The global APAC Electric Charging Station Market is estimated to be valued at US$ 11.74 Bn in 2023 and is expected to exhibit a CAGR of 26% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The APAC electric charging station market consists of various players who offer different charging options ranging from slow, fast, and ultra-fast chargers for electric vehicles. Rapid urbanization and increasing pollution levels in the region have boosted the demand for eco-friendly mobility solutions like electric vehicles. This in turn is propelling the growth of the electric vehicle charging infrastructure market.
Market key trends:
One of the key trends propelling the growth of the APAC electric charging station market is the rising investments by governments as well as private players to develop public EV charging infrastructure. Various governments in the region have introduced favorable regulations and subsidy schemes to promote EV adoption. For instance, the Indian government launched the Faster Adoption and Manufacturing of Electric Vehicles Scheme in 2019, aiming to add over 7,000 charging stations pan-India by 2022. This is creating a network of public charging stations and addressing range anxiety among potential electric vehicle consumers.
Segment Analysis
The global APAC electric charging station market is segmented by installation type, connector type, charging level, application, and geography. By installation type, the market is segmented into residential and commercial. The commercial segment is expected to be the largest shareholder in the market. The rising investment by governments and private organizations to set up public charging infrastructure is driving the commercial segment growth.
Key Takeaways
The global APAC electric charging station market is expected to witness high growth, exhibiting CAGR of 26.% over the forecast period, due to increasing adoption of electric vehicles led by favorable government policies and subsidies for EVs across several APAC countries.
Regional analysis
Regionally, China dominated the APAC electric charging station market in 2023. The growth can be attributed to the strong government support through favorable policies and huge investments to build public charging infrastructure in the country. Other fast-growing markets include Japan, South Korea, India, and Singapore owing to increasing electric vehicle sales and rising focus on developing charging network.
Key players
Key players operating in the APAC electric charging station market are PluginIndia.com, Greenlots, Mitsubushi Motors Corporation, ChargePoint, Inc., Efacec, NARI Technology Co., Ltd, Blink Charging Co., Toshiba Corporation and others. PluginIndia.com leads the market owing to their strong distribution network and rapid setup of public charging points across major cities in India.