Meticulous Research® - a leading global market research company, published a research report titled “Asia-Pacific Electric Car Market by Propulsion Type (BEV, FCEV, PHEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW), End Use (Private, Commercial), and Geography - Forecast to 2028”.
The Asia-Pacific electric car market is expected to grow at a CAGR of 34.6 % by value from 2021 to reach $761.97 billion by 2028. By volume, this market is expected to grow at a CAGR of 40.4 % from 2021 to reach 53.8 million units by 2028. This market is driven by factors such as supportive government policies and regulations, increasing investments by leading automotive OEMs, and decreasing battery prices. Moreover, the increasing adoption of electric mobility in emerging APAC countries and increasing EV and battery manufacturing capabilities in Southeast Asia provide significant opportunities in this market. However, the lack of charging infrastructure in countries such as India, Malaysia, and Indonesia obstruct the growth of this market to some extent. The high cost of electric vehicles and range limitation of EVs are major challenges for the growth of the Asia-Pacific electric cars market.
The market is segmented based on propulsion type, power output, end use, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on propulsion type, the Asia-Pacific electric cars market is mainly segmented into hybrid, battery electric, and fuel cell electric vehicles. The hybrid vehicles segment is estimated to account for the largest share of the Asia-Pacific electric cars market in 2021. The large share of this segment is mainly attributed to increasingly stringent automotive emission regulations across different countries in Asia-Pacific, rising consumer demand for high fuel efficiency vehicles, increasing investments by automotive OEMs for hybridization of vehicle powertrain, and low cost of hybrid vehicles compared to battery electric vehicles. However, the fuel cell electric vehicles segment is expected to witness significant growth, as fuel cell electric vehicles offer several advantages such as fast refueling and zero tailpipe emissions.
Based on power output, the Asia-Pacific electric cars market is segmented into less than 100 kW and 100 kW to 250 kW. The less than 100 kW segment is estimated to account for the largest share of the Asia-Pacific electric cars market in 2021. The large share of this segment is mainly attributed to increasing usage and demand of light electric cars in the central business districts of major cities, increasing use and demand of electric cars for shared mobility services, and falling battery prices. However, the 100 kW to 250 kW segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing initiatives by leading automotive OEMs and strict regulations to reduce tailpipe emissions.
Based on end use, the Asia-Pacific electric cars market is segmented into private and commercial use. The private use segment is estimated to account for the largest share of the electric cars market in Asia-Pacific in 2021. The large share of this segment is mainly attributed to increasing consumer demand for fuel-efficient and environment-friendly vehicles, major incentives plan by the government, tax rebates laws, the decline in battery costs, and increasing fuel prices. However, the commercial use segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing use of electric cars in shared mobility services and corporate taxi fleets.
Geographically, China is estimated to account for the largest share of the Asia-Pacific electric cars market in 2021 by value as well as by volume. The large share of this country is mainly attributed to the extensive government support and expansion in charging infrastructure, tax exemptions for purchasing electric cars by 2023, improving quality of electric cars, increasing charging facilities, and subsidies offered by the Ministry of Commerce.
The Chinese EV market is growing significantly with extensive government support and expansion in charging infrastructure. Many foreign automotive OEMs have started investing in the Chinese new energy vehicles market. For instance, in 2020, Toyota Motor Corporation (Japan) partnered with BYD Auto Co., Ltd. (China) to create a joint venture for producing electric cars and batteries. Similarly, Volkswagen AG (Germany) invested in Gotion High-Tech Co. (China), making the latter the certified battery supplier for its vehicles. Such developments are expected to drive the growth of the electric cars market in China during the forecast period.
Japan is estimated to account for the second-largest share of the Asia-Pacific electric cars market in 2021 by value as well as by volume. The large share of this country is mainly attributed to the increasing awareness among the locals about the transportation alternatives, environmental impact of vehicular emissions, and growing support of government to automotive OEMs and consumers in the form of subsidies and tax rebates. The Japanese government has set a target of increasing the share of electric cars in new vehicle sales to 70% by 2030.
Major factors that support the growth in sales of electric vehicles in Japan during the forecast period are the announcement of the ban on sales of new gasoline-powered vehicles by mid-2030, improvements in battery capacities and driving distance of PHEVs and BEVs, increasing proliferation of fuel cell technology, and extensive deployment of charging stations and hydrogen refueling stations subsidized by the government.
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The key players operating in this market are Hyundai Motor Company (South Korea), Honda Motor Co., Ltd. (Japan), Toyota Motor Corporation (Japan), Tata Motors Limited (India), Mahindra and Mahindra Ltd. (India), NIO Inc. (China), XPeng Inc. (China), Geely Automobile Holdings Limited (China), Nissan Motor Co., Ltd. (Japan), and Mitsubishi Motor Corporation (Japan).
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