Market Research Report
Electric Two Wheeler Charging Station Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
|Published by||Mordor Intelligence Pvt Ltd||Product code||925558|
|Published||Content info||90 Pages
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|Electric Two Wheeler Charging Station Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)|
|Published: May 13, 2021||Content info: 90 Pages||
The Electric Two Wheeler Charging Station Market is anticipated to register a CAGR of around 30% during the forecast period (2021 - 2026).
The impact of COVID-19 pandemic on Electric two-wheeler charging station market was deleterious with subsequent shutdowns of manufacturing units and halt of infrastructure development by government of various countries across the world. However, owing to the growing need for sustainable transportation and increasing awareness of customers towards electric two wheelers likely to fuel growth of market during forecast period.
Increasing investments by governments across the globe to develop charging infrastructure and incentives offered to buyers will create opportunities for OEMs to expand their footprint across various regions. The market in Asia Pacific is projected to experience steady growth owing to the high demand for energy-efficient and emission-free electric two-wheelers making charging infrastructure as a necessity for increasing two wheeler vehicle sales in the region.
North America is expected to be fastest growing market during forecast period due to various government initiatives and growing high-performance E-Motorcycle segment. In addition, growing female rider population and increasing number of international players are some of the other factors that would drive the region's electric two-wheeler charging station market.
Rising Government Initiatives To Encourage Electric Charging Stations Growth
The Electric two-wheeler charging stations market is expected to grow with time and with growing support from government bodies of different countries. Many countries have recognized the need to go electric to reduce the increasing pollution from automobiles, with the US and China already gearing up to electric vehicles.
These countries have taken initiatives to improve the charging network across their states for ease of switching to Electric Vehicles and promoted this segment using incentives, tax rebates, preferential policies etc. China, US and some European countries have subsidized the setting up cost of Electric two wheeler charging stations at residential complexes, semi public areas, private homes etc.
China is active player in Asia- pacific region and it focuses on improving the charging facility infrastructure in the country. The Japnese, Korean Governments have also come up with measures to improve the number of electric vehicle charging points across their countries in the coming years. The Indian government has also announced plans to equip 69,000 Electric Vehicle charging stations across india as part of its first phase of Electric Vehicle infrastructure growth, whichlikely to boost demand for electirc vehicle charging stations by 2026.
Asia Pacific Region Expected To Witness Significant Growth
Asia Pacific region likely to hold significant market share in Electric two-wheeler electric charging station market during the forecast period. In this region, China, Japan, India, and South korea are anticipated to act as potential markets due to increasing e-bike sales in these countries. Governments of various countries are taking initiatives to reduce the carbon footprints by encouraging the use of electric bikes, electric vehicles, and bicycles, owing to increase in awareness toward the hazardous effects of using vehicles running on fossil fuels.
Large sales production and sales volumes in China, growing demand for affordable electric scooters for short-distance commuting, and governments promoting electric two-wheelers are expected to drive the Asia Pacific market during the forecast period. China's rapidly growing economy is driving the expansion of advanced technologies to improve electrification in the country boosting charging stations development during forecast period.
China has spent approximately USD 2.4 billion till 2020 to improve the charging facility infrastructure in the country. The Indian government is taking initiatives such as FAME-II, offering subsidies and tax exemptions to buyers to promote electric two-wheelers in the country thereby initiating basic necessities like charging points at various locations in country. These aforementioned factors likely to drive the growth of market during forecast period in Asia-pacific region.
The Electric Two Wheeler Charging Station Market is consolidated due to the presence of major key players such as Chargepoint Inc, ABB Ltd, Tesla Inc., BP Chargemaster, EVGO Services LLC. Companies are entering into agreement/collaboration/acquisition and new product development strategies to broaden its customer base in emerging markets and to keep themselves aligned with its competitors. For instance,