Asia-Pacific Electric Vehicle Charging Stations Market

Meticulous Research®—a leading global market research company, published a research report titled, ' by Component, Charging Type, Connection Type (Connectors, Wireless Charging), Mounting Type, Vehicle Type (Passenger Cars, Two-wheelers & Scooters), End User and Geography - Forecast to 2030.'

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According to this latest publication from Meticulous Research®, the Asia-Pacific electric vehicle charging stations market is projected to reach $105.1 billion by 2030, at a CAGR of 30.5% during the forecast period. The growth of this market is driven by government initiatives to promote EV adoption and the development of associated infrastructure, the increasing deployment of EVs by shared mobility operators, and the growing implementation of vehicle-to-grid charging stations. However, the high installation costs of EV charging stations restrain the growth of this market. Furthermore, the increasing adoption of electric mobility in emerging countries in the region is expected to create market growth opportunities. However, the high electricity tariffs in developing APAC countries are a major challenge for the players operating in this market. The latest trends in the Asia-Pacific electric vehicle charging stations market are electric vehicle charging stations powered by renewable energy.

The Asia-Pacific electric vehicle charging stations market is segmented by component (hardware [electric vehicle supply equipment (EVSE), cable management systems, and electrical distribution systems], software [charging station management systems (CSMS), smartphone applications, open charge point protocol (OCPP), and interoperability solutions], services [system integration & installation and maintenance]), by charging type (level 2, DC fast charging, and level 1), by connection type (connectors, pantographs, and wireless charging [static wireless EV charging and dynamic wireless EV charging]), by mounting type (wall mount, pedestal mount, and ceiling mount), by vehicle type (passenger cars, heavy commercial vehicles, light commercial vehicles, and two-wheelers & scooters), by end user (commercial EV charging stations [commercial public EV charging stations {on-road charging, parking spaces, and destination chargers} and commercial private EV charging stations {fleet charging and captive charging}] and residential EV charging stations ), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on component, the Asia-Pacific electric vehicle charging stations market is segmented into hardware, software, and services. In 2023, 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 attributed to the rising adoption of EVs, the increasing deployment of EV charging stations and the increasing government initiatives aimed at electrifying public bus fleets and deploying associated charging infrastructure.

However, the software segment is projected to register the highest CAGR during the forecast period due to increasing transparency in electricity consumption and demand charges, the growing need for managing EV fleets in real-time, charging reports & insights, maintenance & support, and the increasing deployment of smart remote charging stations.

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Based on charging type, the Asia-Pacific electric vehicle charging stations market is segmented into Level 2, DC fast charging, and Level 1. In 2023, the Level 2 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 attributed to the increasing use of Level 2 chargers for residential and commercial applications and support of longer driving ranges by providing a more substantial charge than Level 1 chargers and government incentives and regulations to promote the installation of Level 2 chargers.