The China electric vehicle charging stations market is valued at US$3,003.447 million in 2020.
Charging stations for electric vehicles (EVs) are a source of power for charging them. There are mainly two types of charging stations, namely, public and private charging outlets. Public charging stations include workplace charging stations and public destinations. Charging at home or at fleet facilities are examples of private charging stations. EV charging stations are a key factor influencing the sales of EVs, as 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.
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 the Central and State governments to bring about positive changes towards the environment are leveraging the electric vehicle market in the country. China aims to reach net-zero carbon emission before 2060. China is the world’s largest energy consumer and accounts for one-third of the world’s carbon dioxide emissions. One of the strategies adopted to curb emissions is increasing the use of EVs.
Furthermore, China has a diverse network of charging infrastructure. According to the Electric Vehicle Charging Infrastructure Promotion Alliance, China has the world’s largest EV charging network. China has over 2.2 million charging stations throughout the country. It is expected to reach 20 million electric vehicle charging stations by 2025, according to the country’s National Development and Reform Commission.
The rising advent of EVs is boosting the electric vehicle charging station market in the region. 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. China is the global leading producer of EVs. 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. Further, being part of the [email protected] campaign, the aim is to reach at least 30% by 2030. China is a leader not only in terms of consumption but also in production. Due to this, China’s electric vehicle charging station market is anticipated to grow in the forecast period.
China’s steps toward vehicle electrification have influenced several policies to promote the use of EVs. For instance, the government declared in 2020 that subsidies for private NEVs would be reduced by 10% in 2020, 20% in 2021, and 30% in 2022. This policy will end by the end of 2022. Moreover, part of the [email protected] campaign aims to obtain 30% of the vehicle sales share for EVs by 2030. Further, China has banned the sales of fossil-fueled cars from 2035. This is another significant factor contributing to the electric vehicle infrastructure.
COVID-19 did not, as such, influence the electric vehicle charging station market in the region. Due to several policies and subsidies, the demand for EVs has increased, and with it, the demand for EV charging stations has also increased. For all of the above reasons, the market for Electric Vehicle charging stations in China is anticipated to grow in the forecast period.
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WONIK PNE CO., LTD.
Invt Electric Co.
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