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Asia-Pacific $69.5 Bn Electric Vehicle Charging Stations Market to 2029: Government Initiatives to Drive the Adoption of EVs and Associated Infrastructure

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Dublin, June 10, 2022 (GLOBE NEWSWIRE) -- The "Asia-Pacific Electric Vehicle Charging Stations Market by Charging Type (Level 1, Level 2, DCFC), Connection Type (Pantograph, Connector, Wireless), Component, Mounting Type, Vehicle Type, End User, and Country - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.

The Asia-Pacific electric vehicle charging stations market is expected to reach $69.57 billion by 2029 growing at a CAGR of 30.8% during the forecast period of 2022 to 2029.

By volume, The Asia-Pacific electric vehicle charging stations market is expected to reach 10,105.6 thousand units by 2029, growing at a CAGR of 40.8% during the forecast period of 2022 to 2029.

Government initiatives to drive the adoption of EVs and associated infrastructure, the rising demand for EV fast-charging infrastructure, and the increasing deployment of EVs by shared mobility operators are the key factors driving the growth of the Asia-Pacific electric vehicle charging stations market. Additionally, the growing deployment of charging stations by retail MNCs provides significant growth opportunities for players operating in this market.

This study offers a comprehensive analysis of the Asia-Pacific electric vehicle charging stations market in terms of charging type (level 1, level 2, DCFC), connection type (pantograph, connector, wireless), component (hardware, software, services), mounting type (wall, pedestal, ceiling) vehicle type (Passenger Car, LCV, Two-Wheeler & Scooter, HCV), end user (commercial EV charging stations, residential EV charging stations) and country. The study also evaluates industry competitors and analyzes the market at the country level.
Based on charging type, the Asia-Pacific electric vehicle charging stations market is mainly segmented into Level 2, Level 1, and DC fast charging. The DC fast-charging segment is projected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is mainly attributed to increasing investments in the development of the DC fast charging station infrastructure and increasing government initiatives.

Based on connection type, the Asia-Pacific electric vehicle charging stations market is segmented into pantograph, connector, and wireless EV charging. The wireless EV charging segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is mainly attributed to the increasing prevalence of problems related to electric vehicle charging infrastructure and the rising adoption of electric vehicles for public transport and logistics.

Based on component, the Asia-Pacific electric vehicle charging stations market is segmented into hardware, software, and services. The software segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is mainly attributed to the increasing adoption of smart charging management software and improvements in charging stations.

Based on mounting type, the Asia-Pacific electric vehicle charging stations market is segmented into wall mount, pedestal mount, and ceiling mount. The pedestal mount segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is mainly attributed to the increasing demand for pedestal-mounted EV chargers and the increasing installation of pedestal-mounted EV charging stations in public places.

Based on vehicle type, the Asia-Pacific electric vehicle charging stations market is segmented into passenger cars, light commercial vehicles, heavy commercial vehicles, and two-wheelers & scooters. The light commercial vehicles segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is mainly attributed to growing awareness regarding the role of electric vehicles in reducing emissions, increasing demand for electric vehicles to reduce fleet emissions, and stringent government rules and regulations towards vehicle emissions.

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 2022, the commercial EV charging stations segment is expected to account for the largest share of the Asia-Pacific electric vehicle charging stations market and is also expected to grow at the highest CAGR during the forecast period. This segment's large market share and high growth rate are mainly attributed to the high adoption of EVs across industries, increasing government initiatives, and growing installation of EV charging stations in public places.

Based on country, Australia is expected to grow at the highest CAGR during the forecast period. The growing number of government policies and investments has fueled the EV charging stations market in the country. Zero-emission driving has encouraged consumers to adopt electric vehicles, thereby increasing the market of EV charging stations over the coming years.

According to Infrastructure Australia (IA), developing a fast-charging network for electric cars is considered one of Australia's highest national priorities over the next five years. By 2040, electric vehicles (EVs) are projected to account for 70% to 100% of new vehicle sales and at least 30% of the vehicle ?eet in Australia. In 2019, sales increased by 200%, with over 6,700 EVs sold. The increase in electric vehicles across the country is expected to provide several opportunities for players in the EV charging stations market.

New Zealand is expected to hold the second position in terms of market growth rate during the forecast period. The high growth rate is mainly attributed to the growing number of electric vehicles in the country. For instance, NZ Transport Agency announced its plans to install a rapid charger every 75km along NZ's main state highways to allow low-range vehicles intercity travel.

In 2020, the government invested in several projects that added 110 new electric vehicle chargers and 50 electric ride-sharing vehicles across the country. The government provided $3.8 million for the projects, and successful applicants will contribute a combined $12 million. This fund aimed to encourage innovation and investments to accelerate low-emission vehicles in New Zealand. The growing investments in improving battery technologies and charging speeds have accelerated the growth of EV charging stations.

Key Questions Answered in the Report:

  • Which are the high-growth market segments in terms of charging type, connection type, vehicle type, mounting type, component, end user, and country?

  • What is the historical market size for the Asia-Pacific electric vehicle charging stations market?

  • What are the market forecasts and estimates for the period 2022-2029?

  • What are the major drivers, restraints, opportunities, and challenges in the Asia-Pacific electric vehicle charging stations market?

  • Who are the major players in the market, and what shares of the market do they hold?

  • Who are the major players in various countries, and what shares of the market do they hold?

  • What is the competitive landscape for 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 operating in the 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?

Market Dynamics

Drivers

  • Government Initiatives to Drive the Adoption of EVs and Associated Infrastructure

  • Increasing Demand for EV Fast-Charging Infrastructure

Restraints

  • High Initial Cost of Installation

Opportunities

  • Increasing Adoption of Electric Mobility in Asia-Pacific

  • Increasing EV Manufacturing Capabilities in the Region

Challenges

  • High Electricity Tariffs

The key players operating in the Asia-Pacific electric vehicle charging stations market are

  • Wanbang Xingxing Charging Technology Co. Ltd. (China)

  • Hangzhou Aoneng Power Supply Equipment Co. Ltd. (China)

  • Magenta Power Private Limited (India)

  • Delta Electronics Inc. (Taiwan)

  • EV Motors India Pvt. Ltd. (India)

  • XPeng Inc. (China)

  • Tata Motors Limited (India).

Scope of the Report

The Asia-Pacific Electric Vehicle Charging Stations Market, by Charging Type

  • Level 2

  • Level 1

  • DC Fast charging

The Asia-Pacific Electric Vehicle Charging Stations Market, by Connection Type

  • Connectors

  • Pantograph

  • Wireless EV charging

  • Static wireless EV charging

  • Dynamic wireless EV charging

The Asia-Pacific Electric Vehicle Charging Stations Market, by Component

  • Hardware

  • Electric Vehicle Supply Equipment (EVSE)

  • Electrical Distribution Systems

  • Cable Management Systems

  • Software

  • Charging Station Management Systems (CSMS)

  • Interoperability Solutions

  • Open Charge Point Protocol (OCPP)

  • Smartphone Applications

  • Services

  • Maintenance Services

  • Systems Integration & Installation Services

The Asia-Pacific Electric Vehicle Charging Stations Market, by Mounting Type

  • Wall Mount

  • Pedestal Mount

  • Ceiling Mount

The Asia-Pacific Electric Vehicle Charging Stations Market, by Vehicle Type

  • Passenger Cars

  • Heavy Commercial Vehicles

  • Light Commercial Vehicles

  • Two-wheelers & Scooters

The Asia-Pacific Electric Vehicle Charging Stations Market, by End User

  • Commercial EV Charging Stations

  • Commercial Public EV Charging Stations

  • On-road Charging

  • Parking Spaces

  • Destination Chargers

  • Commercial Private EV Charging Stations

  • Fleet Charging

  • Captive Charging

  • Residential EV Charging Stations

The Asia-Pacific Electric Vehicle Charging Stations Market, by Country

  • Asia-Pacific (APAC)

  • China

  • Japan

  • South Korea

  • India

  • Australia

  • New Zealand

  • Philippines

  • Malaysia

  • Singapore

  • Thailand

  • Taiwan

  • Rest of Asia-Pacific

For more information about this report visit https://www.researchandmarkets.com/r/gdua1t

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