With the presence of major enterprises in China and India, the Asia Pacific region is booming market for EV Charging Stations

With major corporations present in China and India, the Asia Pacific region is home to a booming market for EV charging stations. With a profit growth rate of 20.8%, China is the most profitable market in this area. The China Electric Charging Infrastructure Promotion presented figures in August 2020, and members of the Alliance reported that by the end of July 2020, around 566,000 public charging stations had been built and were in use throughout the nation.

India now maintains the highest share of the market for EV charging stations, with a revenue growth rate of 26.6% over the course of the projected period. Key providers in India offer end-user fleets innovative, safe, and inventive charging options. In many respects, India has recently been at the forefront of electric mobility. Despite not having the largest EV carmaker in the world by market capitalization, the nation takes the transition to electrification seriously and provides a lot of government support.

The global EV charging station market is projected to have a high-paced CAGR of 26.6% during the forecast period. The current valuation of the EV charging station market is US$ 10,768.2 Million in 2023. The value of the EV charging station market is anticipated to reach a high of US$ 113,889.1 Million by the year 2033.

Restrictive pollution and fuel economy rules, government incentives, and an increase in the number of electric car sales are all factors driving the demand for EV charging stations. Advancements in technology and software for electric vehicle charging are predicted to change how EV owners use and benefit from these services.

Smart car API and charging networks, for instance, accurately determine an electric vehicle’s charge time before the driver plugs the car into a station. Green energy is also projected to play an important role in both public and household electric vehicle charging locations. For owners of EVs, carbon emissions are a major concern.

To address these problems, businesses are rapidly improving the charging technology of their electric vehicle charging stations. When opposed to residential areas, commercial spaces have a much higher market penetration of EV charging equipment. The number of corporate charging stations is expected to expand in tandem with the increasing popularity of electric vehicles. Efforts to improve charging infrastructure in commercial areas would be critical in increasing EV adoption, as overnight charging at residential complexes or individual residences would not be adequate for long-distance travel.

Furthermore, public charging infrastructure would permit the ultra-fast charging capabilities required for long-distance travel. EV chargers for home areas, on the other hand, have substantial development potential since they provide a cheaper and more convenient means of charging electric vehicles than commercial charging stations.

Electric vehicle manufacturers are partnering with car rental companies to integrate chargers into current infrastructure. For example, one market player recently announced a collaboration with Green Motion, a vehicle rental service provider, to supply integrated chargers inside buildings with energy storage.

Various automakers are investing in the development of Car2X technology for charging infrastructure, which is fueling expansion even further. Several initiatives have been launched in France, India, the Netherlands, and Canada to increase the adoption of EV charging stations.

EVs are anticipated to attract major attention as governments around the world focus on emerging from the epidemic with a stronger and more resilient economy. In the United States, for example, California is emerging with aggressive electric car objectives, which are projected to have a favorable influence post-pandemic and enhance the global EV charging station market growth.

However, the high initial cost of Level 3 fast chargers and ultra-fast chargers, on the other hand, is the biggest impediment to the growth of the EV charging station market. People prefer to drive fossil-fuel vehicles for 5-7 minutes, but level 1 and level 2 chargers might take anything from 6 to 16 hours to charge completely. As a result, there is a market need for faster chargers that can charge EVs in less than 30 minutes.

Key Takeaways:

• During the forecast period, the U.K. is estimated to account for a significant share of the global EV charging station market. This is attributed to the government adopting the Automated and Electric Vehicles (AEV) Act. It gives the government enormous power to hasten the installation of EVCI in gas stations and on roads.
• The EV charging station market in Asia Pacific is predicted to hold the largest share, particularly in China and India, during the projected period. This is owing to key companies offering full end-to-end services ranging from captive charger installation to maintenance. Collaboration between various OEMs, automotive manufacturers, and charging infrastructure providers are also propelling the market growth.
• As they are more cost-effective to the providers, the “public charging,” application type, accounts for a significant share and is the most innovative area for key players.

Competitive Landscape

Industry participants participate in a flood of focused product launches and global expansion to boost the brand and money. In order to expand its consumer base and strengthen its position, they are also expanding its reach across several continents and entering new markets, particularly in emerging economies. Industry participants are offering new creative products to the market because of increased carbon emissions and the development of electric and hybrid vehicle technology. These factors are projected to drive the global EV charging station market growth.