Asia Pacific Electric Vehicle Charging Station Market Trends

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.