DC Chargers Market

Global DC Charges Market Size (2023 to 2028)

The global DC charges market is expected to be worth 86.37 billion USD in 2023. It is expected to grow at a CAGR of 13.2% during the forecast period and reach a value of 160.55 billion USD by 2028.

The increasing prevalence of the launch of charging stations associated with an increasing number of electric vehicles is elevating the demand in the market.  The output of the DC chargers is DC power. To charge electronic devices, mostly DC power is used by the batteries. Many automotive and industrial applications have a wide range of usage with DC chargers. Most of the electronic devices prefer DC chargers as they convert the input signal into a DC output signal. Sometimes, AC power transmissions are not feasible, whereas in those situations, DC power is used.  DC chargers are effective in charging devices quickly. So, these DC chargers are widely used to charge electric vehicles. Government organizations are supporting the installation of electric vehicle charging stations with good infrastructure, which is escalating the demand in the DC chargers market.

Global DC Chargers Market Drivers:

The trend towards electric vehicles is a major factor in the growth rate of the DC chargers market. Also, DC chargers are commonly used to charge portable electronic devices like laptops, tablets, mobile phones, and others. The demand for portable electronic devices and wearable devices in the market is growing enormously. In the automotive industry, the use of DC chargers for electronic devices is the latest innovation that is greatly enhancing the growth rate of the market. DC chargers provide direct DC output for the vehicles. The electric vehicle can run up to 350 km on a single charge. The electric stations installed on the highways are fast chargers where it does not take much time to fully charge. This is propelling the demand in the DC chargers market. Increasing funds from the government to install electric charging stations in emerging countries like the US, Canada, India, and China are leveling up the demand of the market. The launch of different policies by the government in favor of the end user, like tax rebates, preferential policies, and subsidies, is escalating the growth rate of the DC chargers market. The rise in the investments to develop charging stations and providing great offers for the buyers by the companies are presenting growth opportunities for the market. Poor knowledge of the use of DC chargers for various devices, especially in undeveloped countries, remains a major challenge factor for the market players.

Global DC Chargers Market Restraints:

However, the high cost of installation and maintenance of electronic devices is slowly degrading the demand in the DC chargers market. The rise of real-time complications with the DC chargers is hindering market growth. Some people cannot afford the costly electronic devices especially in rural areas. This attribute is acting as a barrier to the growth rate of the market.  The unavailability of the various charging points in the electric charging stations is slightly limiting the demand of the DC chargers market.

Impact of COVID-19 on the global DC chargers market:

The COVID-19 pandemic hit the world in December 2019 and changed the world in every aspect. Lockdown restrictions and a ban on free movement affected the shares of every market during this pandemic. In the initial months of 2020, there were complete lockdown restrictions that negatively influenced the shares of the DC chargers market. With the unlock guidelines released by the government, the shares will grow tremendously. It is expected that the demand for the market will grow at a higher rate during the period 2021-2030.

REPORT COVERAGE:

This research report on the global DC chargers market has been segmented and sub-segmented into the following categories.

DC Chargers Market - By Charging Infrastructure:

• Normal Charge
• Type-2
• CCS
• CHAdeMO
• Tesla Supercharger

The normal charge segment is leading with the dominant shares of the market. Increasing smartphones and other electronic devices is increasing the demand for this segment to an extent. Type-2 and CCS segments are growing at a higher rate during the forecast period 2022 - 2027.

DC Chargers Market - By Level of Charging:

• Level 1
• Level 2
• Level 3

The level 3 segment is dominating the shares of the DC chargers market. Growing prominence for the advanced technologies in automotive industries is escalating the growth rate of the market.

DC Chargers Market - By DC fast Charging:

• Fast
• Ultra-fast

The ultra-fast segment is thriving to gain profits, whereas the fast segment is likely to have growth opportunities in the coming period.

DC Chargers Market - By End Use

• Consumer Electronics
• Automotive
• Industrial

The consumer electronics segment is to hit the highest mark in revenue. The growing number of automotive industries across the globe is escalating the demand for the automotive segment.

DC Chargers Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa. 

The North American DC chargers market is leading with the dominant shares owing to rising demand to invest more in improving the infrastructure of charging stations. The growing trend towards electric vehicles associated with the increasing benefits is likely to fuel the growth rate of the market. Along with this, the increasing urban population in developed countries is promoting market growth in North America. Followed by North America, Europe DC charges market is dominating the shares with the rising number of portable and wearable devices. The constantly growing economy is also one of the factors that is enhancing the demand of the market in Europe. The rapid adoption of the latest technologies and the rise in demand to launch innovative electronic devices are greatly influencing the DC chargers market growth in Europe. The launch of the latest policies by the government in favor of the customers is also leveraging the demand of the market in this region. DC chargers are most efficient in charging electric devices in a very short time and are gearing up the shares of the European DC chargers market.

The Asia Pacific DC chargers market is expected to hit the highest CAGR in the near future. The increasing population and rising scale of industries that are manufacturing electronic devices are majorly ascribed to bolstering the demand of the market. The increasing launch of the latest designs DC chargers that are highly effective in charging devices is surging the growth rate of the market in this region. Growing support from the public and private organizations for electronic devices is impacting positively on the demand of the Asia Pacific DC chargers market.

Latin America and Middle East & Africa are likely to have moderate growth opportunities during the forecast period.

KEY MARKET PLAYERS:

ABB Ltd, AEG Power Solutions, Bori S.p.A., Siemens AG, Statron Ltd, Delta Electronics, Inc. Helios Power Solutions Group, Hitachi Hi-Rel Power Electronics Private Ltd., Kirloskar Electric Company Ltd, Phihong Technology Co., Ltd