APAC ELECTRIC CHARGING STATION MARKET ANALYSIS

Market Challenges And Opportunities

APAC Electric Charging Station Market Opportunities:

Increasing Demand of Mobility as a Service (MaaS)

The demand of Mobility as a Service (MaaS) is growing is anticipated to fuel market expansion. Additionally, the emphasis placed on subscription-based charging models has contributed to the expansion of EV charging stations. According to the model, numerous utilities have partnered with OEMs to offer their consumers subscription-based services, including Vattenfall AB, Duke Energy Corporation, and New York Power Authority.

Growing Trend towards Clean Transportation

The trend towards clean transportation is growing transportation planners believe that emissions, traffic, and accidents will greatly decrease. Electric mopeds, electric scooters, and electric cycles can all be used as last-mile transportation. Additionally, connected electric vehicles produce data planners can utilize to reorganize parking and roadways. To reduce the pollution the demand of electric vehicle is growing which is likely to create more opportunities in the market.

APAC Electric Charging Station Market Drivers:

Increasing demand for electric vehicles is expected to aid in growth of the APAC electric charging station market

Increasing air pollution is one of the hazardous problems faced by Asia Pacific region, wherein vehicles are a major factor contributing to air pollution. Replacing conventional fuel-based vehicles with new generation electric vehicle is an important step towards air pollution control, as electric vehicles does not emit any polluting gases. Increasing number of electric vehicles results in rising demand for electric power stations.

Considering the environmental and economic benefits of electric vehicle and charging stations, governments are introducing new policies to boost the market growth. The Government of India introduced schemes such as Faster Adoption & Manufacturing of Hybrid and Electric Vehicles (FAME) in 2015 and second phase FEMA II in 2017 to support growth of the electric vehicle market.  

As per Coherent Market Insights’ analysis, electric charging station market is expected to grow at a rapid pace over the forecast period. This growth is attributed to increasing need for vehicles run using renewable energy, which is expected to aid in growth of the APAC electric charging station market.