NaaS Technology CEO Predicts Rapid Growth of China’s Charging Pile Market

Wang Yang, the founder and CEO of NaaS Technology Inc., a charging services company, said in an exclusive interview with Shanghai Securities News on July 27 that calculated on the basis of 80 million new energy vehicles in China by 2030, the growth will require at least 20 million public charging piles and 30 million private charging piles at that time. Throughout the next eight years, charging piles will expand roughly tenfold.

The Chinese NEV charging piles market is developing at an accelerated pace. According to data from the China Charging Alliance, as of June this year, the cumulative number of charging infrastructure in the country was 3.918 million units, of which 1.528 million units were held by public charging piles, an increase of 65.5% year-on-year.

Wang Yang believes that at present, it costs around 100,000 yuan to 120,000 yuan ($14,811 – $17,773) to buy a 120-kilowatt public pile, including investment costs, the cost of electricity to increase capacity – a relatively average figure for the industry. This means that by 2030, China will have to invest at least nearly 2 trillion yuan in the entire market. “In the coming decades, the overall Chinese charging pile market will be a fast-growing trend,” said Wang.

In the executive’s view, the Chinese charging pile market has two outstanding features: First, vehicle owners mainly charge with public piles and dedicated piles. Different from Western countries, where private piles are dominant, in China, public and dedicated piles contribute nearly 80% of the charging volume due to high urban population density, lack of sufficient private parking spaces, large rental population in big cities, and difficulty in transforming the grid capacity of the community, among other factors. This proportion is expected to continue to increase until 2030. Second, the supply side is very fragmented. Due to the low investment threshold of single stations, coupled with the factors involved in land and power capacity increase, it is decided that the domestic charging pile market is necessarily fragmented.

SEE ALSO: EV Charging Services Firm NaaS Technology Inc. Listed on Nasdaq

On June 13, 2022, NaaS Technology was listed on the Nasdaq. According to public data, by the end of 2021, its business of energy chain covered 288 cities and 290,000 charging piles. In 2021, NaaS provided 55 million single services for NEV owners, with a charging capacity of 1.233 billion kWh, accounting for 18% of China’s public charging capacity.