APAC EV Charging Station Market Trends, Share and Future Investment...

APAC EV Charging Station Market Trends, Share and Future Investment 2033: SPER Market Research

Posted 2024-06-14 11:24:44

An electric vehicle charging station, also known as an EV charging station, electronic charging station, or EVSE (electric vehicle supply equipment), can be used to charge or refill plug-in electric vehicles such as electric cars, neighborhood electric vehicles, and plug-in hybrids.

According to SPER market research, ‘Asia-Pacific Electric Vehicle Charging Station Market Size- By Vehicle Type, By Charger Type, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’state that the Asia-Pacific Electric Vehicle Charging Station Market is predicted to reach USD XX billion by 2033 with a CAGR of XX%.

The key reasons driving the rise of this market are government programs to stimulate EV adoption and the construction of related infrastructure, the growing usage of vehicle-to-grid charging stations, and the increased use of EVs by shared mobility operators. However, the high installation costs of EV charging stations hinder the market's growth. Furthermore, market growth is expected as electric mobility usage develops in emerging APAC countries.

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Global governments are also tackling the environmental impact of fossil fuel vehicles by promoting electric bikes, cars, and bicycles. Pressuring automakers to reduce carbon emissions and invest in electric vehicles is one technique, which is supplemented with financial incentives such as tax breaks and toll exemptions. Countries such as India are proposing lowering the GST on e-vehicles to 5%, further encouraging their adoption through government-backed incentives, subsidies, and tax credits, hence fueling the growing demand for electric vehicles.

The large upfront costs associated with establishing electric vehicle charging stations and related components are a significant impediment to market growth. Transformers, subsequent substations, cables, and other metering and termination equipment are necessary for the stations' construction. In addition to having enough charging stations to enable for simultaneous automobile charging, there needs to be enough room for electric vehicle access, parking, and departure. Complicating matters, obtaining local approvals in accordance with state rules is exceedingly tough for electric vehicle producers. The prohibitively expensive cost of creating the infrastructure needed to charge electric automobiles complicates matters financially.

Impact of COVID-19 on Asia-Pacific Electric Vehicle Charging Station Market

The COVID-19 epidemic has also hampered the growth of the Asia Pacific electric vehicle charging station market, which has had an impact on the national automobile sector. Due to travel restrictions and heavy lockdowns in place throughout the region, the outbreak pushed individuals to postpone purchasing electric vehicles. A shortage of raw materials is also a concern for the sector due to supply chain interruptions; the majority of the raw materials used in EV charging stations are imported from China into countries such as South Korea, Indonesia, Hong Kong, and others. Nonetheless, after the lockdown was lifted, the industry saw a robust comeback, and by the end of 2020, EV adoption was on the rise, aiding the market's progress.

China is expected to dominate the Asian-Pacific electric car charging station market. China has a significant market share, which can be attributed to the country's increasing EV adoption rate, ongoing government programs to encourage the electrification of the auto sector, the presence of significant important companies, and robust government measures to develop the nation's infrastructure for charging EVs. Furthermore, this market is expected to have the highest CAGR during the forecast period.

APAC Electric Vehicle Charging Station Market Key Players:

Additionally, some of the market key players are ABB Ltd., Kinetic Green Energy and Power Solutions Ltd, SCHNEIDER ELECTRIC SE, Siemens AG, STAR CHARGE, Others.

Our in-depth analysis of the Asia-Pacific Electric Vehicle Charging Station Market includes the following segments:

By Vehicle Type: