Asia-Pacific
Electric Vehicle Charging Station Market Overview:
Asia-Pacific Asia-Pacific
Electric Vehicle Charging Station Market: The Asia-Pacific region is witnessing
rapid growth in the Asia-Pacific Electric Vehicle Charging Station Market,
fueled by increasing urbanization, government initiatives to reduce air
pollution, and advancements in electric vehicle technology. With countries like
China, Japan, and South Korea leading the way, the region presents vast
opportunities for market players to invest in charging infrastructure and
capitalize on the growing demand for electric vehicles.
The Asia-Pacific
Electric Vehicle Charging Station Market is witnessing significant growth
over recent years. With the rapidly evolving electric vehicle market and
growing sales of electric vehicles (EVs), the demand for charging stations is
rising continually. Electric vehicle infrastructure development has become an
important part of smart city projects.
Resultantly, rising numbers of smart city
projects are major driving forces for the growth of the market. Asia-Pacific
Electric Vehicle Charging Station Market is projected to grow from USD 23.4
Billion in 2023 to USD 316.9 Billion by 2032, at a (CAGR) of 38.50% during the forecast
year (2024 - 2032).
Furthermore, the increasing focus of OEMs on connected electric vehicle
solutions for customers with EV range concerns drives the EV charging station
market globally. These factors, combined with the other advantages of electric
vehicles over traditional fuel-based automobiles, foster the sales of EVs and
the market demand.
Even though the electric vehicle battery
prices have been steadily declining, the batteries still constitute a major
chunk of the electric vehicle price.
High prices of charging stations are a major factor impeding the market
growth at a large scale.
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Report of Asia-Pacific Electric Vehicle Charging Station Market
Major Players
layers leading the global EV charging
station market include Siemens
·
Schneider Electric
·
Leviton Manufacturing Co. Inc.
·
ABB
·
Tesla
·
Eaton
·
EVgo Services LLC
·
ChargePoint Inc.
·
The New Motion BV
·
and Webasto Group
·
among others.
Industry/ Innovation/ Related
News:
March 18, 2021 --- San Miguel Power Association (SMPA) announced its plans to install a
Level II Dual Port charging station post the successful acquisition of a Charge
Ahead Colorado Grant from the Colorado Energy Office.
Asia-Pacific
Electric Vehicle Charging Station Market Segments
The EV charging station market is segmented
into charging stations, connector types, installation type, vehicle type and
regions. The charging station segment is sub-segmented into DC charging
station, AC charging station, and inductive charging station. The connector
type segment is sub-segmented into chademo, combined charging system, and
others.
The installation type segment is
sub-segmented into residential and commercial. The vehicle type segment is sub-segmented
into battery electric vehicle (BEV), plug–in hybrid vehicle (PHEV), and others.
The region segment is sub-segmented into Asia Pacific, Americas, Europe, and
rest-of-the-world.
EV
Charging Station Market - Regional Analysis
North America leads the global Asia-Pacific
Electric Vehicle Charging Station Market with the largest market share. Factors
such as rapidly increasing sales of EVs fuelled by government support and
increasing fuel prices. In the US, electric car sales have been doubled since
2014, clearly indicating the rising demand for EV charging stations. This
further suggests that the US EV charging market would create a larger revenue
pocket during the next few years.
Huge investments in the development of
electric vehicle infrastructure (recharge stations) given the growing demand
for the charging stations due to the increasing sales of EVs backed by
government initiatives, and high disposable income is also some of the key
factors driving the market growth in the region.
Europe is the second-largest market for
electric vehicle charging stations. The UK, France, Germany, and Norway, backed
by the rising sales of EVs due to the resurging economy and government
initiatives, contribute to the regional market hugely.
These factors commutatively presage the
ample scope of market growth opportunities in the region.
On the other hand, Asia Pacific Asia-Pacific
Electric Vehicle Charging Station Market is growing rapidly due to the
improving economy and growing sales of EVs, mainly in the countries such as
India, China, and Japan. Growing investments for developing efficient EV
charging stations to meet the augmenting demand drive the regional market
growth. Also, the presence of many key market players in the region supports
the growth of the market.
Electric
Vehicle (EV) Charging Station Market - Competitive Analysis
Highly competitive, the Asia-Pacific
Electric Vehicle Charging Station Market appears fragmented due to several
large players form a competitive landscape. Key strategies traced from recent
developments include product or technology launch, agreement & partnership,
acquisition, and expansion.
Read more:
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