Asia Pacific Electric Vehicle Charging Station Market to Grow at 26.89% During 2024-2032, Augmented by Rising Sales of Electric Vehicles (EVs)

March 24, 2023 | Food & Beverages

According to the latest report by IMARC Group, titled "Asia Pacific Electric Vehicle Charging Station Market Report by Charging Station Type (AC Charging, DC Charging, Inductive Charging), Vehicle Type (Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV)), Installation Type (Portable Charger, Fixed Charger), Charging Level (Level 1, Level 2, Level 3), Connector Type (Combines Charging Station (CCS), CHAdeMO, Normal Charging, Tesla Supercharger, Type-2 (IEC 621196), and Others), Application (Residential, Commercial), and Country 2024-2032," finds that the Asia Pacific electric vehicle charging station market is expected to exhibit a CAGR of 26.89% during the forecast period (2024-2032). An electric vehicle (EV) charging station, also known as electric vehicle supply equipment (EVSE), is used for charging plug-in electric vehicles (EVs), such as hybrids and electric cars. It operates via software application, energy controller, network operating center, facility meter, and energy conversion system connected to the power grid. It involves alternating current (AC), direct current (DC), and inductive charging methods. It assists in providing accurate readings of emission levels, reducing maintenance costs and ecological damage, and consequently improving the public health. It is generally installed in parking garages near supermarkets, offices, homes, and industrial complexes across the Asia Pacific region.

Asia Pacific Electric Vehicle Charging Station Market Trends:

The increasing sales of electric vehicles (EVs) due to rapid urbanization and rising environmental concerns represent one of the major factors driving the demand for EV charging stations in the Asia Pacific region. Moreover, governing agencies of numerous countries are implementing regulations to encourage the use of EVs for minimizing carbon emissions. In addition, the advent of various electrification programs in the public transport sector for replacing fuel-based vehicles with safer and cleaner alternatives is contributing to the market growth in the region. Apart from this, the increasing installation of the combined charging system (CCS) and supercharger connectors based on their compatibility and ultra-fast charging speeds is propelling the growth of the market. Furthermore, the integration of EV charging station systems with the Internet of Things (IoT) and real-time information solutions to assist users in locating nearby charging stations about the availability of vacant spots and schedule convenient slots for fill-ups is creating a positive outlook for the market in the region.

Market Summary:

  • On the basis of the charging station type, the market has been segmented into AC charging, DC charging, and inductive charging. At present, AC charging represented the largest segment.
  • Based on the vehicle type, the market has been classified into battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and hybrid electric vehicle (HEV).
  • On the basis of the installation type, the market has been bifurcated into portable charger and fixed charger.
  • Based on the charging level, the market has been segregated into level 1, level 2, and level 3.
  • On the basis of the connector type, the market has been divided into combines charging station (CCS), CHAdeMO, normal charging, tesla supercharger, type-2 (IEC 621196), and others. At present, combines charging station (CCS) accounts for the biggest marker share.
  • Based on the application, the market has been bifurcated into residential and commercial.
  • On the basis of the region, the market has been segmented into China, Japan, India, South Korea, Australia, Indonesia and others. Amongst these, China enjoys the leading position in the market.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include ABB, BlueSG (Bolloré Group), Delta Electronics, Inc., Eaton, Schneider Electric, Shell, Siemens, Tata Power (Tata Sons Private Limited), Tesla, and TGOOD Global Ltd.
     

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Charging Station Type, Vehicle Type, Installation Type, Charging Level, Connector Type, Application, Country
Countries Covered China, Japan, India, South Korea, Australia, Indonesia, Others
Companies Covered ABB, BlueSG (Bolloré Group), Delta Electronics, Inc., Eaton, Schneider Electric, Shell, Siemens, Tata Power (Tata Sons Private Limited), Tesla and TGOOD Global Ltd.
Customization Scope 10% Free Customization
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Asia Pacific Electric Vehicle Charging Station Market to Grow at 26.89% During 2024-2032, Augmented by Rising Sales of Electric Vehicles (EVs)
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