Asia Pacific (APAC) Electric Vehicle Charging Stations Market Forecasts from 2023 to 2028

The Asia Pacific (APAC) electric vehicle charging stations market is estimated to grow at a CAGR of 28.78%, reaching US$25, 370.531 million in 2028 from US$4, 320.186 million in 2021.

The demand for electric vehicles has increased as a result of rising environmental awareness and the desire to minimize greenhouse gas emissions. In order to serve the developing EV market, a strong and extensive charging infrastructure is now required. In the Asia Pacific region, initiatives are being made to encourage regional integration and standardization of EV charging infrastructure. Furthermore, smart city programs and the quick urbanization of many Asian nations have increased the demand for sustainable mobility options.

Increasing Investments in the Market

Private businesses are investing in charging infrastructure projects as a result of their recognition of the commercial potential for EV charging, including energy suppliers, oil and gas firms, and startups. The expansion of charging station networks has been expedited by this infusion of private capital. For instance, in order to improve the EV charging infrastructure in India, Tata Power and Hyundai declared strategic cooperation in May 2022. Additionally, Shell reported that the global EV charging network tripled in size over the previous three years, reaching 140, 000 stations, during the Asia Pacific EV Charging Infrastructure 2023 Conference. By 2025, the energy juggernaut wants to install 500, 000 charging stations worldwide.

Increasing Focus on Environment Sustainability

One of the prevailing issues the Asia-Pacific region is dealing with is rising air pollution. As new-generationelectric vehicles don't release any toxic gases, replacing traditional fuel-based vehicles with them is a crucial step in the effort to reduce air pollution. The need for electric charging station rises as the number of electric vehicles increases. For instance, according to International Energy Agency, the sale of battery electric vehicles in South Korea increased from 31k units in 2020 to 72k units in 2021 which has also increased the demand for EV charging stations in South Korea.

Government Support to Boost the Market Growth

Governments are implementing new laws to spur market expansion while taking into account the economic and environmental advantages of electric vehicles and charging stations. For instance, the governments of India and Japan worked together in September 2022 to establish and set up an electric vehicle charging station network throughout India, as India wants to install 70, 000 charging stations for electric vehicles around the nation.

China is Expected to Grow Significantly

The Chinese market for electric vehicles is growing rapidly. In 2022, China sold over 3.5 million electric vehicles, making it the world's largest market for electric vehicles. This growth is expected to continue in the coming years, as the Chinese government seeks to reduce air pollution and greenhouse gas emissions. The electric vehicle charging stations market in China has demonstrated remarkable growth from 2019 to 2022, as evidenced by the significant increase in the number of EV charging points. Publicly available slow charging points rose from 300, 000 in 2019 to 1, 000, 000 in 2022, indicating a substantial 233% growth, while publicly available fast charging points increased from 210, 000 to 760, 000 during the same period, reflecting a notable 261% expansion.

Major Market Player

• Halliburtonis a leading player offering a broad range of EV charging solutions including charging stations. It aims to achieve carbon neutrality across all its operations. In 2021 Halliburton came into partnership with VoltaGrid Electric Solution for deployment of advanced fracturing solution. This will lead to growing the network of EV charging stations beneficial to various end users.

Key Market Developments

• Ather Energy announced in October 2022 that it would be building the 580th public quick charging station, known as the Ather Grid, spanning 56 Indian towns. As the company expands across the country, Ather Energy anticipates installing 820 more grids by the end of FY23, bringing the total to 1400.
• Renault dealerships and Mobilise announced the launch of the Mobilise Fast Charge network in 2022. The majority of the charging stations will be located at Renault dealerships that are less than five minute’s drive from an exit on a motorway or highway.
• In 2021, Nio, a Chinese multinational automobile manufacturer, launched its new Power Swap 2.0 battery swapping system, which allows users to swap their depleted battery for a fully charged battery in just 3 minutes.

Segmentation:

By Type of Electric Vehicle

• Battery Electric Vehicle (BEVs)
• Plug-in Hybrid Electric Vehicle (PHEV)

By Application

• Public
• Private

By Country

• China
• Japan
• Hong Kong
• India
• Australia
• Others