Electric vehicles, such as electric cars and electric bikes, may plug in and receive electricity from a charging station. The market for electric charging stations in APAC is anticipated to rise as electric vehicle production increases. For instance, China Polestar, a Volvo subsidiary, began producing the Polestar 2 BEV in March 2020.
Today, the APAC electric charging station industry is mostly fueled by the economies of Japan, China, and Australia. India is a key market contributor as well. The largest public EV charging station in India opened in Navi Mumbai in July 2021 thanks to EV charging solutions vendor Magenta. The charging station has 16 AC charging stations, 4 DC charging stations, and other amenities including overnight parking. A new electric car strategy was previously announced by the Gujarat government in India in June 2021 to promote the use of environmentally friendly vehicles. The government of Gujarat announced that it would offer incentives of up to US$ 134 per kWh for electric vehicles, and that commercially operated public EV charging stations would qualify for a 25% capital subsidy. The program's Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) effort includes the initiative. Government programs to encourage the use of EVs are therefore anticipated to support the expansion of the APAC market for electric charging stations.
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