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 comprises charging equipment and network services used for charging electric vehicles. These stations help power electric vehicles through direct current charging and alternating current charging methods. Growing demand for zero-emission vehicles and supportive government policies & initiatives are fueling the growth of the market.
Market key trends:
The demand for faster charging stations is increasing rapidly as consumers prefer charging their electric vehicles in the shortest time possible. Manufacturers are focusing on developing high power charging (HPC) stations with capacities over 50kW, which can charge an electric car up to 80% within 20-30 minutes. Several companies have launched or announced plans for HPC networks to better serve long-distance travel. For example, in 2021 Electrify America opened two new high power charging parks with HPC stalls of up to 350kW capacity each along major highways in California.
SWOT Analysis
Strength: The APAC region has growing population and rapid urbanization which is increasing the demand for electric vehicles. Governments in various APAC countries are supporting the development of green infrastructure and providing subsidies for electric vehicle adoption.
Weakness: Lack of standardized connectivity protocols can hinder interoperability. High initial investment requirement for setting up charging infrastructure. Range anxiety persists as a challenge.
Opportunity: Growing EV sales and government focus on reducing emissions present a large market opportunity. Developing nations are rapidly investing in electric mobility to meet sustainability goals.
Threats: Geopolitical tensions can disrupt supply chains. Rising raw material costs due to global uncertainties pose inflation risks. Slow consumer behavior change remains a barrier.
Key Takeaways
The APAC Electric Charging Station Market is expected to witness high growth, exhibiting a CAGR of 26% over the forecast period, due to increasing government support and investments in developing EV charging infrastructure across major APAC economies.
China currently dominates the APAC electric charging station market with over 50% market share in 2023, facilitated by strong policy push and massive funding for EV transition. Other fast growing regional markets include South Korea, Japan and India supported by nationwide EV infrastructure rollout plans aiming carbon neutrality.
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. Major players are investing in R&D to develop superior fast charging technologies and expand charging network coverage across APAC region leveraging local partnerships.
The global Apac Electric Charging Station Market is expected to witness high growth, exhibiting a CAGR of 26.% over the forecast period, due to increasing government support and investments in developing EV charging infrastructure across major APAC economies. Regional analysis China currently dominates the APAC electric charging station market with over 50% market share in 2023, facilitated by strong policy push and massive funding for EV transition. Other fast growing regional markets include South Korea, Japan and India supported by nationwide EV infrastructure rollout plans aiming carbon neutrality.
Key players operating in the Apac Electric Charging Station are PluginIndia.com, Greenlots, Mitsubushi Motors Corporation, ChargePoint, Inc., Efacec, NARI Technology Co., Ltd, Blink Charging Co., Toshiba Corporation and others. Major players are investing in R&D to develop superior fast charging technologies and expand charging network coverage across APAC region leveraging local partnerships.
