- Growth Market Reports shared a study that predicts the Combined Charging System (CCS) market will grow to be worth more than $15.1 billion by 2031.
- Thanks to recent regulations in the U.S., companies that want federal funding will need to use a standardized charging system for easier charging access for more Americans.
- CCS is a solid choice for the standardized approach because it combines AC and DC charging into one socket, allowing for rapid EV battery charging.
The Combined Charging System (CCS) market is set to experience remarkable growth in the coming years, according to a market study conducted by Growth Market Reports. The study, titled “Combined Charging System Market Segments,” reveals that the global market size reached $11.7 billion in 2022 and is projected to exceed $15.1 billion by 2031, with a staggering compound annual growth rate (CAGR) of 32.1%. This surge is primarily attributed to the increasing demand for EVs and the adoption of CCS for rapid EV battery charging.
New Regulations Boosting CCS Adoption
In a bid to promote the adoption of EVs in the United States, the government recently announced regulations for electric charging stations. As part of a $7.5 billion federal program, companies seeking federal funding must adopt a standard charging style in their EV models for broad accessibility. This move aims to accelerate the growth of the EV market and align charging infrastructure with standardized technology.
The Combined Charging System, a charging connector that combines AC and DC charging into one socket, enables rapid charging of EV batteries. It has become a widely accepted standard among EV users due to its versatility and fast charging capabilities. Most new EV models now support CCS charging, further driving market growth.
The development of charging infrastructure in public spaces presents significant opportunities for the CCS market. Its compatibility with charging hubs and stations allows for higher-rate currents required for quick charging. However, charging EVs in residential areas is limited due to the high energy supply required, predominantly relying on single-phase AC systems.
Key Insights From the Report
The CCS market is segmented into hardware and software components, with the hardware segment expected to grow rapidly due to the increasing adoption of CCS for speedy charging in various EV models.
In addition, there is the power market, which is classified into groupings of 40 kWh to 100 kWh, 100 kWh to 200 kWh, and more than 200 kWh. The more than 200 kWh power segment is anticipated to dominate the market in the coming years, as different electric vehicle models require high-power charging capabilities.
As the global transition to electric mobility gains momentum, the Combined Charging System market is poised for substantial growth. With standardized technology, rapid charging capabilities, and expanding charging infrastructure, CCS is set to revolutionize the electric vehicle charging landscape and accelerate the adoption of clean and sustainable transportation.
To access the full report and see more insights into the Combined Charging System market, visit: https://growthmarketreports.com/report/combined-charging-system-market-global-industry-analysis.
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