PUBLISHER: TechSci Research | PRODUCT CODE: 1249363
PUBLISHER: TechSci Research | PRODUCT CODE: 1249363
China Electric Vehicle charging infrastructure market is anticipated to grow at a steady CAGR in the forecast period, 2023-2027. The Electric Vehicle charging infrastructure market stood at USD 5.21 billion in 2021. China is among the countries having the most significant number of electric charging stations worldwide. The high sales of electric vehicles and massive support from the government in the form of subsidies and income tax rebates are the primary drivers for the China Electric Vehicle charging infrastructure market. Also, the ongoing technological advancements to advance the existing charging infrastructure and the rise in the collaborations among original equipment manufacturers, automotive market players, and charging infrastructure developers are expected to create significant growth opportunities for the China Electric Vehicle charging infrastructure market over the next five years.
Consumers have started to invest in sustainable solutions due to the rise in pollution and environmental concerns. The depleting nature of fossil fuels and high prices accelerate the adoption of alternate energy fuels running vehicles. More than 30 cities had planned to achieve complete electrification of vehicles by 2020. It included cities like Hangzhou, Shaanxi, Guangzhou, Dongguan, Zhuhai, and Zhongshan in the Pearl River Delta, and others that had fueled the sales of electric buses and other public vehicles. Market players are launching electric vehicles with higher vehicle efficiency and battery capacity than the previous vehicles to capture the highest market share.
The surge in the sales of electric vehicles has boosted the need to develop electric charging infrastructure in the country. The private and public players have increased their investments in research and development activities to manufacture faster and more efficient charging technologies. Even though many consumers prefer to install Level 1 or Level 2 charging stations for their purpose, there is still high demand for the development of public charging stations. The growing popularity of electric vehicles and the rise in the number of market players in the country are expected to bolster the growth of the China Electric Vehicle charging infrastructure market in the forecast period.
With rapid urbanization and a rise in the sales of electric vehicles, China is experiencing growth in the electric vehicle market. China is also making efforts to reduce its dependence on oil & gas imports to make the country self-dependent, which is expected to accelerate the demand for electric vehicles in the country. Leading authorities are imposing strict restrictions and allowing a limited number of registrations for combustion engine vehicles per month to propel the sales of electric vehicles. Such as, in Beijing government, allows only 10,000 permits for the registration of electric vehicles. The government has also lifted the tax on the purchase of electric vehicles. For example, the government announced a 10% service tax waiver while buying electric vehicles in April 2020. Several electric vehicle stations are installed daily. Also, the demand for fast charging stations is on the rise. China has the biggest Electric Vehicle charging infrastructure and is continuously witnessing the massive installation of electric vehicle sales. The tremendous support from the government in the form of tax rebates and regulations, as well as the entry of international market players in the country, is expected to fuel the growth of China Electric Vehicle charging infrastructure market over the forecast period.
The China Electric Vehicle charging infrastructure market is segmented into vehicle type, type, charging mode, installed location, connector type, type of charging, regional distribution, and competitive landscape. Based on vehicle type, the market is divided into two-wheeler, passenger car, and commercial vehicles. Based on type, the market is bifurcated into AC and DC. Based on charging mode, the market is divided into plug-in and wireless. Based on installed location, the market is divided into commercial and residential. Based on connector type, the market is divided into type 1, type 2, UK 3-Pin, CHAdeMO, CCS, and others. Based on the type of charging, the market is divided into slow and fast. To analyze the market based on the region, the China Electric Vehicle charging infrastructure market is studied in major regions namely East China, North China, North East China, South Central China, North West China, and South West China.
Qingdao Tgood Electric Co. Ltd., Tesla Inc., State Grid Corporation of China, BYD Co. Ltd, Xiaoju Charging (Xpeng Motors), Zhongchuang Sanyou, AnYo Charging, TELD New Energy Co. Ltd, Star Charge, ABB Limited, are the major market players operating in the China Electric Vehicle charging infrastructure market.
In this report, China Electric Vehicle charging infrastructure market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Company Profiles: Detailed analysis of the major companies present in China Electric Vehicle charging infrastructure market.
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report: