Asia Pacific Electric Vehicle Charging Station Market Size - By Current (AC {Level 1, Level 2}, DC {DC Fast}), By Charging Site (Public, Private) & Forecast, 2024 - 2032

Asia Pacific Electric Vehicle Charging Station Market Size

Asia Pacific Electric Vehicle Charging Station Market was valued at USD 30.4 Billion in 2023 and is set to grow at a CAGR of over 19.4% from 2024 to 2032. The increasing awareness of environmental issues and the need to reduce greenhouse gas emissions has led to a surge in demand for electric vehicles. This growing demand has created a need for a robust and widespread charging infrastructure to support the expanding EV market.
 

Efforts are underway to promote regional integration and standardization of EV charging infrastructure in the Asia Pacific region. Organizations such as the Asian Development Bank (ADB) and the Electric Vehicle Association of Asia Pacific (EVAAP) are working towards harmonizing charging standards and facilitating cross-border EV travel. In addition, the rapid urbanization in many Asian countries including India, China, Bangladesh, Indonesia, among others, coupled with smart city initiatives, has fueled the need for sustainable transportation solutions. EV charging infrastructure is seen as an integral part of smart city development plans, leading to increased deployment of charging stations in urban centers.
 

Private companies, including energy providers, oil and gas companies, and startups, have recognized the potential of the EV charging market and are investing in charging infrastructure projects. This infusion of private capital has accelerated the growth of charging station networks. Moreover, efforts are underway to promote regional integration and standardization of EV charging infrastructure in the Asia Pacific region. Organizations such as the Asian Development Bank (ADB) and the Electric Vehicle Association of Asia Pacific (EVAAP) are working towards harmonizing charging standards and facilitating cross-border EV travel.
 

Advancements in charging technologies have made EV charging faster, more convenient, and accessible. The deployment of fast-charging stations, which can provide a substantial charge in a shorter period, has alleviated concerns about charging time and range anxiety among EV users. These policies create a favorable environment for businesses to invest in EV charging infrastructure, thereby complementing the overall electric vehicle charging station industry. In addition, governments, private companies, and industry stakeholders have collaborated to develop charging infrastructure networks. Partnerships between utility companies, automakers, and technology firms have accelerated the establishment of EV charging stations in various countries.
 

COVID- 19 Impact

The COVID- 19 outbreak has impacted the overall automotive market, thus affecting the Asia Pacific electric vehicle charging station market progress. The pandemic forced consumers to postpone the purchase of electric vehicles owing to travel restrictions along with strict lockdown measures across various geographies across the region. In addition, the industry witness shortage of raw materials owing to disruptions in supply chain as majority of raw material used in the EV charging station is being imported from China to other countries including Hong Kong, Indonesia, South Korea, among others. However, the industry positively recovered post lockdown lift, and witnessed a sharp trend in EV adoption by end of 2020, thereby contributing to the market growth.
 

Asia Pacific Electric Vehicle Charging Station Market Trends

The structural limitations of extremely dense urban cities that have greater proportion of on-street & large-commercial-garage parking spaces will further act as the catalysts for high public-charging demand especially in the Asia Pacific region. Strategic planning & policy continuity in China’s new energy vehicle deployment is further bolstering the deployment of charging station on a large scale. Policies including extending incentives to EV customers to 2023, pilot projects, tax breaks, subsidy programs, along with increasing technological standard are few of the macro-level plans to augment the Asia Pacific market demand.
 

Asia Pacific is projected to grow at a high rate owing to rising awareness toward environment sustainability and growing focus toward infrastructural development accompanied by increased Foreign Direct Investment (FDI). For Asia Pacific, China accounts for over 97% of the market share in 2022 owing to excess deployment of electric vehicles. In addition, as per Indian Brand Equity Foundation, in April 2022, India is set to witness extensive EV chargers along with expansion of EV infrastructure with the investment of USD 1.84 billion in coming 3 to 4 years under the FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme, which in turn will have a positive impact on the deployment of EV charging station.
 

Asia Pacific Electric Vehicle Charging Station Market Analysis

AC (alternating current) charging is one of the most common types of charging for EVs in Asia Pacific, and trends including growing demand for public AC charging, charging speed, cost-effectiveness, by two & three-wheeler modes of transportation among others are shaping the development of this technology. In addition, AC charging is particularly well-suited for public charging because it is relatively inexpensive to install and can provide a reasonable amount of charge in a short period of time. Moreover, rising integration of charging stations with renewable energy sources, such as solar or wind power to decrease the carbon footprint of EVs, and making charging more sustainable and cost-effective is anticipated to poise the Asia Pacific electric vehicle charging station market dynamics.
 

AC charging stations are becoming increasingly "smart" and capable of integrating with the electrical grid. These stations can optimize charging schedules based on factors like energy demand, grid capacity, and electricity pricing. Smart charging helps balance the load on the grid, reduces peak demand, and enables vehicle-to-grid (V2G) capabilities, where EVs can supply power back to the grid during peak times.
 

Asia Pacific electric vehicle charging station market from public EV charging stations is expected to increase owing to rising consumer inclination to switch to electric vehicles and governments & private company’s investments in charging infrastructure to support this transition. In addition, adoption of innovative solutions to increase the public charging at commercial places including petrol stations, supermarkets, and other public places to make charging more convenient for EV owners will complement the segment growth over the given timeframe.
 

Rapid urbanization in the Asia Pacific region has prompted governments to invest in smart city infrastructure, which includes EV charging stations. Smart city initiatives aim to create sustainable and efficient urban environments by integrating advanced technologies, such as electric mobility solutions are in turn augmenting the public EV charging infrastructure across the region. In addition, Advancements in charging technology, including faster charging speeds and more efficient infrastructure, have made electric vehicles a more viable option for consumers. The introduction of high-power charging stations and the development of fast-charging networks have helped alleviate concerns about range anxiety and charging times.
 

Growing applicability of combined charging system (CCS) connectors is set to accelerate the technology demand owing to acceptance by major power in automobile industries. Rising deployment of electric vehicle fast-charging units across shopping malls, hotels, public parking facilities, and highways led by growing number of EV owners will propel the private charging infrastructure business. For instance, level 1 chargers utilize low load on electricity control grid when compared to the other charging units, making it a viable choice for adoption across residential spaces.
 

China is anticipated to grow at a rate of over 21% through 2032. International energy companies including British heavyweight BP and Royal Dutch Shell are developing EV charging business in China. Proactive government support toward the adoption of electric vehicles and development of EV charging stations has further translated into an overall industry growth. The industry expansion is largely attributed to escalating energy prices, and growing preference for energy-efficient solutions. In addition, advancements of technology along with production of new electric vehicles by key automotive players is anticipated to augment the industry landscape. For instance, in December 2022, China-based Nio, a local EV manufacturer, launched a new EV, Nio EL7, an aerodynamic SUV. The aerodynamic design of an EV assists better for per-charge range. The company claimed that the EV Nio EL7 have a range up to 940 km owing to its 150-kWh battery pack. In addition, the company launched the variants with smaller 70 & 100 kWh - battery packs with distance range of around 500 km of range per charge.
 

The India electric vehicle station market is projected to surpass USD 1.3 billion by 2032. Continuous & exponential increase in the EV adoption coupled with favorable government measures to limit the carbon emission generated via petrol & diesel fuel cars will favor the growth of the Asia Pacific electric vehicle charging station market. As per Government of India, Niti Aayog aims to achieve EV sales penetration of 80% of two & three wheelers, 70% of all commercial cars, 40% buses, and 30% for private cars by 2030, which in turn will augment the EV charging station growth. Proactive government support toward the adoption of electric vehicles and development of EV charging stations has further accelerate the overall industry expansion.
 

Asia Pacific Electric Vehicle Charging Station Market Share

Major manufacturers operating across the APAC market are focusing on strategic alliances and collaborations to gain a competitive edge over the others. Introduction of enhanced technologies and advance technological components by the eminent players has led to the positive business dynamics. Prominent industries operative in the Asia Pacific electric vehicle charging station market includes,

• Blink Charging Co.
• Schneider Electric
• ChargePoint, Inc.
• ABB
• TATA Motors
• Eaton
• Leviton Industries
• Siemens
• Delta Electronics
• CHAEVI
• SIGNET EV
• JOONGANG CONTROL
• Vinfast
• EV Top
• Tesla
• NIO
   

Asia Pacific Electric Vehicle Charging Station Industry News

• The enforcement of the China’s 14th Five-year plan has considerably broadened the deployment potential of EV charging stations across several metropolitan areas. Introduction of several government aided ventures to support the significant expansion of infrastructure and urbanization will boost the market over the coming years. In addition, the Chinese government plans to enhance the urbanization rate to 75-80% over the next fifteen years. The escalated urbanization rate is set to result in high energy consumption, thereby shifting the focus towards electric transportation alternatives.
   
• India’s roadmap for vehicle electrification, outlined in the National Electric Mobility Mission Plan (NEMMP) 2020 launched in 2013, highlights the vision to boost the adoption and manufacturing of EVs. Over the years, India’s approach to EV deployment has been evolving. The current EV policy framework is a mix of incentive-based policies accompanied by regulatory reforms, and public-private partnerships to encourage EV adoption, expand charging infrastructure, support domestic EV, and supply equipment capacity and battery manufacturing.
   

Asia Pacific Electric Vehicle Charging Station market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘Units’ & ‘USD Million’ from 2019 to 2032, for the following segments:

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By Current

• AC
  • Level 1
  • Level 2
• DC
  • DC Fast
  • Others

By Charging Site

• Public
• Private

The above information has been provided for the following countries:

Asia Pacific

• China
• Japan
• India
• South Korea
• Singapore
• Vietnam
• Australia
• Thailand
• Philippines
• Malaysia
• Indonesia
• Hong Kong