China Electric Vehicle Charging Infrastructure Markets, Analysis, Trends, Competition, Forecasts & Opportunities, 2017-2022 & 2023-2027
DUBLIN, April 5, 2023 -- The "China Electric Vehicle Charging Infrastructure Market By Vehicle Type, By Type, By Charging Mode, By Installed Location, By Connector Type, By Type of Charging, By Region, Competition Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.
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.
Increased Sales of Electric Vehicles Drive the Market Growth
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.
Favorable Government Policies Support the High Market Demand
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.
Detailed analysis of the major companies present in China Electric Vehicle charging infrastructure market.
- 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
China Electric Vehicle Charging Infrastructure Market, By Vehicle Type:
- Two- Wheeler
- Passenger Car
- Commercial Vehicle
China Electric Vehicle Charging Infrastructure Market, By Type:
China Electric Vehicle Charging Infrastructure Market, By Charging Mode:
China Electric Vehicle Charging Infrastructure Market, By Installed Location:
China Electric Vehicle Charging Infrastructure Market, By Connector Type:
- Type 1
- Type 2
- UK 3-Pin
China Electric Vehicle Charging Infrastructure Market, By Type of Charging:
China Electric Vehicle Charging Infrastructure Market, By Region:
- East China
- North China
- North East China
- South Central China
- North West China
- South West China
For more information about this report visit https://www.researchandmarkets.com/r/mn6tbv
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