From the perspective of supporting demand, the number of new energy vehicles in China has increased rapidly in recent years, and the demand for electric vehicle charging has increased significantly. New energy vehicles are developing rapidly, and the penetration rate will continue to rise in the future. In order to better support the promotion of new energy vehicles, it is urgent to accelerate the construction of supporting infrastructure such as charging piles and power stations. From the perspective of policy drivers, in 2022, the country will set the tone of "stable growth". As a series of "new infrastructure", the investment and construction of charging piles and power stations are expected to become one of the key areas of infrastructure to promote growth in 2022. With policy support, the charging pile industry chain is expected to usher in the wind.
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The penetration rate of new energy vehicles continues to rise, driving the development of the charging pile industry. Since the second half of 2020, China's new energy vehicle market has maintained rapid growth. It is expected that the sales volume of new energy vehicles in China will exceed 5 million in 2022 and close to 10 million in 2025. In recent years, with the rapid development of the electric vehicle market and the rapid growth of the ownership, the demand for electric vehicle charging is increasing. By the end of 2021, 7.84 million new energy vehicles and 2.617 million charging piles will have been owned nationwide, with a ratio of 3:1. There is still a large gap. Improving the construction of charging infrastructure will help alleviate consumers' anxiety about the mileage of new energy vehicles and support the expansion of new energy vehicle consumption. The charging problem of electric vehicles is considered as the "last mile" of the promotion of electric vehicles, which is crucial to the promotion and development of electric vehicles.
As a new infrastructure, the construction of charging and replacing power will help stabilize growth. In 2020, as a supporting facility for the promotion of new energy vehicles, the charging pile will be included in the government work report for the first time and included in the "new infrastructure", becoming one of the seven major industries. The country has set the target of "stable growth" in 2022. Previously, the National Development and Reform Commission also proposed to moderately advance infrastructure investment. The policy of promoting infrastructure investment in 2022 is expected to continue. The investment and construction of new energy vehicle charging piles and power exchange stations belong to the new infrastructure series and are expected to become one of the key areas of infrastructure driven growth in 2022.
The market scale of charging pile will exceed 100 billion yuan. It is estimated that by 2022, the number of new energy vehicles will reach 12.21 million, and the number of charging piles will reach 5.06 million. By 2025, the number of new energy vehicles will increase to 32.24 million, and the number of charging piles will increase to 14.66 million. The compound annual growth rate of the number of new charging piles will reach 44% from 2021-2025. We estimate that the market scale of charging piles in 2022-2025 will reach 124.1 billion yuan, 134.7 billion yuan, 148.2 billion yuan and 204.5 billion yuan respectively.
