China Electric Vehicle charging infrastructure market is projected to grow at a formidable rate during the forecast period, 2023-2027
The market growth can be attributed to the rising adoption of electric vehicles and the increasing focus of public and private players on expanding the electric vehicle charging infrastructure in the country.
In 2021, China’s electric vehicle charging infrastructure stood at USD5.21 billion. Besides, growing support from the Chinese government to boost the adoption of electric vehicles, providing consumers with tax exemptions and subsidies is also supporting the market growth.
Furthermore, ongoing technological advancements to advance existing charging infrastructure, as well as an increase in collaborations between 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.
Because of the rise in pollution and environmental concerns, consumers have begun to invest in long-term solutions. The depletion of fossil fuels and high pricing has accelerated the use of alternative energy fuels for cars. More than 30 cities had intended to electrify their vehicles by 2020 completely.
It includes places such as Hangzhou, Shaanxi, Guangzhou, Dongguan, Zhuhai, and Zhongshan in the Pearl River Delta, among others, that have propelled sales of electric buses and other public vehicles. To gain the greatest market share, market participants are releasing electric automobiles with greater vehicle efficiency and battery capacity than earlier vehicles.
The increased sales of electric vehicles have increased the need for the government to establish an electric charging infrastructure. Private and public sector entities have boosted their spending in R&D to create faster and more efficient charging systems.
Even though many users prefer to install Level 1 or Level 2 charging stations for personal use, there is still a considerable demand for public charging station development. The rising popularity of electric vehicles and the increase in the number of market participants in the country are likely to drive the expansion of the China Electric Vehicle Charging Infrastructure market during the forecast period.