ASIA-PACIFIC (APAC) EV CHARGING OUTLETS VOLUME IS EXPECTED TO REACH 14.57 MILLION BY 2025, WITH CHINA DOMINATING THE REGION AND INDIA COMING UP AS AN OPPORTUNITY FOR COMPANIES OPERATING IN THE INDUSTRY
Asia-Pacific electric vehicle charging outlets market report, published by UnivDatos Market Insights (UMI) forecasts the number of EV charging outlets to reach 14.57 million by 2025 showcasing a CAGR growth of 25.6% during the forecast period (2018-2025). Enormously high adoption of electric vehicle, vehicle emission control standards and substantial support in terms of packages from governmental policies and initiatives are attributed to be the primary factors driving the overall adoption of electric vehicle and installation of EV charging outlets in countries such as China, India and Singapore among others. China dominates the market for electric vehicle in the Asia-Pacific as well at global level, with wide adoption for reducing CO2 emission from transportation. In Asia-Pacific almost all the countries have their own futuristic models for electric vehicle and charging infrastructure. Besides this, a substantial package of governmental policies, incentives and investments are also among the major factors driving EV charging outlets market in the Asia-Pacific region. However high equipment and installation cost, is enormously hampering the market growth for electric vehicle charging outlets market, especially in the developing Asian countries such as India among others. The trend is expected to be high during the forecast period (2018-2025). Private EV charging outlets include chargers at home, commercial building, shopping malls and private parking spaces among others. Due to increased ownership of EVs and lack of public EV chargers, private charging outlets dominate the market at present. However, in the past few years overall investment in the public EV charging outlets has considerably increased. The players operating in EV charging infrastructure are entering into partnerships with equipment suppliers, local and central governments and automotive OEMs to increase the installation base of public chargers at all places. As a result public EV charging outlets is the Asia-Pacific region is expected to grow at a CAGR of 26.2% during the forecast period.
Slow and fast chargers are the two prominent types of chargers available for charging electric vehicle. Slow charging outlets typically take 8-12 hours to charge fully-depleted EV batteries. Most of the countries in Asia-Pacific are cost sensitive markets owing to this slow chargers are the preferred charger type for charging their electric vehicle. On the other side, local governments have set individual targets to increase the fast chargers in the coming years as a result fast chargers are expected to witness highest CAGR growth of 39.2% during the forecast period.
The EV charging outlets also differ in the electrical specifications and charging time. For instance, Level 1 chargers take approximately 8-12 hours while level 2 chargers take approximately 4 to 6 hours of charging time to charge a fully depleted EV battery. On the other hand level 3 chargers take 20 to 30 minutes to charge an EV battery, however high cost of these chargers limits their adoption rate especially in the countries such as India, Singapore and Thailand among others. The level 2 chargers are anticipated to continue their dominance during the forecast period and will capture almost 74.6% of the APAC market in 2025 growing at a CAGR of 26.0% during the forecast period.
The technology of EV battery charging is continuously improving with advancements in battery packs, connector type, charging equipment and mode of charging. Plug-in chargers are the most preferred chargers in the market. Plug-in chargers are expected to grow at a CAGR of 24.6% during the forecast period (2018-2025).
Additionally, for better understanding of Asia-Pacific EV charging outlets market, study includes detail analysis on different Asian countries including China, Japan, India, South Korea, Singapore, and Rest of APAC. China dominated the market in 2017 and is expected to maintain its dominance during the forecast period. In addition to this Indian government plans to increase the share of its EV fleet count by 2030 which will in turn boost the market for EV charging infrastructure in the country, providing ample growth opportunity for the companies operating in the Asia-Pacific or globally.
Some of the prominent players profiled in the study includes BYD Company Ltd, ChargePoint Inc., Eaton Corp., EVBox, Fortum OYJ, General Electric Company and Schneider Electric S.E., Shanghai Potevio Co., Ltd. (Potevio), Tesla Inc. and TGOOD (Qingdao TGOOD Electric Co., Ltd). These companies are partnering with automotive OEMs, local and central governments and other equipment suppliers to strengthen their foothold in the rapidly growing Asia-Pacific electric vehicle charging outlets market.
Market Insights, by Deployment Type
Market Insights, by Charger Type
Market Insights, by Level of Charging
- Level 1
- Level 2
- Level 3
Market Insights, by Mode of Charging
Market Insights, by Geography
- Rest of APAC
- BYD Company Ltd
- ChargePoint Inc.
- Eaton Corp.
- Fortum OYJ
- General Electric Company
- Schneider Electric S.E.
- Shanghai Potevio Co., Ltd. (Potevio)
- Tesla Inc.
- TGOOD (Qingdao TGOOD Electric Co., Ltd)