number of ultra fast chargers, which can charge at >350kW are limited to <2,000 or 1% of installed base
- About 17% of all installed public chargers are DC fast chargers in US, whereas in China the number is 38%
- In China, Beijing,Shanghai,Tianjin,Anhui,Guangdong,Hubei,Hebei,Jiangsu,Shandong and Zhejiang account for 75% of DC fast chargers installed in the country. State Grid corporation of China has the biggest DC fast charging network in the Chinese market
- In Europe, there are 30+ DC fast charging networks and Norway, France, Germany, UK and Netherlands account for 60% of installed DC fast chargers
- In US, As of Oct 2019,~11,800 chargers are installed at 3,260 locations.About 7% of DC fast chargers are installed at Walmart, 5% at various malls, 4% at various hotels,3% at Nissan and BMW dealerships, 1% at Wholefoods market.Tesla has ~50% share of installed DC fast chargers and it will remain the leading player till 2025
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.
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 upcoming mandatory sales quota for EVs has put the market in overdrive mode for past 3 years.
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.
POTENTIAL BUSINESS MODEL(S) FOR DC FAST CHARGING STATIONS
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 usage– 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. Walmart plans to install 350kW charging points to 100 stores in 34 US states by June 2019.Target plans to have more than 100 charging sites in 20 US states by 2020.
INITIATIVES TAKEN BY AUTO OEMS
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 Sep`18, Audi launched a new ‘e-tron Charging Service’ 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.
MARKET SIZE AND FORECAST
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, `19, Tesla has one of the biggest fast charging networks of ~14,900 super chargers at 1,500+ 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 2025.
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 “future proof”, 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.
- NEC Corporation
- Tritium Pty Ltd
- Signet EV
- Schneider Electric
- Siemens AG
- Efacec Electric Mobility
- GS Yuasa Corporation
- Nichicon Corporation
- Tesla Motors, Inc.
DC FAST CHARGING NETWORK OPERATORS
|Sl no||Fast Charging netwrok||Country/Region|
|13||BP Charge Master- Polar Network||UK|
|19||China Southern Power Grid||China|
|24||Tata Autocomp- Tata Motors||India|
THIS REPORT WILL ANSWER FOLLOWING QUESTIONS
- What is the average cost per DC fast charger right now and how will it change in next 5-6 years? Average cost to setup a fast charging station in US, Europe and China?
- How many Electric Vehicle fast chargers are manufactured per annum globally? Who are the sub-component suppliers in different regions?
- What is happening in overall public charging infrastructure, globally? What are the bottlenecks in EV home charging for urban dwellers?
- Role of car manufacturers in growth of Electric Vehicle fast charger market?
- DC fast charging capability of upcoming EVs
- What will be the average charging power of fast charger station during 2019-2025 in top 10 EV markets globally?
- Which charging standard CHAdeMo/CCS will have bigger market acceptance and why?
- Cost breakup of a DC fast charger and key vendor selection criteria
- Where are the Electric Vehicle fast chargers manufactured? What is the average margin per equipment?
- Average fast charging fees for consumers in top 10 EV markets globally
- Market share of Electric Vehicle fast charger manufacturers and their upcoming products
- The most important planned fast charging sites in next 2 years
- The importance of touch screen as a user interface on a fast charger as compared to TFT display with haptic buttons
- Details on network of major fast charging providers like EVgo, Chargemaster etc, their membership and pricing plans
- How are the oil majors, utility companies, super market store chains and big real estate companies eying Electric Vehicle fast charger market as next big opportunity?
|4||Insights from Industry stakeholders||11|
|5||Key criteria for fast charger vendor selection||12-13|
|6||DC Fast charger manufacturing in US, Europe and China||14-15|
|7||Breakdown of new EV concept vehicles by powertrain||16-17|
|8||Upcoming EV platforms and their fast charging capability||18-19|
|9||Disruptive innovations in DC fast charger market||20-21|
|10||Average fast charging fees for consumers in top 10 EV markets globally||22-23|
|11||Upcoming planned fast charging sites in next 2 years in major coties||24-25|
|12||Market Size ,Dynamics and Forecast By Sub-Components||26-39|
|13||Market Size ,Dynamics and Forecast By Geography||41-60|
|14||Market Size ,Dynamics and Forecast By Power output||62-73|
|17||Unmet needs and Market Opportunity for suppliers||90|