Press release
Asia-Pacific Electric Vehicle Charging Stations Market to be Worth $105.1 Billion by 2030
Meticulous Research®-a leading global market research company, published a research report titled, 'Asia-Pacific Electric Vehicle Charging Stations Market by Component, Charging Type, Connection Type (Connectors, Wireless Charging), Mounting Type, Vehicle Type (Passenger Cars, Two-wheelers & Scooters), End User and Geography - Forecast to 2030.'According to this latest publication from Meticulous Research®, the Asia-Pacific electric vehicle charging stations market is projected to reach $105.1 billion by 2030, at a CAGR of 30.5% during the forecast period. The growth of this market is driven by government initiatives to promote EV adoption and the development of associated infrastructure, the increasing deployment of EVs by shared mobility operators, and the growing implementation of vehicle-to-grid charging stations. However, the high installation costs of EV charging stations restrain the growth of this market. Furthermore, the increasing adoption of electric mobility in emerging countries in the region is expected to create market growth opportunities. However, the high electricity tariffs in developing APAC countries are a major challenge for the players operating in this market. The latest trends in the Asia-Pacific electric vehicle charging stations market are electric vehicle charging stations powered by renewable energy.
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The Asia-Pacific electric vehicle charging stations market is segmented by component (hardware [electric vehicle supply equipment (EVSE), cable management systems, and electrical distribution systems], software [charging station management systems (CSMS), smartphone applications, open charge point protocol (OCPP), and interoperability solutions], services [system integration & installation and maintenance]), by charging type (level 2, DC fast charging, and level 1), by connection type (connectors, pantographs, and wireless charging [static wireless EV charging and dynamic wireless EV charging]), by mounting type (wall mount, pedestal mount, and ceiling mount), by vehicle type (passenger cars, heavy commercial vehicles, light commercial vehicles, and two-wheelers & scooters), by end user (commercial EV charging stations [commercial public EV charging stations {on-road charging, parking spaces, and destination chargers} and commercial private EV charging stations {fleet charging and captive charging}] and residential EV charging stations ), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on component, the Asia-Pacific electric vehicle charging stations market is segmented into hardware, software, and services. In 2023, the hardware segment is expected to account for the largest share of the Asia-Pacific electric vehicle charging stations market. The large market share of this segment is attributed to the rising adoption of EVs, the increasing deployment of EV charging stations and the increasing government initiatives aimed at electrifying public bus fleets and deploying associated charging infrastructure.
However, the software segment is projected to register the highest CAGR during the forecast period due to increasing transparency in electricity consumption and demand charges, the growing need for managing EV fleets in real-time, charging reports & insights, maintenance & support, and the increasing deployment of smart remote charging stations.
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Based on charging type, the Asia-Pacific electric vehicle charging stations market is segmented into Level 2, DC fast charging, and Level 1. In 2023, the Level 2 segment is expected to account for the largest share of the Asia-Pacific electric vehicle charging stations market. The large market share of this segment is attributed to the increasing use of Level 2 chargers for residential and commercial applications and support of longer driving ranges by providing a more substantial charge than Level 1 chargers and government incentives and regulations to promote the installation of Level 2 chargers.
However, the DC fast charging segment is projected to register the highest CAGR during the forecast period due to growing government rebates on purchasing DC fast charging stations and increasing investments from automakers towards developing DC fast charging station infrastructure to support their long-range battery-electric vehicle.
Based on connection type, the Asia-Pacific electric vehicle charging stations market is segmented into connectors, pantographs, and wireless charging. In 2023, the connectors segment is expected to account for the largest share of the Asia-Pacific electric vehicle charging stations market. The large market share of this segment is attributed to the increasing development and adoption of standardized connector types to ensure compatibility between charging stations and electric vehicles, the increasing need for faster charging connectors compatible with high-power DC fast charging, and the growing need for reliable connectors minimize the risk of electrical faults. Also, this segment is projected to register the highest CAGR during the forecast period.
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Based on mounting type, the Asia-Pacific electric vehicle charging stations market is segmented into wall, pedestal, and ceiling mounts. In 2023, the wall mount is expected to account for the largest share of the Asia-Pacific electric vehicle charging stations market. The large market share of this segment is attributed to the increasing use of either Level 1 or Level 2 electric vehicle supply equipment (EVSE) and the increasing need to offer high-speed charging in a compact, affordable, and scalable package.
Also, this segment is projected to register the highest CAGR during the forecast period.
Based on vehicle type, the Asia-Pacific electric vehicle charging stations market is segmented into passenger cars, heavy commercial vehicles, light commercial vehicles, and two-wheelers & scooters. In 2023, the passenger cars segment is expected to account for the largest share of the Asia-Pacific electric vehicle charging stations market. The large market share of this segment is attributed to the increasing adoption of electric vehicles, environmental concerns and emission regulations, advancement of EV battery technology and expansion of charging infrastructure networks.
However, the heavy commercial vehicles segment is projected to register the highest CAGR during the forecast period due to the increasing adoption of electric mobility in emerging economies, government subsidies & tax rebates for promoting EV adoption, the growing adoption of autonomous delivery vehicles, and the increasing adoption of electric buses and trucks for public transport and freight services.
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Based on end user, the Asia-Pacific electric vehicle charging stations market is segmented into commercial EV charging stations and residential EV charging stations. In 2023, the commercial EV charging stations segment is expected to account for the largest share of the Asia-Pacific electric vehicle charging stations market. The large market share of this segment is attributed to the increasing adoption of electric vehicles in commercial fleets for cost savings and reduced emissions, increasing government regulations and incentives for electric vehicle adoption in commercial fleets, and increasing Infrastructure development for shared mobility services.
Also, this segment is projected to register the highest CAGR during the forecast period.
Based on country/region, the Asia-Pacific electric vehicle charging stations market is segmented into China, Japan, South Korea, Australia, New Zealand, India, and the Rest of Asia-Pacific. In 2023, China is expected to account for the largest share of the Asia-Pacific electric vehicle charging stations market. China's major market share is attributed to the growing adoption of EVs, ongoing government initiatives to support the electrification of the automotive industry and initiatives for building charging infrastructure across the country. Also, this market is projected to register the highest CAGR during the forecast period.
Key Players:
The key players operating in the Asia-Pacific electric vehicle charging stations market include Blink Charging Co. (U.S.), ABB Ltd. (Switzerland), Tesla, Inc. (U.S.), BP p.l.c. (U.K.), Shell Plc (U.K.), Hangzhou AoNeng Power Supply Equipment Co. Ltd (China), Webasto Group (Germany), Wanbang Xingxing Charging Technology Co., Ltd. (China), and Siemens AG (Germany).
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Key questions answered in the report-
Which are the high-growth market segments based on component, charging type, connection type, mounting type, vehicle type, end user and country/region?
What was the historical market for Asia-Pacific electric vehicle charging stations market?
What are the market forecasts and estimates for the period 2023-2030?
What are the major drivers, restraints, opportunities, challenges, and trends in the Asia-Pacific electric vehicle charging stations market?
Who are the major players, and what shares do they hold in the Asia-Pacific electric vehicle charging stations market?
How is the competitive landscape in the Asia-Pacific electric vehicle charging stations market?
What are the recent developments in the Asia-Pacific electric vehicle charging stations market?
What are the different strategies adopted by the major players in the Asia-Pacific electric vehicle charging stations market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the Asia-Pacific electric vehicle charging stations market, and how do they compete with the other players?
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