The Asia-Pacific electric vehicle (EV) charging station market was valued at approximately USD800 million in 2021 and is expected to reach a value of USD115 billion approximately by the year 2029.1 Government initiatives driving the adoption of EV’s, the rising demand for EV fast-charging infrastructure, and the increasing deployment of EV’s by shared mobility scheme operators are all key factors that are driving the growth of the electric vehicle charging stations market in the Asia-Pacific.2
This article, which is based on a representative literature review, explores the risks associated with the operation of EV charging stations. It further highlights risk control measures and insurance considerations to mitigate these risks.
There are three categories of charging stations currently available. In 2020, level 2 charges dominated the market, however level 3 charges are expected to grow at a higher rate moving forward.3 (See below.)
This is an AC (alternate current) charging system that is the slowest charging method. It is sufficient for overnight charging, and a daily travel range of 48-64 kilometers. Charging cables are usually provided with the vehicle and can be plugged into a standard wall socket with no equipment installation required. It takes 17 hours on average to charge a 24 kWh battery pack.4
Most are AC charging systems, although some level 2 DC (direct current) chargers are available in the market. They require the installation of electric vehicle supply equipment (EVSE) with a dedicated 208 volt or 240 volt electric circuit. AC chargers use the same standard connector as Level 1. They can be used at home, however 240 volts and a 200-amp home electrical panel are required. They are more common in public charging stations and take eight hours on average to charge a 24 kWh battery pack.5
This is a DC fast charging system. It requires a 480 volt connection which is generally considered unsuitable for home use and it may not be possible to charge some EV models using a level 3 charging system. The average charging time for a 24 kWh battery back is 30 minutes.6
EV charging stations may be located in individual houses, parking facilities including those for apartment, office or retail buildings, purpose built charging stations (similar to gas/petrol stations), and individual curb-side stations. In 2020, the individual house segment accounted for the largest share in installation type, as most EV owners prefer to charge their vehicles at home.7
As at May 2022, the top seven EV charging station companies in Asia are all located in China, India and Taiwan (see table below):8
| Geography | Developer/operator |
|---|---|
| China | Hangzhou AoNeng Power Supply Equipment Company Ltd. |
| China | Wam Xingxing Charging Technology Company Ltd., Changzhou |
| India | Magenta Power Private Ltd., Koparkhairne |
| Taiwan | Delta Electronics Incorporated, Taipei |
| India | EV Motors India Private Ltd., Noida |
| China | Xpeng Motors, Guangzhou |
| India | Tata Power Company Ltd., Mumbai |
The main risks associated with EV charging stations are:
Download the PDF for more insights on risk control measures and insurance considerations to mitigate risks mentioned above.
| Title | File Type | File Size |
|---|---|---|
| Electric vehicle charging station risks and controls | 1 MB |
1 Asia-Pacific Electric Vehicle Charging Stations Market – Industry Trends and Forecast to 2029, Data Bridge Market Research, 2022.
2 Top 7 Companies in Asia-Pacific Electric Vehicle Charging Stations Market, Meticulous Research, 2022.
3 Electric Vehicle Charging Stations, GNY Insurance, 2022
4 Electric Vehicle Power Transfer Systems, Article 625, National Electrical Code, U.S.A., 2022.
5 Electric Car Charging Overview, DriveClean, California Air Resource Board, 2021.
6 Why safety matters when it comes to EV charging stations, Charged Electric Vehicles Magazine, 2021.
7 5 Common Risks for Electric Vehicle Users at Charging Stations – and How to Reduce Them, MS Amlin Insurance, 2022.
8 Electric Vehicle (EV) Charging Station Cybersecurity and Risk Management, ResiliAnt, 2022.
9 Electric Vehicle Charging Equipment Installation – Code of Practice (4th Edition),The Institute of Engineering Technology, U.K., 2020.
10 RC59: Recommendations for fire safety when charging electric vehicles, RISCAuthority and Fire Protection Association (FPA), UK, 2021.
11 Supercharger Emergency Response Guide, Revision 1.0, Tesla, 2020.
12 Electric Vehicle Charging Station Insurance (For EV Cars), EK Insurance, USA.
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