Tech Tracker: Hyperchargers market tipped to hit $18b by 2032

From the newsletter

The global hypercharger market is projected to grow from $7.65 billion in 2024 to $17.58 billion by 2032, according to a new report by DataM Intelligence 4market Research LLP. Africa however still lags behind, with the majority of the continent’s EVs using slower AC chargers. Faster DC chargers that are being used on the continent typically deliver less than 350 kW. 

• BYD’s megawatt flash charging technology, launched this year, is the fastest in the world, with charging speeds that can take a vehicle's battery from 10% to 80% in just 5 minutes. This technology uses chargers of up to 1.2 MW in power. 

• Africa is however lagging behind in this area, with the majority of its fastest chargers able to provide only a fraction of BYD’s powerful charger. Currently, the fastest EV chargers in Africa have a capacity range of 150 kW to 480 kW, with some pilots reaching 350 kW or higher. 

More details

• Hyperchargers are designed to deliver ultra-fast charging speeds. They are key to addressing the issue of long charging times, which is one of the most critical barriers to EV adoption.  

• At the same time, several companies are also developing solid-state batteries that can dramatically shorten charge times. Stellantis and Factorial Energy have validated solid-state battery cells that can charge from 15% to 90% in 18 minutes.

• Panasonic Holdings has confirmed plans to deliver solid-state battery samples during the year ending March 2027. This move highlights the Japanese company's ambition to secure a foothold in the next-generation energy storage market. While much of the industry is focused on using solid-state batteries for EVs, Panasonic is initially targeting its technology toward industrial robots, tire pressure monitoring systems, and equipment. 

• Another major technological breakthrough over the last month was the showcase of a public flight of a self-driving electric vertical take-off and landing (eVTOL) aircraft in Rwanda, a first in Africa. The electric air taxi, with a capacity of two passengers, was made by EHang Holdings, a Chinese tech company. The craft took to the skies during the Aviation Africa Summit and Exhibition in the Rwandan capital of Kigali.

• In the Middle East, NIO, the Chinese electric vehicle manufacturer, launched its first electric car battery swapping station in Abu Dhabi at the Yas Marina Circuit on Yas Island. This marks a significant step for the company's expansion into the Middle East and North Africa (MENA) region. The station uses the company's patented Power Swap Station 3.0 technology, which allows for a fully automated battery swap in three minutes. 

• Recent advancements in technology are the primary engine of growth and innovation for the EV sector. These advancements are crucial for addressing the main barriers to wider EV adoption, such as range anxiety, high costs, and long charging times. This is especially key for the African market, where the purchasing power is low, making lower prices a necessity for increased adoption. 

Our take

• While battery costs have fallen dramatically, they remain the single most expensive component of an EV. There is an urgent need for the industry to develop new battery chemistries that use more abundant and less expensive materials. 

• We need to see widespread deployment of ultra-fast chargers, but also innovation in alternative charging methods. This includes advancements in wireless charging for public parking and even dynamic in-road charging that allows EVs to charge while driving. 

• As the number of EVs on the road grows, so does the need for sustainable end-of-life solutions for batteries. We need major advancements in battery recycling technology to efficiently recover critical minerals like lithium and cobalt.