EV Charging Infrastructure Market Share is projected to grow on account of large-scale deployment of electric vehicles coupled with increasing concerns pertaining GHG emissions from conventional automobiles. Rising consumer inclination toward cleaner means of mobility to ensure environmental sustainability along with upsurge in investments to deploy electric charging stations will propel the product demand.
Japan is set to grow owing to decreasing cost of EVs along with supportive financial incentives and subsidies. Stringent government mandates and policies to limit the carbon footprint with an aim to promote energy efficiency will stimulate the equipment installation. For instance, in 2009, the Government of Japan introduced Green Vehicle Purchasing Promotion Measure that ensures tax deductions & exemptions to persuade early adopters to choose EVs over available alternatives.
Level 2 charging stations are anticipated to grow on account of cost effectiveness and compatibility with existing electricity grid. Technological advancement of on-board chargers coupled with improved battery life is set to stimulate the industry landscape. Increasing inclination toward fast charging stations deployed for personal use facilitated by their easy installation will boost the industry outlook.
Ongoing shift towards ultra-fast charging requirement is anticipated to positively impact the DC charging stations market growth. Continuous research and development activities coupled with flexibility of DC chargers to connect to the grid and store energy will positively impact the business scenario. A typical DC charger requires high voltage and takes from 30 to 45 minutes to charge the EV’s battery from 0% to 80%.
Rapid urbanization linked with steadily rising population is set to boost the India EV charging infrastructure market growth. Ever-increasing vehicles on road to meet mobility demand coupled with favorable policy directives to adopt EVs is set to propel the industry landscape. For example, in Budget 2019, Government of India announced tax rebates of up to USD 2,100 on interest paid on loans to purchase EVs.
High installation cost of the charging units and absence of power infrastructure can adversely impact the market outlook. However, the ongoing research efforts to bring down the cost will strengthen the infrastructure deployment.BP, in 2019, entered into an agreement with China-based transportation company DiDi to jointly build electric vehicle charging infrastructure in the country.
Several leading players are engaged in developing the business models around deployment of EV infrastructure for private and public utility. Prominent players operating in the Asia Pacific EV Charging Infrastructure Market include Volkswagen, Greenway Infrastructure, BMW, ChargePoint, Siemens, Nissan Motor, RWE, EVgo, Schneider Electric, EVBox, Renault, ABB, Blink, Blink, Mercedes, Blink, Pacific Gas & Electric, Shell, and Exxon Mobil amongst others.