Asia Pacific Electric Charging Station Market Is Estimated to Account for US$ 39,854 Mn by End of 2027, Says Coherent Market Insights (CMI)
SEATTLE--(BUSINESS WIRE)--Apr 14, 2021--
An electric vehicle charging station is commonly known as an electric car charging station. It is an electrical device that helps to supply electric current to the batteries of the vehicle. The electric current that is provided to the batteries runs through the electrolysis system of the batteries. Then, the process of electrolysis separates water and other chemicals present in the electrolyte solution. After separation, the remaining water is stored in the reservoir or the pack of electric vehicles. Electric vehicle charging is made possible by using a special type of charger. It uses batteries like the Nickel Cadmium battery that has high capacity and less cost for storing the energy needed for the electric vehicle’s charge.
The APAC electric charging station market is estimated to account for 39,854 Mn in terms of value by the end of 2027.
- Government funding for the development of charging stations is expected to propel the growth of the global APAC electric charging station market.
- Rising awareness in preserving the environment is expected to drive the growth of the global APAC electric charging station market.
Increased production of electric vehicles by major automakers, is expected to create significant opportunities in the global APAC electric charging station market. For instance, according to a report by Edmunds, in 2019, around 325,000 electric vehicles were sold in the U.S. in 2002, Tesla, a luxurious car manufacturer surpassed the 1 million unit mark of electric cars in 2020. Manufacturers are continuously focusing on producing electric vehicles that will have more benefits than just environmental protection and are trying to gain the interests of global consumers.
The development of new charging stations and the establishment of various government laws regarding the usage of electric vehicles and conserving the environment is estimated to create significant opportunities in the APAC electric charging station market.
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The main trend in the APAC electric charging station market is electrification and intelligent mobility, which is expected to restructure the future of mobility via transition from authorized to electric mobility. Various auto manufacturers, facility management companies, and power companies are attempting to build very powerfully charging stations. For instance, ClipperCreek is one of the most reliable companies providing EV charging station services and sells some of the most powerful and durable charging units in the market, such as HCS-40 and HCS-50.
Another recent trend in the APAC electric charging station market is the installation of various safety devices in electric vehicles, such as car sensors and smart transportation systems, to ensure the passengers can reach their destinations timely and safely. These systems also help individuals to avoid traffic which is very prevalent in the Asia Pacific (APAC) region. For instance, according to the tenth edition of the global traffic index, in 2020, the congestion level of traffic in Mumbai was around 53%.
Key players operating in the APAC electric charging station market include Tata Power, Eaton, Phihong USA Corp., Groupe Renault, Schneider Electric, Shell International B.V., Webasto Thermo & Comfort, ABB, ChargePoint, Inc., Total, Siemens, Daimler AG, and Tesla, Inc.
In March 2019, Tesla introduced V3 Supercharging. It is the world’s largest grid-connected battery systems, which enables fast charging to vehicles
In March 2018, Siemens launched VersiCharge, new charging units that will cater to electric vehicles by abiding by the IEC standards.
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APAC Electric Charging Station Market, By Charging Station Type:
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Rest of Asia Pacific
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
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CONTACT: Mr. Shah
Senior Client Partner – Business Development
Coherent Market Insights
KEYWORD: WASHINGTON UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: ALTERNATIVE VEHICLES/FUELS HARDWARE GENERAL AUTOMOTIVE TECHNOLOGY AUTOMOTIVE
SOURCE: Coherent Market Insights
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PUB: 04/14/2021 08:30 AM/DISC: 04/14/2021 08:30 AM