Increasing pollution is one among the hazardous problems faced by Asia Pacific region, where vehicles are a serious contributor to pollution. Replacing conventional fuel-based vehicles with a new generation electric vehicle is a crucial step towards pollution control. Electric vehicles don’t emit polluting gases. Increasing number of electrical vehicles leads to rising demand for electrical power stations.
Electric Charging Station Market is predicted to grow at a rapid pace and surpass $3.78 billion by 2026.
This growth is attributed to increasing need for vehicles run using renewable energy, which is predicted to assist in growth of the APAC Electric Charging Station Market.
Considering the environmental and economic benefits of electrical vehicle and charging stations, governments are introducing new policies to spice up the market growth.
The government of India introduced schemes like Faster Adoption & Manufacturing of Hybrid and Electric Vehicles (FAME) in 2015 and second phase FEMA II in 2017 to support growth of the Electrical Vehicle Market.
Market Trends and Drivers:
- The application of level 2 charging stations has the very best usage rate within the past few years. These stations are efficient than level 1 and more economical than level 3 charging stations. Therefore, the demand for level 2 charging stations is predicted accelerate over the forecast period. However, level 3 charging stations are getting popular, because the market gears to embrace technological advancements within the future.
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- China is predicted to account for the most important market share within the APAC electric charging station market, while India is predicted to witness the fastest growth over the forecast period. The presence of huge number of electrical vehicles in China and increasing need for eco-friendly transport medium are a number of the key factors driving the market growth.
- In India, the very best growth is attributed to varied factors like rapid acceptance of electrical vehicles, increasing pollution control policies, and heavy investment by the governments and personal investors.
- Lack of excellent sustainable business and financial model may be a major drawback affecting growth of the APAC electric charging station market. Users are cautious of using electric vehicles due to the limited range they provide. Complete charging of an electrical vehicle anywhere takes from quarter-hour to many hours, hence public charging station needs other facilities and infrastructure to stay the purchasers busy.
- Lack of infrastructure is additionally a restraining factor affecting the market growth. Charging stations must be provided in the least the general public platforms like bus stations, airports, parking areas, hospitals, universities, parks, and other places.
Some key players operating within the APAC Electric Charging Station Market include PluginIndia.com, Greenlots, Mitsubishi Motors Corporation, ChargePoint, Inc., NARI Technology Co., Ltd, Blink Charging Co, Toshiba Corporation, Magenta Power, Star Charge, and Efacec among others.