China Electric Vehicle Charging Infrastructure Market to be dominated by Passenger Car till 2027
Increased investments in the development of charging
infrastructure and a decline in the battery prices are driving the demand for
China Electric Vehicle charging infrastructure market in the forecast period,
2023-2027.
According
to TechSci Research report, “China Electric Vehicle Charging Infrastructure
Market By Region, Competition Forecast &
Opportunities, 2027”,
the China Electric Vehicle charging infrastructure market is expected to
witness steady growth in the forecast period, 2023-2027. The market is driven
by the high production and sales of electric vehicles and stringent emission
norms implemented by the leading authorities in the country.
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Electric Vehicle Charging Infrastructure Market"
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The
China Electric
Vehicle charging infrastructure market
is segmented into vehicle type, type, charging mode, installed location,
connector type, type of charging, regional distribution, and competitive
landscape.
Based
on vehicle type, the market is divided into two- wheeler, passenger cars, and
commercial vehicles. The passenger vehicle segment is expected to hold the
largest market share over the next five years. The growing disposable income of
the consumers and the availability of passenger cars in different ranges and
with product specifications are accelerating vehicle sales. Also, private
vehicles are highly convenient and comfortable, which is one of the major
reasons for their demand among consumers.
Based
on type, the market is bifurcated into AC and DC. The DC segment is expected to
account for a significant market share in the forecast period due to the
increase in the efforts made by the government to lower the costs of DC
charging stations across the country. There is a rise in the installation of
fast-charging stations to support the National Electric Mobility Mission Plan
which is expected to create lucrative growth opportunities for the China Electric
Vehicle charging infrastructure market through the forecast period.
Based
on charging mode, the market is divided into plug-in and wireless. The wireless
charging mode is expected to witness the fastest incremental growth due to the
convenience and comfort they provide while charging electric automobiles.
Electric vehicle drives prefer to use the wireless charger as they can be
carried anywhere, and the vehicle can be charged at desired location and time.
Also, they eliminate the need to develop electric vehicle charging stations.
Based
on installed location, the market is divided into commercial and residential.
The commercial segment is anticipated to be the fastest-growing segment in the
forecast period. The rise in the demand for the public Electric Vehicle
charging infrastructure and the growing popularity of electric buses are
expected to contribute to the market growth.
Based
on connector type, the market is divided into type 1, type 2, UK 3-Pin,
CHAdeMO, CCS, and others. The CCS segment is expected to dominate the market
over the next five years. The CCS charging socket uses the combination of both
AC and DC inlets and uses very less space. They use the power line
communication technique with the automobile to initiate and control technology,
the same technology used in power grid communications. The advantage of using
CCS connectors is accelerating their demand in the forecast period.
Based
on the type of charging, the market is divided into slow and fast. The
fast-charging segment is expected to account for a major market share in the
forecast period due to the massive installation of fast-charging stations.
Major
market players operating in the China Electric Vehicle charging infrastructure
market are:
·
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
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“China is the leading country in terms
of electric vehicle sales and the presence of electric vehicle charging
infrastructure on the back of massive government support and early adoption of
sustainable solutions within the country. Market players are working on the
development of innovative solutions to fasten the charging speed and lower the
charging time and are introducing novel electric vehicle devices in the market.
The development of smart charging stations and wireless power technology is
expected to affect the market positively. Ongoing technological advancements,
the development of new fast charging technology, and a new infrastructure
package announced in 2020 by the leading Chines authorities are expected to
propel the China Electric Vehicle charging infrastructure market growth till
2027” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“China Electric Vehicle Charging Infrastructure
Market By Vehicle Type (Two- Wheeler, Passenger Car, Commercial Vehicle), By
Type (AC, DC), By Charging Mode (Plug-in, Wireless), By Installed Location (Commercial,
Residential), By Connector Type (Type 1, Type 2, UK 3-Pin, CHAdeMO, CCS,
Others), By Type of Charging (Slow, Fast), By Region, Competition Forecast
& Opportunities, 2027”, has evaluated the future
growth potential of China Electric Vehicle charging infrastructure market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in China Electric Vehicle charging infrastructure
market.
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