Vietnam Electric Vehicle Charging Infrastructure Market to grow at a Significant Rate through 2026
Increase in vehicle ownership and growing need for energy-efficient commuting is expected to drive the demand for Vietnam electric vehicle charging infrastructure market for forecast period.
According to TechSci Research report, “Vietnam Electric Vehicle Charging Infrastructure Market By Vehicle Type (Two-Wheeler, Four-Wheeler, Commercial Vehicle) By Type (AC and DC) By Installed Location (Residential and Commercial) By Company, By Region, Forecast & Opportunities, 2026”, Vietnam electric vehicle charging infrastructure market is expected to witness steady growth in the next five years. Vietnam ranks among the top 15countries with worst air quality in the world which is the major driver for increase in demand for electric vehicles. Efforts towards development of electric charging infrastructure is crucial factor for widespread adoption of electric vehicles. Key players are collaborating with car service providers to integrate charging stations with existing infrastructure. Government is offering subsidies and income tax rebates to buy electric vehicles have led to significant growth of the market. Electric vehicles operating on electricity reduces the operational cost of vehicles. Increasing number of electric vehicles can affect the functionality of charging stations such as load level of transformer, load curve and amount of power generation. Also, advancements of technology in communication sector such as collecting of real-time information of all nearby electric charging stations to enhance the connectivity is expected to boost the market.
Since the onset of pandemic COVID-19, complete lockdown was imposed all around the globe. Leading authorities released a set of precautionary measures to guidelines to fight the novel coronavirus. Manufacturing units were shutdown and shortage of skilled labors was observed in Vietnam. Automotive industry took a hit and saw a decline in the market growth. After the ban of lockdown was lifted by leading authorities, companies began to start production which is expected to foster the growth of the Vietnam electric vehicle charging infrastructure market.
However, high cost involved for initial setup of fast charging infrastructure which may hamper the market growth for the forecast period.
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Vietnam electric vehicle charging infrastructure market is segmented into vehicle type, type, installed location, regional distribution, and company. Based on vehicle type, market is categorized into two-wheeler, four-wheeler, and commercial vehicle. Two-wheeler electric vehicle segment is expected to account for major market share during the forecast period, 2022-2026 owing to rising awareness regarding harmful emissions from conventional fuels. Motorbike riders are searching for environment aware and affordable electric vehicles which is influencing the electric charging infrastructure market for the next five years. Motorbikes are cheaper to purchase and is more able to tackle the urban traffic jams efficiently than four-wheeler vehicles. Based on installed location, market is further bifurcated into residential and commercial. The commercial space segment is expected to dominate the electric vehicle charging infrastructure market to provide the consumers to charge their vehicle according to need and convenience. Initiatives by leading authorities and key players for expansion of electric vehicle charging infrastructure has a positive impact on the growth of the market. Over-night charging of electric vehicles at home is not sufficient for long distances, so the need for development of supportive electric vehicle charging infrastructure is expected to boost the market. Building of charging stations at malls, shopping, and apartment complexes to minimise the pressure from consumers over the concern for battery drainage to run electric vehicles. Major market players are employing a team of technicians in the capital city Hanoi to supply emergency charge if the need arises.
VinFast, Vietnam Oil & Gas Group (PVOIL), HGPT Mechanical, Electricity of Vietnam’s Central Power Corporation, Mitsubishi Motors Vietnam are the leading players operating in Vietnam electric vehicle charging infrastructure market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several electric vehicle charging infrastructure manufacturers are coming up with their technologically advanced offerings.
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“Vietnam is going through urban transformation similar to other countries in Southeast Asia’s region and people are migrating towards cities which is resulting in increasing the cases of traffic congestion during peak hours. Government is improving the public transportation networks and the demand for traffic management systems driven by artificial intelligence is on rise. Manufacturers or key players can invest to produce electric vehicles which are affordable and can provide solution to rising pollution levels in Vietnam” said Mr. Karan Chechi, Research Director with TechSci Research, a global research-based management consulting firm.
“Vietnam Electric Vehicle Charging Infrastructure Market By Vehicle Type (Two-Wheeler, Four-Wheeler, Commercial Vehicle) By Type (AC and DC) By Installed Location (Residential and Commercial) By Company, By Region, Forecast & Opportunities, 2026” has evaluated the future growth potential of Vietnam electric vehicle charging infrastructure market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of Vietnam electric vehicle charging infrastructure market.
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