Market Size of China Electric Vehicle Charging Infrastructure Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 38.85 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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China Electric Vehicle (EV) Charging Infrastructure Market Analysis
The China Electric Vehicle Charging Infrastructure Market is valued at USD 4.28 billion in the current year and is anticipated to reach a value of USD 22.09 billion within the next five years, registering a CAGR growth of 38.85% over the forecast period.
Growing adoption and sales of electric vehicles, as well as the enactment of laws, subsidies, and policies promoting the adoption of EVs, such as exemption from registration plate lotteries and access to restricted traffic areas, are some of the major factors driving the market's growth. Further, the government's increasing focus on developing an optimal electric vehicle charging infrastructure across the country to support the rising demand for EVs is aiding the growth of the electric vehicle charging infrastructure market in China. For instance,
- In September 2023, the China Electric Vehicle Charging Infrastructure Promotion Alliance, abbreviated as EVCIPA, announced that approximately 61,000 public charging piles were added in the country in August 2023. It is an increase of 39.9% compared to the same period in 2022. Further, it was indicated that from September 2022 to August 2023, around 54,000 new piles were built on average each month in China, showcasing the rapid boost in developing the charging infrastructure in the country.
The collaboration between various OEMs, automotive manufacturers, and charging infrastructure developers is driving the market's growth. The EV charging infrastructure market in China drew investments from various capital holders, such as vehicle manufacturers, telecom operators, real estate companies, etc.
The increasing installation of private and public charging stations in China is propelling the growth of the market. It is estimated that as of the end of 2022, the total number of charging infrastructure in China reached 5.21 million units, reflecting a significant year-on-year increase of nearly 100%. It includes approximately 650,000 units of public charging infrastructure, resulting in a cumulative total of 1.8 million units, as well as around 1.9 million units of private charging infrastructure, reaching a cumulative total of over 3.4 million units. The government is also taking initiatives to improve the charging infrastructure in the country. For instance,
- In September 2022, four Chinese ministries, including the Ministry of Transport (MOT), issued a plan to speed up the construction of highway charging infrastructure. The following two-phased objectives were established to meet the growing demand for electric vehicle (EV) charging and provide mobility convenience.
Thus, due to such factors, the market studied is expected to grow considerably during the forecast period.
