The APAC Electric Charging Station Market is estimated to account for US$ 11.74 Bn in terms of value by the end of 2022. The market is segmented into By Charging Station Type(AC Charging, DC Charging, Wireless Charging), By Technology Type(Level 1, Level 2, Level 3), By End User(Private, Public), By Region(North America, Europe, Asia Pacific, Latin America, Middle East & Africa). Governments across the APAC counties such as china, japan, India are focusing on electric mobility. By offering investments subsidiaries to upgrade public EV charging infrastructure, and programmes to promote the adoption of EVs through subsidies and tax breaks are all likely to have an impact on market growth.
APAC Electric Charging Station Market: Drivers
Governments Favorable Initiatives
The demand for electric vehicles has increased in the Asia Pacific region due to the increasing environmental concerns due to high levels of vehicle pollution. This is the main factor driving the market for electric car charging stations along with rising fuel prices and an increase in the cost-effectiveness of EVs and HEVs. APAC Electric Charging Station Market expansion is also being fueled by the increasing number of government programmes to raise awareness of the need to reduce carbon footprints. Further boosting the demand for EV charging stations are the numerous government agencies that provide subsidies and financial aid to encourage the adoption of EVs. The launch of several electrification initiatives in the public transport sector, which aim to replace fuel-based vehicles with their safer and cleaner equivalents, is also promoting market expansion.
Growing Deployment of Electric Charging Station
The demand for electric charging station is increasing as the countries are adopting electric vehicle as eco-friendly transportation solution. Due to which automotive manufactures are focusing on product development and launch of electric vehicle by offering consumers cost effective Electric vehicle which is subsequently driving the demand for charging station.
As the demand of electric vehicle is growing the automotive manufactures are focusing on deployment of electric charging stations across the countries such as china, japan, India and other. Among the APAC countries China is the world largest electric vehicle market and not surprisingly, has the world's highest number of charging points. According to the China Electric Vehicle Charging Infrastructure Promotion Alliance (EVCIPA) report, 2021, there were 2.223 million individual charging points in the country. That's a 56.8% increase year-over-year.
APAC Electric Charging Station Market: Restraints
Lack of standardization of charging infrastructure and primitive power grid infrastructure are expected to restrain market growth. Similarly, high initial cost of EVs compared to ICE vehicles and government’s stringent rules for installation of EV charging stations are expected to challenge the electric vehicle charging stations market in the forecast period
APAC Electric Charging Station Market- Impact of Coronavirus (Covid-19) Pandemic
COVID-19 has significantly disrupted the automotive industry. The threat of COVID-19 crisis is perceived to be larger than the 2007-2008 global financial crisis (GFC). The automotive industry has seen disruption across vehicle production and supply chain, causing a temporary shutdown of many major automobile production facilities. This is attributed to factors including nationwide lockdown, sealed international border, and short term imbalance in demand.
In addition, shifts in consumer spending patterns brought on by the pandemic's uncertainties are anticipated to have a substantial impact on the industry's future expansion. Fleet operators' sales have already been impacted by a lack of funds and a cash crisis, and this effect is predicted to get worse in the coming months.
However, in order to promote economic recovery, the majority of governments in the impacted nations have resorted to infrastructure restoration. Several governments are making investments in charging infrastructure, either directly in the form of public charging stations or indirectly through the provision of subsidies for the installation of private charging stations at residences and places of employment. For instance, China said in April 2020 that it will provide $1.4 billion in subsidies for the construction of charging stations.
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Key Takeaways:
The APAC Electric Charging Station Market was valued at US$ 11.74 Bn in 2022 and is forecast to reach a value of US$ 76.86 Bn by 2030 at a CAGR of 26.5% between 2023 and 2030.
AC Charging segment held dominant position in the APAC Electric Charging Station Market in 2022, accounting for 48.3% share in terms of value, increasing demand and production is expected to propel growth of the segment during the forecast period.
APAC Electric Charging Station Market: Competitive Landscape
PluginIndia.com, Greenlots, Mitsubushi Motors Corporation, ChargePoint, Inc., Efacec, NARI Technology Co., Ltd, Blink Charging Co., Toshiba Corporation and others
APAC Electric Charging Station Market: Recent Developments
- On April, 25, 2023 Tesla, automotive manufacturer announced that it is starting to open its Supercharger network to non-Tesla electric cars in China.
- On February 21, 2023, Delta Electronics Unveils India’s a wide portfolio of IoT-based Smart Green Solutions at ELECRAMA 2023, which includes a smart microgrid-based Green EV Charging Station at Elecrama 2023, he flagship showcase of the Indian Electrical Industry
