The original low-power charging pile needs to be upgraded. In addition, the number of electric vehicles increased and the downward trend of vehicle pile ratio is clear, and the demand for charging piles has increased explosively!
Industrial Securities believes that in the face of the upgrade of fast charging technology of batteries, the original low-power charging piles need to be upgraded. In addition, the domestic electric vehicle ownership has a stable increase and the downward trend of vehicle-pile ratio is clear, and the demand for charging piles may explode.
1) new energy vehicle sales have risen, driving the volume of charging piles.
Global new energy vehicle sales have maintained rapid growth in recent years, and the demand for electric vehicle charging has continued to increase. Governments of various countries have successively issued a number of policies to support the construction of charging piles. In 2020, charging piles, as supporting facilities for the promotion of new energy vehicles, were written into the government work report for the first time and included in the scope of " new infrastructure ". Domestic charging piles have entered a stage of rapid development, and the vehicle piles have decreased from 3.1 in 2019 to 2.7 in 2022.
The current overseas charging column installation increment is seriously incompatible with the electric vehicle increment, and the public fast charging column increment is lower than expected. At the same time, the charging piles still have problems such as low power, uneven distribution of charging station locations, and poor compatibility of charging piles and new energy vehicles, resulting in poor user experience of new energy vehicles. Therefore, overseas charging pile construction demand is urgent.
2) Electric vehicle charging is accelerated, and the power of the driver fast charging pile is upgraded.
The principle of charging power is that charging power = system voltage × charging current, so increasing the charging power of the charging pile can be increased by increasing the charging current and increasing the voltage. Theoretically, the voltage doubles, the charging time is reduced by half, the current is increased by half, and the charging time is reduced by half.
Increase the charging current: that is, increase the maximum charging current of a single battery cell. It is necessary to upgrade the material system and structure of the battery cell to reduce the heat production and lithium extraction of the battery during fast charging, and avoid safety issues such as heat loss. Represented by Tesla Model 3, the maximum charging current can reach 700A, which can achieve 80% charge in 31 minutes.
improves system voltage: represented by Porsche , the voltage platform is increased from 400V to 800V, and the maximum current is only 334A, and 22.5 minutes of charging is achieved from 5% to 80% of the power.
fast charging is to shorten the charging time of electric vehicles and reduce the charging anxiety of new energy vehicle owners, which can be achieved by increasing charging power. The current mainstream fast charging piles in China have a power of 160kW, which cannot meet the charging current and voltage requirements of existing mid-to-high-end models. As more and more 800V models are put on the market in the future, there will be more and more demands for high-power charging piles, and the demand for high-power charging piles is also increasing. Faced with the demand for fast charging of new energy vehicles, the bidding of high-power models for State Grid fast charging piles has gradually increased since 2020, and various car companies have also begun to improve their brand value by building their own super fast charging piles.
3) The industry has low barriers to entry and involves many sub-sectors.
charging pile is mainly composed of charging equipment, distribution equipment and management equipment. The charging module is the core component of the charging pile charging equipment, which determines the performance and cost of the charging pile.
charging piles have many upstream parts manufacturers, the industry concentration is not high, and enterprises are fully competitive, and upstream enterprises have limited bargaining space.
part of midstream charging pile manufacturing and operation companies have begun to integrate industrial seams, develop upstream businesses, and then assemble and operate charging piles after producing charging pile parts.
4) The global charging pile market size is expected to reach 199.9 billion in 2025.
Faced with the upgrade of fast charging technology of batteries, the original low-power charging piles need to be upgraded. In addition, the steady increase in the number of electric vehicles in China and the clear downward trend of vehicle-pile ratios, the demand for charging columns may increase explosively. It is expected that the domestic demand for new charging piles is expected to exceed 7.02 million units in 2025, and the corresponding charging pile market space is expected to exceed 143.1 billion yuan.
Due to the long review cycle of overseas government planning and charging pile construction, the construction of overseas public charging piles is currently facing major delays, resulting in the restriction of the use of overseas electric vehicles, further hindering its promotion and application. It is expected that the demand for new overseas charging piles is expected to reach 6.4 million units in 2025, and the corresponding charging pile market space is expected to reach 56.8 billion yuan.
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