DUBLIN, April 5, 2023 /PRNewswire/ — The report “China Electric Vehicle Charging Infrastructure Market by Vehicle Type, by Type, by Charging Mode, by Installed Location, by Plug Type, by Charging Type, by Region, Competition and Opportunities Forecast, 2027” has been added to ResearchAndMarkets.com’s offers
China Electric Vehicle Charging Infrastructure Market is expected to grow at a constant CAGR during the forecast period 2023-2027. The electric vehicle charging infrastructure market was located 5.21 billion dollars in 2021.
china it is among the countries with the largest number of electric charging stations worldwide. High sales of electric vehicles and massive government support in the form of subsidies and income tax credits are the main drivers of China’s electric vehicle charging infrastructure market.
In addition, ongoing technological advances to advance existing charging infrastructure and increased collaborations between OEMs, automotive market players and charging infrastructure developers are expected to create significant growth opportunities for China’s electric vehicle charging infrastructure market over the next five. years.
Increasing sales of electric vehicles is driving the growth of the market
Consumers have started investing in sustainable solutions due to increased pollution and environmental concerns. The depleting nature of fossil fuels and high prices are accelerating the adoption of alternative energy fuels that power vehicles. More than 30 cities planned to achieve full electrification of vehicles by 2020.
Includes cities like Hangzhou, Shaanxi, Guangzhou, Dongguan, Zhuhai and Zhongshan in the Pearl River Delta, and others that had fueled sales of electric buses and other public vehicles. Market players are launching electric vehicles with higher efficiency and battery capacity than previous vehicles to capture the highest market share.
The increase in sales of electric vehicles has driven the need to develop an electric charging infrastructure in the country. Public and private actors have increased their investments in research and development activities to manufacture faster and more efficient charging technologies.
Although many consumers prefer to install level 1 or level 2 charging stations for their purpose, there is still a great demand for the development of public charging stations. The growing popularity of electric vehicles and the increasing number of market players in the country are expected to drive the growth of the China electric vehicle charging infrastructure market during the forecast period.
Favorable government policies support high market demand
With rapid urbanization and increased sales of electric vehicles, china is experiencing growth in the electric vehicle market. china It is also making efforts to reduce its dependence on oil and gas imports to make the country self-reliant, which is expected to accelerate demand for electric vehicles in the country.
Major authorities impose strict restrictions and allow a limited number of combustion engine vehicle registrations per month to boost sales of electric vehicles. As for example, in Beijing government, only allows 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 exemption while buying electric vehicles April 2020. Several electric vehicle stations are installed daily. In addition, the demand for fast charging stations is on the rise.
china has the largest electric vehicle charging infrastructure and is continuously witnessing the massive installation of electric vehicle sales. Huge government support in the form of tax incentives and regulations as well as the entry of international market players into the country is expected to drive the growth of China’s electric vehicle charging infrastructure market during forecast period.
Competitive landscape
Detailed analysis of the main 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 Load (Xpeng Engines)
- Zhongchuang Sanyou
- Load year
- TELD New Energy Co. Ltd
- star charge
- ABB Limited
Scope of the report:
China Electric Vehicle Charging Infrastructure Market, by Vehicle Type:
- Two-wheeled vehicle
- 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 Plug Type:
- Type 1
- Type 2
- UK 3 pin
- CHAdeMO
- CCS
- others
China Electric Vehicle Charging Infrastructure Market, by Charging Type:
China Electric Vehicle Charging Infrastructure Market, by Region:
- Eastern China
- North China
- Northeast China
- south central china
- Northwest China
- Southwest China
For more information on this report, visit https://www.researchandmarkets.com/r/mn6tbv
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SOURCE Research and markets
