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Electric vehicle charging stations are sites where one or more EVSEs are installed. These sites can be residential, non-residential, or commercial areas. Electrical energy is supplied either through special electrical conductors that conform to the variety of electric charging connector standards or through inductive power transfer technology to recharge plug-in electric vehicles, including electric cars, electric buses, and special-purpose electric vehicles.

In its latest publication on the Asia-Pacific electric vehicle charging stations market, Meticulous Research states that the market is expected to grow at a CAGR of 30.8% by value from 2022 to reach $69.57 billion by 2029. By volume, this market is expected to grow at a CAGR of 40.8% from 2022 to reach 10.1 million units by 2029.

The growth of this market is attributed to the growing demand for electric vehicles in countries such as China and Japan and rising government initiatives to reduce greenhouse gas emissions, which, in turn, is poised to increase the adoption of electric vehicles, thereby increasing the demand for EV charging stations.

To provide efficient analysis, Meticulous Research® has segmented this market based on charging type (Level 1, Level 2, DCFC), connection type (pantograph, connector, wireless), component (hardware, software, services), mounting type (wall, pedestal, ceiling), vehicle type (passenger cars, heavy commercial vehicles, light commercial vehicles, two-wheelers & scooters), end user (commercial EV charging stations, residential EV charging stations) and country.

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Based on charging type, the Level 2 segment is expected to account for the largest share of the Asia-Pacific electric vehicle charging stations market by both value and volume in 2022. The large market share of this segment is mainly attributed to the low installation costs compared to DC fast-charging stations and greater efficiency in charging time compared to Level 1 charging stations.

However, the DC fast charging segment is expected to witness a significant growth rate by both value and volume, as DC fast chargers provide faster charging compared to other chargers.

Based on connection type, the connector segment is expected to account for the largest share of the Asia-Pacific electric vehicle charging stations market in 2022. The large market share of this segment is mainly attributed to increasing investment by stakeholders and government initiatives for the development of charging station infrastructures.

However, the wireless EV charging segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is mainly attributed to the increasing implementation of wireless charging infrastructure and the increasing prevalence of range anxiety issues associated with electric vehicles.

Based on component, the hardware segment is expected to account for the largest share of the Asia-Pacific electric vehicle charging stations market in 2022. The large market share of this segment is mainly attributed to increasing demand for EV charging stations in developing and developed economies and increasing developments in charging infrastructure.

However, the software segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is mainly attributed to the increasing adoption of software to overcome various challenges and enhance charging station operations.

Based on mounting type, the wall mount segment is expected to account for the largest share of the Asia-Pacific electric vehicle charging stations market in 2022. The large market share of this segment is mainly attributed to the growing number of wall mount chargers in workplaces and residential & commercial parking lots for employees, visitors, and customers.

However, the pedestal mount segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is mainly attributed to the increasing deployment and installation of pedestal-mounted EV charging stations in public places.

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Based on vehicle type, the passenger cars segment is expected to account for the largest share of the Asia-Pacific electric vehicle charging stations market in 2022. The large market share of this segment is mainly attributed to the proactive participation by automotive OEMs in producing electric passenger vehicles and growing awareness regarding the role of electric vehicles in reducing emissions.

However, the light commercial vehicle segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is mainly attributed to the increase in demand for electric vehicles to reduce fleet emissions and stringent government rules and regulations towards vehicle emissions.

Based on end user, the commercial EV charging stations segment is expected to account for the largest share of the Asia-Pacific electric vehicle charging stations market in 2022. The large market share of this segment is mainly attributed to increasing government initiatives for the installation of publicly accessible charging. Additionally, this segment is expected to grow at the highest CAGR during the forecast period.

Based on country, China is expected to account for the largest share of the Asia-Pacific electric vehicle charging stations market by both value and volume in 2022. The growing adoption of EVs and the increasing government initiatives to support the automotive industry’s electrification and build charging infrastructure across China are major factors driving this market’s growth.

The growing adoption of EVs across the country is expected to increase the demand for EV charging stations over the coming years. Also, industry players, such as Volvo and Ford, are pushing towards the green-car sector by 2025. The National Development and Reform Commission has also directed most electrical power companies to set up EV charging stations nationwide.

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In 2020, the State Grid Corporation of China announced its plans to build another 300,000 intelligent charging stations as a part of its smart charging network for new energy vehicles. The network was launched to cover the Beijing-Tianjin-Hebei-Shandong and Yangtze River Delta cities and major cities. Also, in 2017, the State Grid EV Service Company installed charging stations in 10,000 parking spots in several old residential communities in Beijing and Shanghai. Hence, such factors contribute to the growth of the EV charging stations market in China.

Japan is expected to hold the second position in terms of market share in the Asia-Pacific electric vehicle charging stations market by both value and volume. The growth of this market is mainly driven by government initiatives to promote the adoption of electric vehicles and the development of EV charging infrastructure in the country.

In addition, the announcement to ban gasoline-powered vehicles by mid-2030, improvements in battery capacities and driving distance of PHEVs and BEVs, increasing proliferation of fuel cell technology, and extensive deployment of charging stations and hydrogen refueling stations are major factors driving the sales of electric vehicles in Japan, which is expected to drive the demand for electric vehicle charging stations during the forecast period.

The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence for some of the key players operating in this market, including Wanbang Xingxing Charging Technology Co., Ltd. (China), Hangzhou Aoneng Power Supply Equipment Co., Ltd. (China), Magenta Power Private Limited (India), Delta Electronics, Inc. (Taiwan), EV Motors India Pvt Ltd (India), XPeng Inc. (China), and Tata Motors Limited (India).

Contact: Mr. Khushal Bombe Meticulous Market Research Inc. 1267 Willis St, Ste 200 Redding, California, 96001, U.S. USA: +1-646-781-8004 Europe : +44-203-868-8738 APAC: +91 744-7780008 Email- [email protected] Visit Our Website: https://www.meticulousresearch.com/ Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research

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