Guidehouse Research Estimates Global Market for Megawatt Charging Systems will Reach Nearly $19 Billion by 2033

A new report from Guidehouse Research evaluates the market for Megawatt Charging Systems (MCS) globally.

Efforts to electrify medium- and heavy-duty vehicles (MHDVs) have focused on those with predictable routes and enough downtime to return to a depot for charging. However, long-haul trucks, multi-shift vehicles, and those without access to private charging are harder to electrify. Solving this challenge requires new charging solutions. The MCS—a new standard in development—will provide up to 3.75 megawatts (MW) of continuous power, enabling ultra-fast charging for these vehicles. According to a new report from Guidehouse Research, as standardization occurs and the number of BE-MHDVs on the road grows, MCS sales and revenue are expected to increase. By 2033, the revenue from MCS is expected to reach $18.9 billion globally.

“For long-haul trucking, vehicles that are used for multiple shifts in a day, and vehicles without access to depot or private charging to have a successful transition to becoming battery electric (BE)-MHDVs, they must have both fast charging and an adequate public charging network,” says Jason Pandich, research analyst with Guidehouse Research. “BE-MHDVs and MCS have a symbiotic relationship, so increasing one enables the other to grow.”

Driving BE-MHDVs are government policies to reduce emissions from the transportation sector, government incentives, and the lower total cost of ownership (TCO) of a BE-MHDV compared to an internal combustion engine vehicle. Increasing the number of BE-MHDVs will encourage more deployments of MCS to serve the growing population, according to the report.

The report, Megawatt Charging System, provides an overview of the market for MCS by examining the technology, its recent standardization process, and the use cases it is best suited for. It also analyzes the drivers and barriers having an impact on the technology’s growth. An executive summary of the report is available for free download on the Guidehouse Research website.

Guidehouse Research | guidehouseresearch.com