Rapid Expansion of the EV Infrastructure Market in the APAC Region: A Look into the Future

Governments worldwide face the challenge of creating robust infrastructure for electric mobility. Particularly in the Asia-Pacific region, this project is gaining momentum, with China standing out as a leading market with an impressive infrastructure. Countries like South Korea, India, Japan, and Indonesia are also heavily investing in the expansion of charging stations. According to GlobalData, a recognized data and analytics company, the EV infrastructure market in the APAC region is expected to register an average annual growth rate of 13.5% from 2024 to 2029. The latest report from GlobalData highlights that the automotive EV infrastructure market, which includes both fast and slow charging stations, is estimated to reach 3.3 million units in 2024. By 2029, this number is expected to rise to 6.2 million units in the APAC region. Madhuchhanda Palit, an automotive analyst at GlobalData, emphasizes the importance of expanding the charging infrastructure. Given the population density in the region, long wait times could deter potential buyers. Therefore, fast charging stations are indispensable for the targeted electrification. Numerous initiatives aim to expand the EV infrastructure. In July 2024, Volt, a Singapore-based infrastructure company, announced the establishment of a new fast-charging hub. This hub enables charging within ten minutes with 360 and 120-kilowatt stations. Palit points out the distribution issue that limits the growth of electric mobility, even in leading markets like China. Uneven distribution particularly deters customers in rural areas. Additionally, the environmental friendliness of electric mobility falls short of expectations as long as a significant portion of charging stations uses electricity from fossil fuels. Consequently, public and private initiatives, such as the JOULE project in India, have begun promoting charging infrastructure powered by renewable energy. Innovative technologies like crowdsourced EV charging and bidirectional charging are gaining traction, while inductive charging and high-voltage charging stations are becoming increasingly established. Developing appropriate infrastructure is urgent. The ongoing increase in EV demand, together with rising investments and R&D efforts, promises considerable growth in the EV infrastructure sector in the near future.