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The report predicts the global Asia Pacific Electric Vehicle Charging Outlets Market to grow at a healthy CAGR over the forecast period from 2022-2031.
In Asia Pacific region, new vehicle registrations considerably increased by 1.5% in 2017 as compared to 2016. This led to the immense carbon content in the atmosphere, owing to which the voice for the adoption of zero-emission vehicles increased within the region. This has led to the increasing adoption of the electric vehicle in countries such as India, Singapore, Thailand and other. China dominates the market for electric vehicle market with wide adoption for reducing CO2 emission from transportation, China also plans to increase its adoption rate more than any country globally.
In APAC, almost all the countries have their own futuristic models for electric vehicles and charging installations. 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 cost associated with the equipment and its installation is enormously hampering the market growth of EV charging outlets, especially in developing countries such as India among others. The trend is expected to be high during the forecast period (2022-2031). However, a country such as India is anticipated to provide great growth opportunities for the electric vehicle companies, in-turn to the EV charging infrastructure suppliers.
China Is Developing New GB/T Fast Charging Standard At 900 kW. According to the State Grid Corporation of China's (SGCC) presentation, China is developing a new version of GB/T fast charging standard. Currently, GB/T was offering only 237.5 kW at 950 V and 250 A so this will be nearly four times more capable in terms of output. Power will be more than twice as high as the new 400 kW CHAdeMO and 350 kW CCS Combo specs too.
is segmented on the basis of deployment type (public or private). Private charging outlets are major installed at home, commercial building, shopping malls, and private parking spaces among others. Private charging outlets dominated the Asia-Pacific EV charging outlets deployment type market in 2017, due to the high ownership of EVs and lack of publically accessible EV charging outlets. However, the rise in support by the governmental bodies is propelling the growth of the public EV charging outlets market. The charging outlets are further segregated as fast and slow chargers, among which slow EV chargers dominate the market and is expected to maintain its dominance during the forecasted period.
Based on the level of charging the EV charging outlets market is bifurcated into level 1, level 2 and level 3. Typically, Level 1 and Level 2 chargers are slow chargers, whereas Level 3 is the DC fast chargers. Level 1 and Level 2 chargers take more charging time compared to level 3 chargers. Level 2 chargers dominated the market as these chargers are deployed in both private and public locations and also are cheaper than level 3 chargers. On the basis of mode of charging, the market is segmented into plugin and wireless chargers. In 2017, plug-in chargers dominated to market, followed by wireless.
Furthermore, for a better understanding of the adoption rate of EV and charging outlets the Asia-Pacific EV charging outlets market is studied for countries including China, Japan, India, South Korea, Singapore, and the Rest of APAC. China dominated the global and Asia-Pacific EV charging outlets market in 2017 and is anticipated to remain the top market for EV and EV charging outlets market during the forecasted period. However, countries such as India, and Singapore among others are gaining wide adoption of an electric vehicles, owing to increased government initiatives and participation of private companies operating in the industry.
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Top Company Covered:
China is the largest market for the electric vehicle, most of the global companies are investing heavily to cater to the growing demand for electric vehicle and charging infrastructure. Some of the key players profiled in the Asia-Pacific EV charging outlets market are BYD company Ltd, ChargePoint Inc., Eaton Corp., EVBox, Fortum OYJ, General Electric Company, Schneider Electric S.E., Shanghai Potevio Co., Ltd. (Potevio), Tesla Inc. and TGOOD (Qingdao TGOOD Electric Co., Ltd). These players are adopting several market strategies, such as merger, acquisition, and collaboration, among others to strengthen their foothold in the industry.
Reasons to buy this Report:
- Historical and forecasted market volume validated through primary and secondary sources
- In-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, SWOT analysis, and recent developments
- Examination on drivers, restraints, key trends and opportunities prevailing in the industry.
- Regulatory scenario, programs, investments and initiatives for EV charging outlets present in different countries
- Examination of industry attractiveness with the help of Porter's Five Forces analysis
- Comprehensive coverage of the market across different market segments
- Deep dive country-level analysis of the industry
The Asia-Pacific EV Charging Outlets Market can be customized to any other country as per the requirement but would depend on data availability on secondary and primary sources. Besides this, UMI understands that you may have your own business need, please connect with our analyst, who will ensure you get a report that suits your needs and requirement.
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