Hong Kong Electric Vehicle Charging Stations Market - Forecasts from 2024 to 2029

Hong Kong Electric Vehicle Charging Stations Market - Forecasts from 2024 to 2029

The Hong Kong Electric Vehicle Charging Stations market is estimated at US$47.033 million in 2024 and is anticipated to expand at a CAGR of 25.54% to attain US$146.683 million by 2029.

A charging station can be classified as a hub or center, which is available for the public, offering charging facilities for electric vehicles. The charging station has the capability to charge various types of electric vehicles, and it offers a wide range of power output, which charges the battery of these vehicles at different speeds. The charging stations are located across the nation or region, most prominently located on the highways, or at the city centers.

The growth of electric vehicle (EV) charging stations in Hong Kong is aided by government programs for improving the nation's electric vehicle ecosystem. The government of the nation introduced multiple policies and subsidy schemes, to reduce the use of internal-combustion engine (ICE) automobile, which uses petrol or diesel as the fuel, and emits carbon dioxide, polluting the environment. Similarly, an increase in the nation’s sales of electric vehicles is also among the major factors driving the electric vehicle charging station market’s growth. In Hong Kong, the availability and accessibility of public charging stations for electric vehicles played a critical role in boosting the demand for zero-emission vehicles in the nation.

Hong Kong Electric Vehicle Charging Stations Market Drivers:

Increasing sales of electric vehicles

One of the prime reasons propelling the electric vehicle charging stations market is the surge in the number of EVs in the country. Stringent government car emission regulations have encouraged consumers to transition to EVs, which is boosting the electric charging station market's growth in the future. According to the Legislative Council of Hong Kong, the total number of electric private cars (PCs) registered in Hong Kong in 2021 was recorded at 9,583, and about 29,724 petrol private cars were registered. In 2022, the new registration of electric private cars increased to 19,795 units, and that of petrol private cars decreased to 17,683 units. The total share of electric private cars in the total new registration of private cars in Hong Kong in 2021 was estimated at 24.4%, which significantly expanded to 52.8% in 2022.

The popularity of EVs can be largely attributed to the introduction of new and attractive schemes and policies by the government to boost the sales of zero-emission vehicles in the nation. For instance, the Hong Kong government's One-for-One Replacement scheme provides consumers with a higher first registration tax rebate on scrapping their old private cars and purchasing new electric vehicles. In addition, the government’s aim to enhance the air quality of Hong Kong also promotes the use of electric vehicles.

Furthermore, the government has introduced multiple policies and projects to develop the nation's electric vehicle charging infrastructures. For instance, in April 2024, the Legislative Council announced its plan to convert the nation's petrol filling stations into Quick Charging Stations or Petrol-cum-Charging Stations.

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Report Coverage:

Historical data & forecasts from 2022 to 2029
Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
Competitive Positioning, Strategies, and Market Share Analysis
Revenue Growth and Forecast Assessment of segments and regions including countries
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Hong Kong Electric Vehicle Charging Stations Market is segmented and analyzed as follows:

By Vehicle Type

Battery Electric Vehicle (BEVS)
Plug-In-Hybrid Electric Vehicles (PHEVS)

By Application

Commercial, Government, and Industrial
Residential

By Charging Type

AC Charging (Level 1 and Level 2)
DC Charging