The Increasing government incentives Across the Region have Propelled the Growth of the public charging infrastructure Market in APAC!
- Himanshu Patni
- June 10, 2023
- AUTOMOTIVE, NEWS
- 0 Comments
China has witnessed a remarkable growth in the public infrastructure for electric vehicles (EVs) in recent years. The country has made substantial investments and implemented strategic policies to promote the adoption of EVs and build the necessary charging infrastructure. As a result, China now boasts one of the most extensive EV charging networks in the world. The Chinese government has played a pivotal role in driving this growth by providing financial incentives and regulatory support. They have offered subsidies to EV manufacturers, incentivized consumers through purchase subsidies, and implemented strict emission standards to encourage the transition from traditional vehicles to EVs. For example, China is the global leader in number of publicly available chargers. It counts about 85% of the world’s fast chargers and 55% of slow chargers. This reflects China’s demonstrated leadership in the EV sector as well as its very densely populated urban characteristics. Moreover, As the Indian government continues to promote the adoption of EVs and support the development of charging infrastructure manufacturing facilities, the demand for EV batteries will continue to rise in the upcoming years. The Indian government has launched several schemes and programs such as the FAME India Scheme, PLI Scheme, Battery Swapping Policy, and other policies, to subsidize the adoption of EVs. This has led to an increase in demand for EV public charging infrastructure in India.
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Further, the APAC Public Charging Infrastructure Market is expected to grow at a strong CAGR of 30.9% during the forecast period (2022-2030). APAC is anticipated to emerge as the fastest growing in the EV industry and infrastructure related to EV. Moreover, manufacturers in APAC are investing in research and development to produce innovative and technologically advanced products. These new products are designed to meet the specific requirements of different industries and are aimed at improving efficiency, reliability, and safety.
APAC Public Charging Infrastructure Market Revenue (2021-2030)- USD Mn
Based on the Charging type, the market has been categorized into AC and DC. Among them, the AC segment grows at the highest CAGR in the market owing to the push for sustainability and the need to reduce greenhouse gas emissions have led to a shift towards electric mobility. AC EV chargers play a crucial role in facilitating the charging infrastructure required to support the widespread use of EVs, encouraging more individuals to make the switch. Moreover, slow chargers can increase the life of the battery. Tesla also launched advanced EV chargers, boosting the market’s growth. For instance, on Oct 17 2022, Tesla launched a home charging station, or Wall Connector as it calls it, that works with other electric cars, not just Tesla vehicles. Unlike all other electric automakers, Tesla uses its own proprietary connector for vehicles produced for the North American market. This means the company’s charging network and products, like home chargers, only work with its own electric vehicles.
Based on the power outage, the market has been categorized as <11KW, 11KW-50KW, and >50KW. Among them, the <11KW has a high market share as these chargers are commonly known as “level 1” or “level 2” chargers, which are typically designed for residential or workplace use. They offer slower charging speeds compared to higher-power chargers and are generally less expensive to purchase, install, and maintain compared to higher-power chargers. This affordability factor has contributed to their widespread adoption, especially among individual EV owners or small businesses with limited budgetary constraints.
For a detailed analysis of the Global Public Charging Infrastructure Market browse through– https://univdatos.com/report/public-charging-infrastructure-market/
Global Public Charging Infrastructure Market Segmentation
Market Insight, by Charging Type
o DC
o CHADEMO
o CSS
o GB/T
o Others
o AC
Market Insights, by Power Outage
o <11KW
o 11KW-50KW
o >50KW
Market Insight, by Region
· North America
o U.S.
o Canada
o Rest of North America
· Europe
o Germany
o UK
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Rest of APAC
· Rest of the World
Top Company Profiles
o ABB Ltd
o ChargePoint, Inc
o EVgo Services LLC
o Allego
o Schneider Electric
o Blink Charging Co
o Wi Tricity Corporation
o Toshiba Corporation
o AeroViroment, Inc
o Chargemaster plc
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