China Electric Vehicle Charging Infrastructure Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

China Electric Vehicle Charging Infrastructure Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Chinese electric vehicle charging infrastructure market is expected to exhibit a growth rate of nearly 30% during the forecast period (2020 - 2025).

Key Highlights

• Growing adoption and sales of electric vehicles, along with the enactment of laws, subsidies and policies, such as exemption from registration plate lotteries, access to restricted traffic areas, etc., for promoting the adoption of EVs and declining cost of batteries, are some of the major factors propelling the growth of the market. However, due to the COVID-19 outbreak in China, a decline in sales of electric vehicles from July 2019 to December 2019 has been observed. China is considering extending the subsidies on electric vehicles till 2021.
• The collaboration between various automotive manufacturers, OEMs, and charging infrastructure developers is driving market growth. The charging infrastructure market in China has drawn investments from various capital holders, such as vehicle manufacturers, real estate companies, telecom operators, etc. In October 2019, Xpeng Motors partnered with TELD New Energy Co. Ltd., China’s largest operator of charging stations, to provide supercharging facility across China.
• The increase in installation of AC charging stations in China is propelling the growth of the market. In November 2019, there were nearly 289,000 AC public charging stations in China.

Key Market TrendsLargest Electric Vehicle Charging Network in the World

Geographically, China is leading the electric vehicle charging station market, followed by Europe. China is the largest market for electric cars and buses across the world and sold 872 thousand units of new energy vehicles (passengers and commercial vehicles) for the first 9 months in 2019, exhibiting a growth rate of 20.8%. In 2019, China installed more than 1000 EV charging stations every day.

With the rise in EV sales and demand in the country, the demand for fast charging stations increased to support the rising EVs in the country. China has the biggest infrastructure for EV charging in the world with 976,000 charging units (June 2019). On average, there has been a monthly addition of 11,025 charging units. Some of the major companies in China involved in production and installation of charging points are Qindao Teld New Energy, State Grid Corporation of China, Star Charge, and AnYo Charging.

Growing Sales of Electric Vehicles

In 2018, nearly 1.25 million electric vehicles (passenger and commercial) were sold in China recording a 62% increase over the sales figure of 2017. China’s fleet of electric buses accounts for more than 98% of total electric buses running worldwide. China has a fleet of more than 425000 electric buses.

This high adoption can be attributed to the strong municipal framework that many provinces in China adopted. More than 30 Chinese cities have made plans to achieve 100% electrified public transit by 2020, including Guangzhou, Zhuhai, Dongguan, Foshan, and Zhongshan in the Pearl River Delta, along with Nanjing, Hangzhou, Shaanxi, and Shandong.

As of December 2018, nearly 16,000 electric buses were operated in Shenzhen, one of the Chinese megacities. Beijing is all set to achieve its goal to put 10000 electric buses on road by 2020. Guangzhou ordered 4810 electric buses from the electric bus manufacturer BYD.

Competitive Landscape

The electric vehicle charging infrastructure market in China is consolidated, with players, such as TELD New Energy, Tesla Motors, and Star Charge, dominating the market.

The market is witnessing collaborations between automotive makers, OEMs, technological companies, and EV infrastructure developers, to speed up and subsequently improve the development efforts. In July 2019, FAW, Star Charge, Volkswagen, and JAC formed a joint venture to develop the charging infrastructure in China. Similarly, in August 2019, DiDi Chuxing and BP partnered to form a joint venture to develop charging infrastructure in the country.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
State Grid Corporation of China
Qingdao Tgood Electric Co. Ltd
BYD Co. Ltd
AnYo Charging
Star Charge
TELD New Energy Co. Ltd
Zhongchuang Sanyou
Xiaoju Charging (Xpeng Motors)
Tesla Motors

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