The APAC electric charging station market was valued at US$ 1,238.4 million in 2017 and is expected to increase to US$ 3,785.8 million by 2026, registering a CAGR of 30.3% over the forecast period from 2018 to 2026, according to APAC Electric Charging Station Market Report, by Charging Station Type (AC Charging, DC Charging, and Wireless Charging), by Technology Type (Level 1, Level 2, and Level 3 ), by End User (Private and Public), and by Country (China, Japan, ASEAN, Australia, South Korea, and Rest of Asia Pacific).
Increasing awareness about pollution hazards and efforts taken to reduce the same is expected to drive growth of the APAC electric charging station market. Dependence on fuels that are imported is one of the major issues faced by Asian countries. Usage of electric vehicles helps in reducing the use of fuel. Moreover, these vehicles are more economical as compared to conventional fuel-based vehicles. Electric charging stations are more beneficial compared to conventional fuel stations, as it saves the fuel cost and require less maintenance.
Electric vehicles aids in reducing the reliance over foreign fuel, which helps in gaining economic stability. Many government and private organizations are sponsoring the research in electric vehicle and related market. Furthermore, knowing the economic and environmental benefits of electric vehicles, governments in many countries are providing subsidiaries to businesses to boost the market growth. Also, many transport services are switching from conventional fuel-based vehicles to electric vehicles, as it is expected to be the future transport. Therefore, all these factors are boosting use of electric vehicles and are expected to propel growth of the APAC electric charging station market over the forecast period.
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Key Trends and Analysis of the APAC Electric Charging Station Market: