APAC’s EV infrastructure market to grow at 13.5% by 2029

Challenges include distribution and overabundance of chargers.

The Asia-Pacific (APAC) region electric vehicle (EV) infrastructure market is expected to reach a compound annual growth rate of 13.5% from 2024 to 2029 with China taking the lead, according to GlobalData.

The market, which covers fast and slow charging stations, is forecasted to reach 6.2 million units by 2029. As such, South Korea, India, Japan, and Indonesia, are investing in the expansion of charging station networks.

“APAC is the most densely populated region in the world, the prospect of long wait times at charging stations may deter potential EV consumers,” Madhuchhanda Palit, automotive analyst at GlobalData, said.

She added that challenges including distribution have impeded EV adoption whilst an overabundance of chargers in urban areas leads to underutilisation. 

“To achieve the electrification goals set by the governments of APAC countries and to drive EV adoption, there is an urgent need to augment the quantity of EV charging stations, with a particular focus on fast charging stations,” she said.