Asia-Pacific Electric Vehicle Charging Stations Market Worth $44.43 Billion by 2028 — Exclusive Report by Meticulous Research®

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Redding, California, Jan. 10, 2022 (GLOBE NEWSWIRE) — According to a new market research report titled "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 2028', published by Meticulous Research®, the Asia-Pacific electric vehicle charging stations market is expected to grow at a CAGR of 24.7% by value from 2021 to reach $44.43 billion by 2028. By volume, this market is expected to grow at a CAGR of 32.9% from 2021 to reach 5.8 million units by 2028.

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The major factors driving the Asia-Pacific electric vehicle charging stations market include government initiatives to drive the adoption of electric vehicles and associated infrastructure, rising demand for electric vehicle fast-charging infrastructure, increasing prevalence of range anxiety, and increasing deployment of EVs by shared mobility operators. Additionally, factors such as reduction in air pollution and increased energy security offer significant opportunities for players operating in this market and drive the growth of this market.

The Impact of COVID-19 on the Asia-Pacific Electric Vehicle Charging Stations Market

The COVID-19 pandemic caused a widespread economic downturn as several countries imposed strict lockdowns to contain the infection, resulting in the closure of manufacturing industries and disruptions in supply chains and production schedules. The economic slowdown disrupted the automotive industry, causing a rapid decline in the sales of light vehicles.

Furthermore, shifts in consumer purchasing behavior due to uncertainty surrounding the pandemic are expected to have significant consequences for the industry's future growth. Meanwhile, shortfall and cash crunch have already affected fleet operators' sales, which is expected to widen further in the coming months.

However, most governments from the affected countries have turned to infrastructure rehabilitation for stimulating economic recovery. Several governments are investing in charging infrastructure either through direct investments for public charging stations or by providing subsidies for the installation of private charging stations at homes and workplaces. For instance, in April 2020, China announced subsidies amounting to $1.4 billion for installing charging stations.

Electric vehicle fleets require different charging infrastructure solutions compared to passenger vehicles. These vehicles' requirements range from multiple mega-watt depo charging to overhead catenaries for charging on the move. Wireless EV charging systems are potentially an economical and feasible solution for fleet charging requirements. Electric bus fleets are expected to increase during the forecast period since electric buses do not have tailpipe emissions and produce less noise. Therefore, governments are prioritizing the adoption of electric buses to help improve air quality. For instance, in January 2021, the Government of India allocated $486 million in incentives to adopt 7,090 e-buses.

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Asia-Pacific Electric Vehicle Charging Stations Market Overview

The Asia-Pacific electric vehicle charging stations 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, in 2021, the Level 2 segment accounted for the largest share of the Asia-Pacific electric vehicle charging stations market. The large market share of this segment is mainly attributed to government funding and incentives for the installation of Level 2 charging stations, lower …

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