Christy Publications APAC Electric Charging Station Market | Page 2

Increasing air pollution is one of the hazardous problems faced by Asia Pacific region, wherein
vehicles are a major factor contributing to air pollution. Replacing conventional fuel-based
vehicles with new generation electric vehicle is an important step towards air pollution control,
as electric vehicles does not emit any polluting gases. Increasing number of electric vehicles
results in rising demand for electric power stations.
Considering the environmental and economic benefits of electric vehicle and charging stations,
governments are introducing new policies to boost the market growth. The Government of India
introduced schemes such as Faster Adoption & Manufacturing of Hybrid and Electric Vehicles
(FAME) in 2015 and second phase FEMA II in 2017 to support growth of the electric vehicle
market.
As per Coherent Market Insights’ analysis, electric charging station market is expected to grow
at a rapid pace over the forecast period. This growth is attributed to increasing need for vehicles
run using renewable energy, which is expected to aid in growth of the APAC electric charging
station market.
Level 2 charging stations is more popular choice among consumers
Considering the technology, the market is divided into level 1, level 2, and level 3. Among these,
the application of level 2 charging stations has the highest usage rate in the past few years.
These stations are efficient than level 1 and more economical than level 3 charging stations.
Therefore, the demand for level 2 charging stations is expected accelerate over the forecast
period. However, level 3 charging stations are becoming popular, as the market gears to
embrace technological advancements in the future.
Read more about research study @
https://www.coherentmarketinsights.com/market-insight/apac-electric-charging-station-market-2473
China is expected to account for the largest market share in the APAC electric charging station
market, while India is expected to witness fastest growth over the forecast period. The presence
of large number of electric vehicles in China and increasing need for eco-friendly transport
medium are some of the key factors driving the market growth. In India, the highest growth is
attributed to various factors such as rapid acceptance of electric vehicles, increasing pollution
control policies, and heavy investment by governments and private investors.
Lack of a sustainable business and financing model, and lack of infrastructure are major
restraining factors affecting market growth