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Asia-Pacific Electric Vehicle Charging Stations Market Worth $44.43 Billion by 2028 – Yahoo Finance


Asia-Pacific Electric Vehicle Charging Stations Market by Charging Type (Level 1, Level 2, DCFC), Connection Type (Pantograph, Connector, Wireless), Component, Mounting Type, Vehicle Type, End User, and Country – Forecast to 2028

Redding, California, Jan. 10, 2022 (GLOBE NEWSWIRE) — According to a new market research report titled Asia-Pacific Electric Vehicle Charging Stations Market by Charging Type (Level 1, Level 2, DCFC), Connection Type (Pantograph, Connector, Wireless), Component, Mounting Type, Vehicle Type, End User, and Country — Forecast to 2028′, published by Meticulous Research®, the Asia-Pacific electric vehicle charging stations market is expected to grow at a CAGR of 24.7% by value from 2021 to reach $44.43 billion by 2028. By volume, this market is expected to grow at a CAGR of 32.9% from 2021 to reach 5.8 million units by 2028.

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The major factors driving the Asia-Pacific electric vehicle charging stations market include government initiatives to drive the adoption of electric vehicles and associated infrastructure, rising demand for electric vehicle fast-charging infrastructure, increasing prevalence of range anxiety, and increasing deployment of EVs by shared mobility operators. Additionally, factors such as reduction in air pollution and increased energy security offer significant opportunities for players operating in this market and drive the growth of this market.

The Impact of COVID-19 on the Asia-Pacific Electric Vehicle Charging Stations Market

The COVID-19 pandemic caused a widespread economic downturn as several countries imposed strict lockdowns to contain the infection, resulting in the closure of manufacturing industries and disruptions in supply chains and production schedules. The economic slowdown disrupted the automotive industry, causing a rapid decline in the sales of light vehicles.

Furthermore, shifts in consumer purchasing behavior due to uncertainty surrounding the pandemic are expected to have significant consequences for the industry’s future growth. Meanwhile, shortfall and cash crunch have already affected fleet operators’ sales, which is expected to widen further in the coming months.

However, most governments from the affected countries have turned to infrastructure rehabilitation for stimulating economic recovery. Several governments are investing in charging infrastructure either through direct investments for public charging stations or by providing subsidies for the installation of private charging stations at homes and workplaces. For instance, in April 2020, China announced subsidies amounting to $1.4 billion for installing charging stations.

Electric vehicle fleets require different charging infrastructure solutions compared to passenger vehicles. These vehicles’ requirements range from multiple mega-watt depo charging to overhead catenaries for charging on the move. Wireless EV charging systems are potentially an economical and feasible solution for fleet charging requirements. Electric bus fleets are expected to increase during the forecast period since electric buses do not have tailpipe emissions and produce less noise. Therefore, governments are prioritizing the adoption of electric buses to help improve air quality. For instance, in January 2021, the Government of India allocated $486 million in incentives to adopt 7,090 e-buses.

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Asia-Pacific Electric Vehicle Charging Stations Market Overview

The Asia-Pacific electric vehicle charging stations market is segmented by charging type, connection type, vehicle type, mounting type, component, end user, and country. The study also evaluates industry competitors and analyzes the market at the country level.

Based on charging type, in 2021, the Level 2 segment accounted for the largest share of the Asia-Pacific electric vehicle charging stations market. The large market share of this segment is mainly attributed to government funding and incentives for the installation of Level 2 charging stations, lower installation costs compared to DC fast-charging stations, and greater efficiency in charging time compared to Level 1 charging stations.

Based on connection type, in 2021, the connector segment accounted for the largest share of the Asia-Pacific electric vehicle charging stations market. The large market share of this segment is mainly attributed to government initiatives to expand the DC fast-charging station infrastructure and increasing investments by stakeholders of electric mobility in emerging economies for the development of EV charging infrastructure.

Based on component, in 2021, the hardware segment accounted for the largest share of the Asia-Pacific electric vehicle charging stations market. The large market share of this segment is mainly attributed to infrastructural developments for supporting the transition to electric mobility, increasing demand for EV charging stations in developing and developed economies, and attractive fiscal and non-fiscal incentive plans for setting up manufacturing units of EV charging stations and related components.

Based on mounting type, in 2021, the wall mount segment accounted for the largest share of the Asia-Pacific electric vehicle charging stations market. The large market share of this segment is mainly attributed to the increasing incentives offered to private property owners and management companies for the development of EV charging infrastructure.

Based on vehicle type, in 2021, the passenger cars segment accounted for the largest share of the Asia-Pacific electric vehicle charging stations market. The large market share of this segment is mainly attributed to the growing awareness regarding the role of electric vehicles in reducing emissions, increasing fuel prices, and proactive participation by automotive OEMs in producing electric passenger vehicles.

Based on end user, in 2021, the commercial EV charging stations segment accounted for the largest share of the Asia-Pacific electric vehicle charging stations market. The large market share of this segment is mainly attributed to the growing number of EV charging stations in public and government initiatives for the installation of charging stations.

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Based on country, in 2021, China accounted for the largest share of the Asia-Pacific electric vehicle charging stations market by both value and volume. The growing adoption of EVs, ongoing government initiatives to support the automotive industry’s electrification, and initiatives for building charging infrastructure across the country are some of the major factors driving this market’s growth in China.

The growing adoption of EVs across the country is expected to increase the EV charging stations over the coming years. Additionally, industry players, such as Volvo and Ford, are pushing towards the green-car sector by 2025. The National Development and Reform Commission has also directed most electrical power companies to set up EV charging stations nationwide. In 2020, the State Grid Corporation of China announced its plans to build another 300,000 intelligent charging stations as a part of its smart charging network for new energy vehicles. The network was launched to cover the Beijing-Tianjin-Hebei-Shandong and Yangtze River Delta cities and major cities. Also, in 2017, the State Grid EV Service Company installed charging stations in 10,000 parking spots in several old residential communities in Beijing and Shanghai.

Japan is expected to hold the second position in terms of market share in the Asia-Pacific electric vehicle charging stations market by both value and volume. The country’s large market share and high growth rate are mainly driven by government initiatives to promote the adoption of electric vehicles and the development of EV charging infrastructure. In addition, the announcement to ban gasoline-powered vehicles by mid-2030, improvements in battery capacities and driving distance of PHEVs and BEVs; increasing proliferation of fuel cell technology; and extensive deployment of charging stations and hydrogen refueling stations are major factors driving the growth in the sales of EVs in Japan, which is expected to drive the demand for electric vehicle charging stations during the forecast period.

The key players operating in the Asia-Pacific electric vehicle charging stations market are Wanbang Xingxing Charging Technology Co., Ltd. (China), Hangzhou Aoneng Power Supply Equipment Co., Ltd. (China), Magenta Power Private Limited (India), Delta Electronics, Inc. (Taiwan), EV Motors India Pvt Ltd (India), XPeng Inc. (China), and Tata Motors Limited (India) among others.

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Scope of the Report

Asia-Pacific Electric Vehicle Charging Stations Market, by Charging Type

  • Level 2

  • Level 1

  • DC Fast Charging

Asia-Pacific Electric Vehicle Charging Stations Market, by Connection Type

  • Connectors

  • Pantograph

  • Wireless EV Charging

Asia-Pacific Electric Vehicle Charging Stations Market, by Component

  • Hardware

  • Software

    • Charging Station Management Systems (CSMS)

    • Interoperability Solutions

    • Open Charge Point Protocol (OCPP)

    • Smartphone Applications

  • Services

Asia-Pacific Electric Vehicle Charging Stations Market, by Mounting Type

  • Wall Mount

  • Pedestal Mount

  • Ceiling Mount

Asia-Pacific Electric Vehicle Charging Stations Market, by Vehicle Type

Asia-Pacific Electric Vehicle Charging Stations Market, by End User

Asia-Pacific Electric Vehicle Charging Stations Market, by Country

  • China

  • Japan

  • South Korea

  • India

  • Australia

  • New Zealand

  • Philippines

  • Malaysia

  • Singapore

  • Thailand

  • Taiwan

  • Rest of Asia-Pacific

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