Report : Asia Pacific EV Charging Infrastructure Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Platform (Hardware and Services), Hardware (AC Charger and DC Charger), Charger Type (Public Chargers and Private Chargers), and IEC Mode (2, 3, and 4)
At 15.2% CAGR, the APAC EV Charging Infrastructure Market is speculated to be worth US$ 10,773.75 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC EV charging infrastructure market was valued at US$ 3,993.09 million in 2021 and is expected to reach US$ 10,773.75 million by 2028, registering an annual growth rate of 15.2% from 2021 to 2028. Demand for EV charging in commercial buildings and smart charging and connected infrastructure are the critical factors attributed to the market expansion.
Presently, EV charging stations are more common in private residences. However, the rising consumer demand has led to an active adoption of on-site commercial charging as a standard building feature. Several countries across the region are expected to implement charging in residential and commercial buildings to scale up the EV charging infrastructure soon, which requires upgrading buildings' electrical infrastructure to satisfy the rising demand for EV charging. Additionally, EV charging at scale is subject to the careful planning of a building's electrical distribution system, along with the local electric-grid infrastructure. To enhance the accessibility and affordability of electric chargers, many building developers, urban planners, and electrical-equipment suppliers are actively integrating the EV charging infrastructure into standard building design plans. Furthermore, public charging stations in workplaces and dedicated EV charging hubs create a massive opportunity to expand the EV charging infrastructure market, owing to the rising adoption by less affluent buyers, including those residing in multiunit housing (having limited access to in-home charging). Therefore, the increase in the number and type of location of charging infrastructure, beyond single-family homes, to include its installation in apartment complexes, offices, fleet depots, parking lots, and commercial centers, is creating ample growth opportunities for the scaling-up of the EV charging infrastructure market across the region.
On the contrary, high cost of arthroscopy devices hurdles the growth of APAC EV charging infrastructure market.
- Based on operator type, the APAC EV charging infrastructure market is bifurcated into charge point operator and e-mobility service providers. The charge point operator segment held 95.0% market share in 2021, amassing US$ 593.54 million. It is projected to garner US$ 5,227.72 million by 2028 to expand at 36.5% CAGR during 2021–2028.
- Based on platform, the APAC EV charging infrastructure market is bifurcated into hardware and services. The hardware segment held 65.4% market share in 2021, amassing US$ 2,610.22 million. It is projected to garner US$ 6,534.75 million by 2028 to expand at 14.0% CAGR during 2021–2028.
- Based on hardware, the APAC EV charging infrastructure market is bifurcated into AC charger and DC charger. The AC charger segment held 73.6% market share in 2021, amassing US$ 1,886.05 million. It is projected to garner US$ 5,457.18 million by 2028 to expand at 16.4% CAGR during 2021–2028. The AC charger segment is further divided into level 1 charger (120 v) and level 2 charger (240 v).
- Based on charger type, the APAC EV charging infrastructure market is bifurcated into public chargers and private chargers. The private chargers segment held 57.0% market share in 2021, amassing US$ 2,275.44 million. It is projected to garner US$ 5,733.63 million by 2028 to expand at 14.1% CAGR during 2021–2028.
- Based on IEC mode, the APAC EV charging infrastructure market is segmented into 2, 3, and 4. The 3 segment held 55.8% market share in 2021, amassing US$ 2,226.96 million. It is projected to garner US$ 5,804.29 million by 2028 to expand at 14.7% CAGR during 2021–2028.
- Based on country, the APAC EV charging infrastructure market has been categorized into China, India, Japan, South Korea, Australia, and rest of APAC. Our regional analysis states that China captured 39.8% market share in 2021. It was assessed at US$ 1,590.48 million in 2021 and is likely to hit US$ 4,477.57 million by 2028, exhibiting a CAGR of 15.9% during the forecast period.
Key players dominating the APAC EV charging infrastructure market are ABB Ltd.; Blink Charging Co.; BOSCH Auto Parts; Delta Electronics, Inc.; Driivz Ltd.; Eaton; EVBox; Leviton Manufacturing Co., Inc.; Siemens AG; Tesla, Inc.; Tritium; Wallbox Chargers, S.L.; and Webasto Group among others.
- In 2022, Wallbox has announced its partnership with Mecob Malaysia, subsidiary of Sime Darby for distribution of Wallbox's products and AC charging solutions in Malaysia.
- In 2020, Tritium launched the first platform, named MSC hardware platform, to offer truly scalable electric vehicle charging networks.
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