China will see huge demand for new energy vehicle (NEV) charging poles as the country is expected to have more NEVs on the road in the next five years, the China Securities Journal reported.
By January 2020, China had built 531,000 public charging poles and 712,000 private ones, with every 3.5 NEVs owning one charging facility on average, the paper said, citing data from the China Electric Vehicle Charging Infrastructure Promotion Alliance.
The alliance anticipated another 373,000 private charging poles, 156,000 public charging poles as well as 12,000 public charging stations to be built in 2020.
Despite the sector's rapid expansion, the number of charging poles and NEVs still falls short of the one-to-one ratio target needed to fulfill consumers' demand.
China is expected to have 64.8 million pure electric vehicles by 2030, creating a need for an additional 63 million charging poles, according to estimates from Chen Qingtai, president of China EV100, an electric vehicle industry think tank.
As investment floods into the sector to fill the gap, China will see higher demand for charging facilities, which boosts the revenues and profits of companies in charging pole industrial chains, according to an analyst with New Times Securities.
Editor:Cherie
