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Asia Pacific EV Charging Infrastructure Market: Comprehensive Evaluation of the Market Via In-Depth Qualitative Insights (2019-2025)
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South Korea will grow on account of reducing cost of EVs supported by financial assistance and tax benefits. Strict government directives and mandates to reduce the carbon footprint with an objective to encourage energy efficiency will accelerate the equipment adoption. For instance, in 2016, the Government of South Korea has announced subsidy on purchase of EVs along with benefit from reduction in expressway tolls and parking fees.
Level 2 charging infrastructure will grow on account of rising demand for fast charging with electricity grid compatibility. Ongoing technological innovation of semiconductor devices coupled with enhanced battery life cycle is set to augment the industry outlook. In addition, cost effectiveness and reduced charging time are major factors boosting the business landscape.
Rapid urbanization linked with steadily rising population will drive the India EV charging infrastructure market growth. Ever-increasing vehicles on road to meet mobility demand coupled with introduction of emission standards will promote EV adoption. For instance, in Budget 2019, Government of India announced tax rebates of up to USD 2,100 on interest paid on loans to purchase the vehicles.
Growing inclination toward ultra-fast chargers coupled with rising investments by automobile manufacturers will positively influence the DC charging stations market growth. Research & development initiatives to make vehicles compatible for fast charging along with capability to store energy will complement the business scenario. These devices operate on very high voltage & add 90 miles range to an EV in barely 30 minutes of charging.
Public charging infrastructure will grow owing to initiation of government's directives and rising concern pertaining to environmental sustainability. Continuing development of battery technology along with increasing private investments will promote the need for battery swapping stations. Dwindling space in cities coupled with large-commercial parking spaces will further act as facilitator for public-charging stations demand.
Absence of proper power infrastructure and high installation cost of the charging units can adversely affect the business landscape. But, the ongoing technological efforts to cut down the fuel cost will augment the EV charging infrastructure market growth. For instance, BP, in 2019 announced association with China-based mobility company DiDi to mutually build electric vehicle charging infrastructure in the country.
Companies are actively looking for M&As and partnerships with international and local suppliers to build prospects. Many leading competitors are involved in creating the business prototypes around adoption of EV infrastructure for public and private use. Key players across the market include Greenway Infrastructure, Volkswagen, ChargePoint, Siemens, BMW, Nissan Motor, Schneider Electric, ABB, Blink, Renault, Hyundai, Mercedes, Blink, Eaton, Shell, Exxon Mobil and Pacific Gas & Electric.
Browse key industry insights along with Full TOC @ https://www.graphicalresearch.com/table-of-content/1281/asia-pacific-ev-charging-infrastructure-market
Asia Pacific EV Charging Infrastructure Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2019 to 2025, for the following segments:
Asia Pacific EV Charging Infrastructure Market Size, By Charging Site
Public
Private
Asia Pacific EV Charging Infrastructure Market Share, By Current
AC
Level 1
Level 2
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