Asia-Pacific EV Charging Stations Market Worth $69.57 Billion and 10.1 Million Units by 2029

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

Meticulous Research® —a leading market research company, published a research report titled "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".

The Asia-Pacific electric vehicle charging stations market is expected to grow at a CAGR of 30.8% by value from 2022 to reach $69.57 billion by 2029. By volume, this market is expected to grow at a CAGR of 40.8% from 2022 to reach 10.1 million units by 2029. Government initiatives to drive the adoption of EVs and associated infrastructure, the rising demand for EV fast-charging infrastructure, and increasing deployment of EVs by shared mobility operators are the key factors driving the growth of the Asia-Pacific electric vehicle charging stations market.

The growing deployment of charging station by retail MNCs provide significant growth opportunities for players operating in this market.

The market is segmented by charging type, connection type, vehicle type, mounting type, component, end user, 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 1, Level 2, and DC fast charging. In 2022, the Level 2 segment is expected to account for the largest share of the Asia-Pacific electric vehicle charging stations market by both value and volume. The large market share of this segment is mainly attributed to factors such as rising government funding and incentives and lower installation costs. However, the DC fast charging segment is expected to witness significant growth by both value and volume, as DC fast chargers provide faster charging than other chargers.

Based on connection type, the Asia-Pacific electric vehicle charging stations market is segmented into pantograph, connectors, and wireless EV charging. In 2022, the connectors segment is expected to account for the largest share of the Asia-Pacific electric vehicle charging stations market. The large market share of this segment is mainly attributed to rising initiatives to develop DC fast-charging station infrastructure and increasing investment by stakeholders.

However, 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 rising demand for the implementation of EV fast-charging infrastructure in Asia-Pacific.

Based on component, the Asia-Pacific electric vehicle charging stations market is segmented into hardware, software, and services. In 2022, the hardware segment is expected to account for the largest share of the Asia-Pacific electric vehicle charging stations market. The large market share of this segment is mainly attributed to developments of infrastructure for supporting the transition to electric mobility and increasing incentive plans for setting up manufacturing units of EV charging stations.

However, 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 software to overcome the optimum power challenges and optimize charging station operations.

Based on mounting type, the Asia-Pacific electric vehicle charging stations market is segmented into wall mount, pedestal mount, and ceiling mount. In 2022, the wall mount segment is expected to account for the largest share of the Asia-Pacific electric vehicle charging stations market. The large market share of this segment is mainly attributed to the cost-efficiency of wall mount chargers, ease of installation process, and increasing incentive plans.

However, 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 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. In 2022, the passenger cars segment is expected to account for the largest share of the Asia-Pacific electric vehicle charging stations market. The large share of this segment is mainly attributed to increasing fossil fuel prices and favorable government policies and subsidies.

However, the light commercial vehicle 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 electric buses and trucks for public transport and freight services.

Based on end user, the Asia-Pacific electric vehicle charging stations market is segmented into commercial and residential EV charging stations. In 2022, the commercial EV charging stations segment is expected to account for the larger share of the Asia-Pacific electric vehicle charging stations market. The large market share of this segment is mainly attributed to the government initiatives for the installation of publicly accessible charging stations and the growing number of EV charging stations in public places. Additionally, this segment is expected to grow at the highest CAGR during the forecast period.

Based on country, in 2022, China is expected to account for the largest share of the Asia-Pacific electric vehicle charging stations market by both value and volume. The growing adoption of EVs, ongoing government initiatives to support the automotive industry's electrification, and initiatives for building charging infrastructure across the country are some of the major factors driving this market's growth. The growing adoption of EVs across the country is expected to increase the demand for EV charging stations over the coming years.

In addition, industry players, such as Volvo and Ford, are pushing towards the green-car sector by 2025. The National Development and Reform Commission has also directed most electrical power companies to set up EV charging stations nationwide. In 2020, the State Grid Corporation of China planned to build another 300,000 intelligent charging stations as a part of its smart charging network for new energy vehicles. The network was launched to cover the Beijing-Tianjin-Hebei-Shandong and Yangtze River Delta cities and major cities. Additionally, in 2017, the State Grid EV Service Company installed charging stations in 10,000 parking spots in several old residential communities in Beijing and Shanghai. These factors are expected to contribute to the growth of the EV charging stations market in the county.

Japan is expected to hold the second position in terms of market share in the Asia-Pacific electric vehicle charging stations market by both value and volume. The country's large market share and high growth rate are mainly driven by government initiatives to promote the adoption of electric vehicles and develop EV charging infrastructure.

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In addition, the announcement to ban gasoline-powered vehicles by mid-2030, improvements in battery capacities and driving distance of PHEVs and BEVs; increasing proliferation of fuel cell technology; and extensive deployment of charging stations and hydrogen refueling stations are major factors driving the growth in the sales of electric vehicles in Japan, which is expected to increase the demand for electric vehicle charging stations during the forecast period.

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), and Tata Motors Limited (India).

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 Asia-Pacific electric vehicle charging stations?
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 operating in the market, and what are their market shares?
Who are the major players in various countries?
How 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 other players?