Hong Kong Electric Vehicle Charging Stations Market - Forecasts from 2022 to 2027

The Hong Kong electric vehicle charging stations market is projected to grow considerably during the forecast period. A charging station for electric vehicles (EVs) is a device that links an EV to a power source, allowing electric cars, neighborhood EVS, and plug-in hybrids to be charged. While some charging stations include advanced capabilities such as smart metering, cellular connectivity, and network connectivity, others are more basic. The electric vehicle business is quickly expanding around the world, particularly in Hong Kong.

The market for electric car charging is a fast-paced business with a wide range of applications in Hong Kong. The growth of automobile charging stations there is aided by government programs in several nations throughout the world. For instance, on March 17, 2021, the government released the Hong Kong Roadmap on Popularization of Electric Vehicles, which lays out the long-term policy goals and plans for promoting the adoption of EVs and their accompanying infrastructure in Hong Kong. The roadmap will serve as a guide for Hong Kong's future development to achieve zero vehicular emissions by 2050. This works in tandem with their other goals to achieve carbon neutrality in the same time frame, and advances the vision of a "Zero Carbon Emissions, Clean Air, Smart City." These reasons have resulted in a surge in electric vehicle sales and manufacturing around the world.

To ensure that the rising fleet of electric automobiles runs properly, charging stations and established power infrastructure are required. As a result, these factors are linked to the market's expansion over the forecasted period. Furthermore, tight government car emission rules have encouraged consumers to switch to electric vehicles, which will help the electric charging station industry grow in the coming years. Moreover, the market expansion was aided by advances in communications technology, such as real-time information on all-electric automobile charging stations for smart connectivity. Furthermore, during the projected period, prominent market participants such as Tesla continue to invest in the development of electric car charging infrastructure in Hong Kong, bolstering the growth of the electric vehicle charging stations market in Hong Kong.

However, in certain regions in Hong Kong, commercial charging stations are still few, forcing consumers to rely on charging options available at their offices and residences. Furthermore, the growing number of electric cars may have an impact on charging station functionality, such as the quantity of power generated, the transformer load level, and the load curve.

Because of the rising use of electric vehicles, the AC Level 1 and Level 2 sectors are likely to dominate the electric vehicle charging station market. Charging with alternating current (AC) is often referred to as level 1 or level 2 charging. An in-car inverter converts alternating current (AC) to direct current (DC), which subsequently charges the battery at either level. The majority of electric car drivers in the United States charge their vehicles at home or work using AC power. As more EVs enter the market, this is projected to stimulate demand for AC charging, which will be aided by government restrictions.

By type, the HEV category dominates the market, accounting for a sizable revenue share. The HEV provides a dual-fuel and electric driving option, which is particularly beneficial in locations where charging infrastructure is limited. The demand for electric battery vehicles is increasing as private companies and governments seek to build a global network of charging infrastructure to encourage the use of renewable energy. Furthermore, the PHEV market is growing steadily. The demand for these vehicles is expected to increase in future years as their prices fall.

This market is divided into commercial and residential segments depending on the application. The residential usage segment dominates the electric car charging stations market and is expected to continue to do so over the forecast period. This is due to the growing popularity of EVS and the expanding number of charging stations. Furthermore, the commercial market is anticipated to see significant expansion, aided by increased government financing for the development of public charging stations, in coming years.

Over the projected period, Hong Kong is expected to develop significantly in this market. Electric cars have grown in popularity in Hong Kong as a result of scientific advancements in battery technology and the environmental benefits of reduced roadside emissions and climate change mitigation. The debut of the "One-for-One Replacement" scheme in February 2018 contributed to the EV's popularity, in addition to increased mileage after battery charging. The government of Hong Kong offers a variety of incentives to encourage the use of electric vehicles, ranging from preferential regulations to promotional events. The government is prioritizing the replacement of government cars with electric vehicles. The government has made it a priority to increase the number of charging stations and to work with EV manufacturers to develop more advanced charging stations. In addition to infrastructure assistance, the government has issued.

COVID-19 Impact

COVID-19 had a positive impact on the Hong Kong electric vehicle charging station market. The EV charging market has not been as heavily damaged, according to the Hong Kong Environmental Protection Department, due to government subsidy schemes and significant expenditures from state and local governments, as well as utilities. EV charging stations continued to expand rapidly in early 2020. In recent years, as the popularity of electric automobiles (EVs) has grown, so has the infrastructure for charging them on interstate highways, in companies, and in public parking lots across the country. The EV-charging at Home Subsidy Scheme (EHSS) was launched by the government to help car parks of existing private residential buildings install EV charging enabling infrastructure and to help car park owners overcome the technical and financial challenges that come with retrofitting EV charging enabling infrastructure. In addition, the government set aside HK$120 million in 2019 to expand public EV charging networks by adding more medium-sized chargers in government parking lots over the next three years. By 2022, over 1000 more public chargers are projected to be installed, bringing the overall number of chargers to around 1,800.

Recent Development

Schneider Electric and Sino Group formed a strategic collaboration in July 2021 to build over 420 electric vehicle chargers at Grand Central and the neighboring YM2, a new landmark in Kowloon East, making it Hong Kong's largest EV charging facility at a commercial/residential new development.

Siemens launched SICHARGE D, one of Asia-Pacific's most efficient rapid charging DC electric vehicle chargers, in June 2021.

Market Segmentation:

• By Vehicle type

Battery Electric Vehicle (BEV)

Plug-in Hybrid Electric Vehicle (PHEV)

Hybrid Electric Vehicle (HEV)

• By Application

Commercial

Residential

• By Charging type

AC Charging (Level 1 and Level 2)

DC Charging