February 22, 2024

Rising adoption of electric vehicles projected to boost the growth of Apac Electric Charging Station Market

The global Apac Electric Charging Station Market is estimated to be valued at US$ 11.74 Bn in 2023 and is expected to exhibit a CAGR of 26.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Apac Electric Charging Station Market consists of electric vehicle supply equipment and its supporting network. Electric vehicle charging stations use different types of sockets and connectors that enable the transfer of electric energy from the grid to EVs’ batteries. These stations come in different power levels ranging from slow charging that takes several hours to fast charging that takes less than an hour. The growing adoption of electric vehicles in the region driven by governments’ favorable policies and incentives for greener transportation is spurring the demand for reliable and efficient charging infrastructure. This is expected to propel the growth of the Apac electric charging station market over the forecast period.

Market key trends:
One of the key trends in the Apac electric charging station market is the increasing focus on development of ultra-fast charging stations. Ultra-fast chargers can charge 80% of a vehicle’s battery capacity within 30 minutes or less. Considering the time constraints of users, especially commercial fleet owners, establishing such quick charging solutions has become imperative. Major players in the region are investing heavily in R&D to design next-gen ultra-fast chargers. For instance, Mitsubushi Motors Corporation launched its first 350kW ultra-fast charging station in China in 2022. Such innovations are expected to stimulate higher adoption of EVs and thus support market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the APAC electric charging station market is relatively low due to high initial investments required to set up electric vehicle charging infrastructure.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of a large number of players offering electric vehicle charging stations in the region. Buyers can negotiate on pricing and choose from a wide range of options.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material supplies are concentrated among a few players globally. However, substitute materials also exist.
Threat of new substitutes: The threat of substitutes is low as electric vehicles still need electric vehicle charging stations for operations and there are no close substitutes available currently.
Competitive rivalry: Competition in the APAC electric charging station market is intense.

Key Takeaways
The global Apac Electric Charging Station Market is expected to witness high growth, exhibiting CAGR of 26.% over the forecast period, due to increasing sales of electric vehicles across the region.

Regional analysis
The APAC region dominates the electric charging station market and is expected to continue its dominance over the forecast period. China dominates the APAC electric charging station market due to the growing EV sales and government support for development of charging infrastructure in the country. Other major countries including Japan, South Korea, India are also expected to witness high growth in their electric vehicle charging markets owing to rapid EV adoption.

Key players
Key players operating in the APAC electric charging station market include PluginIndia.com, Greenlots, Mitsubushi Motors Corporation, ChargePoint, Inc., Efacec, NARI Technology Co., Ltd, Blink Charging Co., Toshiba Corporation and others. Major players are focusing on launching ultra-fast charging stations to attract more EV users and gain a competitive advantage in the market. _______________________________________________________________________