Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
APAC Electric Charging Station Market – Insights
An electric vehicle charging station provides electric energy for the recharging of electric vehicles, including electric cars, neighborhood electric vehicles, and plug-in hybrids. It is also called as EV charging station, electric recharging point, electronic charging station (ECS), and electric vehicle supply equipment (EVSE).
APAC electric charging station market is expected to witness significant growth during the forecast period (2018–2026). This is majorly attributed to rising demand for electric vehicles. The usage of electric vehicle is beneficial to environment and health, as electric vehicles do not pollute the environment. Furthermore, these charging stations are more economical, as they save costs of fuel. Once the electric supply is setup, it can be utilized for long period of time.
Figure 1. APAC Electric Charging Station Market Share (%), by Region (2017 & 2026)
Source: Coherent Market Insights, 2018-19
Increasing demand for electric vehicles is expected to aid in growth of the APAC electric charging station market
Increasing air pollution is one of the hazardous problems faced by Asia Pacific region, wherein vehicles are a major factor contributing to air pollution. Replacing conventional fuel-based vehicles with new generation electric vehicle is an important step towards air pollution control, as electric vehicles does not emit any polluting gases. Increasing number of electric vehicles results in rising demand for electric power stations.
Considering the environmental and economic benefits of electric vehicle and charging stations, governments are introducing new policies to boost the market growth. The Government of India introduced schemes such as Faster Adoption & Manufacturing of Hybrid and Electric Vehicles (FAME) in 2015 and second phase FEMA II in 2017 to support growth of the electric vehicle market.
As per Coherent Market Insights’ analysis, electric charging station market is expected to grow at a rapid pace over the forecast period. This growth is attributed to increasing need for vehicles run using renewable energy, which is expected to aid in growth of the APAC electric charging station market.
Figure 2. APAC Electric Charging Station Market Share (%), By Technology Type (2017 & 2026)
Source: Coherent Market Insights, 2018-19
Level 2 charging stations is more popular choice among consumers
Considering the technology, the market is divided into level 1, level 2, and level 3. Among these, the application of level 2 charging stations has the highest usage rate in the past few years. These stations are efficient than level 1 and more economical than level 3 charging stations. Therefore, the demand for level 2 charging stations is expected accelerate over the forecast period. However, level 3 charging stations are becoming popular, as the market gears to embrace technological advancements in the future.
China is expected to account for the largest market share in the APAC electric charging station market, while India is expected to witness fastest growth over the forecast period. The presence of large number of electric vehicles in China and increasing need for eco-friendly transport medium are some of the key factors driving the market growth. In India, the highest growth is attributed to various factors such as rapid acceptance of electric vehicles, increasing pollution control policies, and heavy investment by governments and private investors.
Lack of a sustainable business and financing model, and lack of infrastructure are major restraining factors affecting market growth
Lack of good sustainable business and financial model is a major drawback affecting growth of the APAC electric charging station market. Users are cautious of using electric vehicles because of the limited range they offer. Complete charging of an electric vehicle anywhere takes from 15 minutes to several hours, hence public charging station needs other facilities and infrastructure to keep the customers busy. Lack of infrastructure is also a restraining factor affecting the market growth. Charging stations must be provided at all the public platforms such as bus stations, airports, parking areas, hospitals, universities, parks, and other places.
Some of the key players operating in the APAC electric charging station market include PluginIndia.com, Greenlots, Mitsubishi Motors Corporation, ChargePoint, Inc., NARI Technology Co., Ltd, Blink Charging Co, Toshiba Corporation, Magenta Power, Star Charge, and Efacec among others.