Asia-Pacific EV Charging Stations Market Outlook to 2028

Asia-Pacific EV Charging Stations Market Overview

• The Asia-Pacific EV Charging Stations Market is valued at USD 7.25 billion. The market's growth is driven by the rapid adoption of electric vehicles (EVs), government initiatives promoting clean energy, and increasing infrastructure development for EV charging stations across the region.
• Key players in the Asia-Pacific EV Charging Stations Market include ABB Ltd., BYD Co. Ltd., Schneider Electric, Siemens AG, and Tesla Inc. These companies focus on expanding their charging station network, advancing fast-charging technologies, and supporting green mobility initiatives.
• Around 600 fast EV charging stations were activated in the U.S. in early 2024, raising the total to around 8,200. This growth represents one fast charger for every 15 gas stations, yet demand for electric vehicles is declining amid consumer concerns over costs and charging availability.
• In 2023, China led the Asia-Pacific EV Charging Stations Market, driven by its robust EV sales and government subsidies. Japan and South Korea followed closely, with their aggressive targets for EV adoption and advanced charging infrastructure.

Asia-Pacific EV Charging Stations Market Segmentation

The Asia-Pacific EV Charging Stations Market is segmented by charging type, application, and region.

• By Charging Type: The market is segmented into AC charging stations, DC fast charging stations, and wireless charging stations. In 2023, DC fast chargers dominated the market due to the increasing demand for rapid and efficient charging solutions.

• By Application: The market is segmented into residential, commercial, and public charging stations. The public charging segment held the largest market share in 2023, attributed to government investments in expanding public EV infrastructure.

• By Region: The market is segmented into China, Japan, South Korea, India, Australia, and the Rest of APAC. China accounted for the highest market share in 2023, followed by Japan, due to the rapid growth of the EV market and government support for EV infrastructure.

Asia-Pacific EV Charging Stations Market Competitive Landscape

• ABB Ltd.: ABB E-mobility has acquired Swedish fintech start-up Vourity to enhance payment options at electric vehicle charging stations. This acquisition simplifies transactions by integrating multiple payment methods into a single platform, aiming to accelerate EV adoption. ABB has sold over one million chargers globally, including 50,000 DC fast chargers.
• Schneider Electric: Schneider Electric has launched its first public EV charging hub in partnership with JusEV in Petaling Jaya, featuring the EVlink Pro DC fast charger. The initiative aims to support Malaysia's goal of 10,000 EV charging points by 2025, with over 100 chargers planned.

Asia-Pacific EV Charging Stations Market Analysis

Asia-Pacific EV Charging Stations Market Growth Drivers

• Rising EV Adoption: The increasing number of electric vehicles (EVs) in China, Japan, and South Korea is fueling demand for efficient charging infrastructure. In 2022, China sold over 5 million EVs, while Japan aims for 6 million by 2030, highlighting the shift toward electric mobility.
• Expansion of Charging Infrastructure: The ongoing investment in public charging infrastructure, particularly in urban areas and along highways, is boosting the market. In 2023, China added 300,000 new public charging stations, which supports the growing number of EVs and ensures convenient access for consumers.
• Growth of the Used EV Market: The used electric vehicle market is expanding rapidly as prices decline and more models become available. In 2023, over 500,000 used battery-electric and plug-in hybrid vehicles are expected to be sold in the U.S., driven by federal tax credits and increased affordability.

Asia-Pacific EV Charging Stations Market Challenges

• High Installation Costs: Setting up EV charging stations requires major investment, with Level 2 chargers costing between $1,500 and $5,000 for equipment alone, while installation can push total costs to over $10,000. Fast chargers (DCFCs) can range from $30,000 to $80,000, reflecting the complexity of installation and equipment needed.
• Grid Integration Issues: The increasing demand for EV charging stations is straining existing grid infrastructure, particularly in urban areas. For example, California's goal of deploying 500,000 chargers by 2030 necessitates substantial utility upgrades to accommodate the added load, which could involve costs exceeding $130,000 per DC fast charger for installation.

Asia-Pacific EV Charging Stations Market Government Initiatives

• China's Charging Infrastructure Plan: As part of the 14th Five-Year Plan (2021-2025), China aims to deploy over 20 million charging stations by 2025. By August 2023, China had already established over 7.2 million charging units, including 2.27 million public charging stands, demonstrating progress toward this ambitious goal.
• Japan's Green Growth Strategy: Japan's government has committed to installing more than 30,000 public fast-charging stations by 2030. This initiative supports its carbon neutrality goal, with plans to increase the number of fast chargers from around 3,000 in 2022 to meet growing EV adoption and charging needs.

Asia-Pacific EV Charging Stations Future Market Outlook

The Asia-Pacific EV Charging Stations Market is projected to continue its rapid expansion, driven by growing electric vehicle adoption and advancements in charging technologies.

Asia-Pacific EV Charging Stations Future Market Trends

• Increased Adoption of Ultra-Fast Charging Stations: In the coming years, ultra-fast charging stations capable of charging vehicles in under 20 minutes will see increased deployment in urban centres and along highways to accommodate growing EV adoption. This expansion aims to address range anxiety and enhance charging convenience for users.
• Expansion of Wireless Charging Solutions: In the coming years, wireless charging technology is expected to become more prevalent, reducing the need for physical connectors and providing a seamless charging experience. This advancement will enhance user convenience and drive greater adoption of electric vehicles as charging becomes simpler and more efficient.