Plug-in electric vehicles, such as electric cars, neighbourhood electric vehicles, and plug-in hybrids, can be charged or refilled using an electric vehicle charging station, also referred to as an EV charging station, an electronic charging station, or an EVSE (electric vehicle supply equipment).
According to SPER market research, ‘Asia-Pacific Electric Vehicle Charging Stations 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 Stations Market is predicted to reach USD XX billion by 2033 with a CAGR of XX%.
Government programmes to encourage EV adoption and the construction of related infrastructure, the expanding use of vehicle-to-grid charging stations and the increasing use of EVs by shared mobility operators are the main factors propelling this market's expansion. The market's expansion is, however, limited by the high installation costs of EV charging stations. Moreover, prospects for market expansion are anticipated as electric mobility use rises in rising APAC nations.
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Governments globally are also addressing the environmental impact of fossil fuel vehicles by advocating for electric bikes, cars, and bicycles. Pressuring automakers to curb carbon emissions and invest in electric vehicles is a strategy, complemented by financial incentives such as tax credits and toll exemptions. Countries like India are considering reducing GST on e-vehicles to 5%, further promoting their adoption through government-backed incentives, subsidies, and tax credits, fuelling the increasing demand for electric vehicles.
The significant upfront costs connected with building electric vehicle charging stations and related components are a significant barrier impeding the market's growth. Transformers, later substations, cables, and other metering and termination equipment are required for the construction of these stations. Along with a sufficient number of charging stations to allow for simultaneous car charging, sufficient space is also necessary for electric vehicle access, parking, and departure. Complicating matters, local certifications compliant with state laws are extremely difficult for manufacturers of electric vehicles to obtain. Complicating matters financially is the prohibitive expense of building the infrastructure required for charging electric vehicles. Particularly in light of the higher cost of electric vehicles in comparison to internal combustion engine vehicles, this significant initial investment serves as a barrier to wider market expansion.
Impact of COVID-19 on Asia-Pacific Electric Vehicle Charging Station Market
The Asia Pacific electric vehicle charging station market's progress has also been hindered by the COVID-19 outbreak, which has also had an influence on the automobile industry nationally. Due to travel restrictions and severe lockdowns in place across the region, the epidemic compelled people to put off buying electric cars. A shortage of raw materials is also a problem for the sector because of supply chain disruptions; most of the raw materials used in EV charging stations are imported from China to nations like South Korea, Indonesia, Hong Kong, and others. Nonetheless, following the lockdown lift, the industry saw a strong recovery and by the end of 2020, EV adoption was on the rise, which helped fuel the market's expansion.
The market for electric car charging stations in the Asia-Pacific region is anticipated to be dominated by China. China has a significant market share, which is explained by the country's increasing EV adoption rate, continuous government programmes to encourage the electrification of the auto sector, the existence of significant important companies, and robust government measures to develop the nation's infrastructure for charging EVs. Additionally, it is anticipated that during the projection period, this market will have the greatest CAGR.
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:
- Commercial Vehicle
- Passenger Car
- By Charger Type:
- AC Charging Station
- DC Charging Station
- By Application:
- Private
- Public
- By Region:
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
For More Information, refer to below link:-
Asia Pacific Electric Vehicle Charging Infrastructure Market Revenue
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