With the uptake of electric vehicles (EVs), the infrastructure needed to facilitate the shift towards electric powertrains also needs to grow.
The Asia-Pacific (APAC) region is experiencing significant growth in the EV market, with China leading as a major EV market and boasting an extensive infrastructure.
Government agencies and private entities in other nations in the region, such as South Korea, India, Japan, and Indonesia, are also actively participating and investing in the expansion of charging station networks.
According to GlobalData, the APAC EV infrastructure market is expected to record a compound annual growth rate (CAGR) of 13.5 per cent over 2024–29, according to GlobalData.
GlobalData’s latest report, “Global Sector Overview & Forecast: EV Infrastructure Q3 2024,” reveals that the automotive EV infrastructure market covering two types of charging stations. Firstly, fast charging stations powered by direct current and secondly, slow charging stations powered by alternating current. It is estimated at 3.3 million units in 2024 and is forecast to reach 6.2 million units by 2029 in the APAC region.
GlobalData analyst
Automotive Analyst at GlobalData, Madhuchhanda Palit, highlighted the need to enhance EV charging infrastructure to facilitate the widespread adoption of EVs in the APAC region.
“Considering that APAC is the most densely populated region in the world, the prospect of long wait times at charging stations may deter potential EV consumers,” Palit says.
“Therefore, to achieve the electrification goals set by the governments of APAC countries and to drive EV adoption, there is an urgent need to augment the quantity of EV charging stations, with a particular focus on fast charging stations.”
“Additionally, the overabundance of chargers in urban areas can lead to underutilisation, while those along highways and in rural areas may not meet peak demand during holidays, resulting in potential profit loss and job cuts for EV charging businesses in both urban and rural settings.”
“Recognising the concerns and needs for growth in the sector, multiple innovations are being introduced at various stages of implementation. For instance, crowdsourced EV charging, V2G power management, and bidirectional charging are some of the innovations in the early stages of development with steadily rising adoption rates.”