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), published by
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:
- China held dominant position in the APAC electric charging station market in 2017 and it is projected to retain its dominance throughout the forecast period. According to International Energy Agency, around 580,000 electric cars were sold in China in 2017, a 72% increase from the previous year. Moreover, presence of major electric vehicle providers such as SAIC Motor Corporation Limited, FAW Group Corporation, Dongfeng Motor Corporation, and BAIC Group is also expected to propel demand for electric charging stations in the region. Chinese government offers 30% reimbursement of the total value of the electric vehicle
- India is expected to be the fastest growing market throughout the forecast period, owing to factors such as rapid acceptance of electric vehicles, increasing pollution control policies, and high investments by governments and private investors. For instance, Indian government introduced Faster Adoption & Manufacturing of Hybrid and Electric Vehicles (FAME) in 2015 and second phase FEMA II in 2017. These schemes include subsidiary for public electric charging stations, tax incentives, and other benefits.
- Considering the technology, the level 2 charging stations has the highest use rate because these chargers are faster and more economical. For instance, using level 2 charging, a luxury car such as Mercedes Benz B class takes 20 hours for full charge and it can go till 85-90 miles in the same. Level 2 uses a higher-output 240-volt power source, which is higher than level 1 charging equipment.
- Major 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