Electric Vehicle Charging as a Service Market Regional Analysis:
APAC Market Insights
Asia Pacific industry is anticipated to dominate majority revenue share of 60% by 2035.
The rising government subsidies and policies for fossil fuel alternative vehicles in this region will exponentially drive the market expansion of electric vehicle charging as a service. As per the Asian Development Bank published in 2018, in Thailand, Indonesia, and India, the limited use of energy will lower the emission of greenhouse gases by 1% to almost 9% by 2030. However, the impact of this cut will be varied by industry and can be affected by the subsidies offered to different energy sources.
Electric vehicle charging as a service is especially going to increase massively in China, driven by the rising adoption of electric vehicles in this country. As specified by the IEA released in 2024, in China, 8.1 million new electric vehicle registrations were made in 2023 which is 35% more than in 2022.
In Japan, electric vehicle charging as a service market will encounter massive growth because of rise in advancement of technologies to develop electric vehicles in this country. For instance, the UK will see the repurposing of used electric car batteries on April 22, 2024, as a result of a recent agreement between Nissan Motors, a Japan-based company, and Ecobat Solutions UK Ltd.
The electric vehicle charging as a service market will also be huge in South Korea due to the huge demand for luxury electric vehicles in this country. In 2022, the total number of electric car sales surpassed those of diesel vehicles for the first time, with 448,934 units sold. With 274,282 sold, hybrids were the most popular EV power source, followed by 164,324 BEVs. This is a 63.7% increase in sales from 2021.
European Market Insights
The European region will encounter massive growth in the sector of electric vehicle charging as a service during the anticipated period.
This quick growth will be noticed mainly due to the European government’s oath to achieve carbon neutrality. As stated by the European Commission in 2019, by 2050, the EU wants to have an economy with net-zero greenhouse gas emissions, or climate neutrality. The European Green Deal’s main regulation is the European Climate Law which explains this future aim of Europe.
The electric vehicle charging as a service market has amplified in the U.K. as a result of the presence of multiple EV charging stations in this country. In line with Gov.UK published in April 2023, almost 19,% of all charging devices, or 7,647, were classified as "rapid" or higher, and around 22,338 chargers were classified as "fast" chargers; this amounts to 56% of all charging gadgets.
In Germany, electric vehicle charging as a service sector will notice enormous growth mainly due to the country’s expansion in the automotive industry. As per Germany Trade and Investment (GTAI) issued in 2023, with more than 3.1 million passenger cars and 351,000 commercial vehicles produced in German factories in 2021, Germany leads Europe in auto manufacturing.
France will notice lucrative growth in electric vehicle charging as a service market during the projected period. The extensive government initiatives to set up EV charging stations in the different cities of France will develop the market growth here. Moreover, in 2019 the Energy and Climate Law, Mobility Orientation Law, and in 2021 Climate and Resilience Law were issued to deploy charging infrastructure in the different cities of France.
