Seattle, Feb. 05, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the APAC electric charging station market was valued at US$ 1,238.4 million in 2017 and is projected to exhibit a CAGR of 30.3% over the forecast period (2018 – 2026).
Key trends and analysis of the APAC electric charging station market:
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 vehicles is an important step towards air pollution control, as electric vehicles does not emit any polluting gases. This further reduces the burden on conventional fuel.
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Asian countries are majorly dependent on foreign countries for supply of fuel. This dependency affects the economic growth of the country. Use of electric vehicles aids in reducing dependence on fuels that are imported and helps in gaining economic stability.
Electric vehicles have low maintenance and operational costs when compared to fuel-based vehicles. This attracts more consumers towards electric vehicles and thereby, aids in boosting growth of the APAC electric charging station market. The existing fleet of electric vehicles is also supporting growth of the market.
Increasing number of electric vehicles results in rising demand for electric power stations. As governments are aware about the benefits of electric vehicles and electric power stations, governments of various countries in Asia Pacific region are introducing beneficial schemes and are providing subsidiary for the same. For instance, to encourage consumers to switch to electric vehicles, in 2018 the Chinese government made a policy to reimburse 30% of the total value of the electric vehicle.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/apac-electric-charging-station-market-2473
Key Market Takeaways:
- The APAC electric charging station market is projected to witness CAGR of 30.3% during the forecast period, owing to increasing demand for electric vehicles
- China holds dominant position in the APAC electric charging station market, as China has the most number of electric vehicles in the world. India is expected to grow in the market over the forecast period, as government is providing various schemes to consumers.
- Level 1, level 2, and level 3 are the three types of technology. 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.
- Major players operating in the APAC electric charging station market include PluginIndia.com, Greenlots, Mitsubishi Motors Corporation, ChargePoint, Inc., NARI Technology Co., Ltd, Blink Charging Co, Toshiba Corporation, Magenta Power, Star Charge, and Efacec
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About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.