Asia Pacific (APAC) Electric Vehicle Charging Stations Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type Of Electric Vehicle (Battery Electric Vehicles (BEVs), Plug-In Hybrid Electric Vehicles (PHEVs)), By Application (Public, Private), And By Country - Forecasts From 2022 To 2027
- Published : Jun 2022
- Report Code : KSI061612542
- Pages : 108
The Asia Pacific (APAC) electric vehicle charging stations market is estimated to be valued US$3,413.008 million in 2020.
Electric Vehicle (EV) charging stations are a source of electricity to recharge electric vehicles. The Electric vehicle charging stations can be public or private. Public charging stations include charging stations at the workplace and public destinations. The private charging stations include charging at home or at fleet facilities. EV charging stations are a key factor influencing the sales of EVs. In this range, anxiety plays an important role. Range anxiety is mainly the fear of running out of power in the middle of the journey and not being able to find a charging point. As governments are becoming more serious about climate change, severe infrastructural changes are made to increasingly use EVs.
The sales of electric vehicles have increased over the past couple of years due to increasing concerns about environmental protection and climate change. Several steps taken by governments and international organizations to bring about positive changes towards the environment are leveraging the electric vehicle market all across the globe. Initiatives like subsidies on electric vehicles, encourage companies to invest in the sector. Moreover, a ban on gasoline-powered cars in some countries is another factor contributing to the electric vehicle infrastructure. Further, Japan is aiming to increase the number of electric charging stations to 150,000, which was about 29,200 in the year 2021. All these factors are expected to boost the demand for electric vehicles along with the electric vehicle charging stations market. This has led to countries like China, Japan, South Korea, India, and Australia being some of the key countries in terms of demand for EVs and thus having great potential for the electric vehicle charging stations market.
- The rising advent of Electric Vehicles
The rising advent of EVs is boosting the electric vehicle charging station market in the region. In China, the Central Government wants electric vehicles to account for 20% of national vehicle manufacturing, or around 7 million electric vehicles per year, by 2025. According to data provided by the International Energy Agency (IEA), China’s EV registration increased from 1.1 million in 2019 to 3.4 million in 2021. In Japan, the government aims to ban gasoline-fueled cars by the mid-2030s. According to the Japan Automobile Dealers Association (JADA), about 1.4 million new electric vehicles were sold in the year 2020. Furthermore, by 2030. South Korea and Australia saw a tremendous increase in the sales of EVs. South Korea’s sales will more than double in 2021 and Australia’s sales of EVs grow by three times during the same period. The Asia-Pacific region is showing tremendous potential, not just on the demand side but also on the supply-side as well. China is the global leading producer of EVs. Further, due to the abundance of resources and favourable policies, South-East Asia has great prospects. Due to this, the Asia Pacific (APAC) Electric Vehicle Charging Stations market is anticipated to propel in the forecast period.
- Favourable policies toward EV infrastructure
According to the IEA, about 18% of global carbon dioxide emissions come from road transportation. With increasing steps towards decarbonization under Net Zero Emissions by 2050, several actionable steps and policies are being adopted. Global steps are being taken to influence the infrastructural development to make EVs more suitable to drive. Indonesia is emerging as a hub for EV production and EV battery production due to the abundance of nickel. Indonesia is the world's largest nickel producer, as well as a significant source of cobalt, bauxite, and copper ores, all of which are important components in the production of electric vehicle batteries. The government’s favourable policies are encouraging companies to step up facilities in Indonesia.
With India and China being part of the [email protected] campaign, several policies are being implemented to boost the sales. According to ICRA, the Indian credit rating agency, in the coming 3-4 years India will have additional 48 thousand EV chargers for over Rs. 14,000 crores. Recently, in March 2022, India’s largest EV charging station was launched. It will be operated by Alektrify.
- Huge Investments and R&D
In many countries, the EVs are at an initial stage of R&D which requires huge investments. The Governments are aligning policies to promote EVs. This includes subsidies and bosting Public-Private Partnerships to promote investments. Moreover, setting up charging stations and bringing awareness, requires a lot of infrastructural investment. As most of the countries in the Asia Pacific region are middle-income developing countries, huge infrastructural investments in the short term might become a challenge.
Key Market Segments
- By Type of Electric Vehicle
- Battery Electric Vehicle (BEVs)
- Plug-in Hybrid Electric Vehicle (PHEV)
- By Application
- By Country
- Hong Kong
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The Threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. ASIA PACIFIC (APAC) ELECTRIC VEHICLE CHARGING STATIONS MARKET, BY TYPE OF ELECTRIC VEHICLE
5.2. Battery Electric Vehicle (BEVs)
5.3. Plug-in Hybrid Electric Vehicle (PHEV)
6. ASIA PACIFIC (APAC) ELECTRIC VEHICLE CHARGING STATIONS MARKET, BY APPLICATION
7. ASIA PACIFIC (APAC) ELECTRIC VEHICLE CHARGING STATIONS MARKET, BY COUNTRY
7.4. Hong Kong
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrative
8.3. Mergers, Acquisition, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. ABB LTD
9.2. Pues Corporation
9.3. Invt Electric Co.
9.4. Hong Kong Ev Power
9.9. En+ Technologies
9.10. Tata Power
Invt Electric Co.
Hong Kong Ev Power
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|Hong Kong Electric Vehicle Charging Stations Market Size: 2022-2027||Jun 2022|
|Middle East and Africa Electric Vehicle Charging Stations Market: 2022-2027||Jun 2022|