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Asia-Pacific Electric Car Market

Release date:

Oct-2021

Region:

asiapacific

Research Code:MRAUTO -104524

Sku:MRAUTO -104524

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

  • Report ID: MRAUTO -104524
  • Pages: 200
  • Oct-2021
  • Formats*: PDF
  • Category: Automotive Industry
  • Delivery: 2 to 4 Hours
COVID-19

This report provides pre & post COVID-19 market estimates.

The Asia-Pacific Electric Car Market is expected to reach a value of $761.97 billion by 2028, at a CAGR of 34.6 % during the forecast period 2021-2028. By volume, this market is expected to grow at a CAGR of 40.4% from 2021 to reach 53.8 million units by 2028. Supportive government policies and regulations, increasing investments by leading automotive OEMs, and decreasing battery prices are the key factors driving the growth of the Asia-Pacific electric cars market. Increasing adoption of electric mobility in emerging economies and increasing EV and battery manufacturing capabilities in Southeast Asia provides significant growth opportunities for market players in the coming years.     

The Impact of COVID-19 on the Asia-Pacific Electric Car Market

The Asia-Pacific electric cars market was moderately affected due to the quick recovery of automotive manufacturing industries in China. The developing countries witnessed a sharp decline in their economy due to low consumer demands and increased prices for essential commodities. The adoption of electric cars has also decreased significantly. The high cost of electric cars also remained a restraining factor for the growth of the electric cars market in these countries. However, stringent government regulations in phasing out ICE vehicles till 2030 are expected to support the market's growth during the forecast period.

In Thailand, the government has introduced an EV roadmap to produce about 250,000 electric cars and establish itself as an Asian EV hub by 2025. Moreover, the tax incentives provided by the government on purchasing electric cars are poised to increase the adoption rate in a couple of years, thus supporting the market growth during the forecast period.

Increasing EV and battery manufacturing capabilities in Southeast Asia to Drive the Growth of this Market in the Coming Years

The supply chain diversification trend is the major driver for the Southeast Asian automotive industry. In this region, Thailand is one of the largest automotive manufacturers due to its well-established automotive manufacturing know-how, policy package, and strategic location that makes a perfect diversification option for the automotive industry, including the strategic EV manufacturing sector. In 2020, the Southeast Asian automotive industry was badly hit by coronavirus pandemic, it aimed to seize the opportunity of the rising EV manufacturing sector, but investments by foreign investors have strengthened the EV market of this region. As of 2020, the Board of Investment of Thailand (BOI) has approved 24 projects by the automotive industry to produce several types of electric vehicles in the country with a capacity of over 500,000 units annually. Further, in 2020, according to the Thai government, the BOI aimed to encourage EV production that will account for 30% of the total Thai automotive production by 2030. Thus, increasing government initiatives are expected to overcome this challenge in the coming years.

Asia-Pacific Electric Car Market

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Key Findings in the Asia-Pacific Electric Car Market Study:

The fuel cell electric vehicles segment is projected to grow at a significant pace during the forecast period  

Based on propulsion type, the hybrid vehicles segment is estimated to account for the largest share of the Asia-Pacific electric cars market in 2021. However, the fuel cell electric vehicles segment is projected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to fast refueling, zero tailpipe emissions, smaller battery pack, various government initiatives for setting up hydrogen fuel cell charging stations, and increasing investments by leading automotive OEMs in the research and development of hydrogen fuel cell technology.

The 100kW to 250 kW segment is projected to grow at a significant pace during the forecast period

 Based on power output, the less than 100 kW segment is estimated to account for the largest share of the Asia-Pacific electric cars market in 2021. However, the 100 kW to 250 kW segment is projected 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 to introduce electric cars, increasing regulations and laws to reduce tailpipe emissions and rising adoption of electric cars in developed economies.  

The commercial use segment is projected to grow at a significant pace during the forecast period

Based on end use, the private use segment is estimated to account for the largest share of the Asia-Pacific electric cars market in 2021. However, the commercial use segment is projected 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, increasing regulations to reduce fleet emissions, and encouragement by global and state-level regulatory bodies to deploy policies promoting the adoption of electric cars for mobility services.

India to be the fastest-growing market by value and by volume, Singapore to be the fastest-growing market

 However, India is estimated to account for the fastest growth during the forecast period. The factors attributed to the high growth of this country are growing investments by the leading automobile companies in the electric mobility ecosystem, the increasing number of start-ups operating in the electric mobility and associated technologies industry, and the growing need of government to reduce the pollution caused by combustion engine vehicles. India is considered one of the fastest-growing consumer markets in the world. The Indian government has also introduced fiscal incentives such as reduction of customs duty on import of EV components to 10-15%, reduction of GST on EV reduced to 5% from 12%, lowest RTO tax for EVs, and elimination of the requirement of a license to operate EV charging stations. Moreover, leading automotive OEMs are increasingly investing in the development of electric vehicle technology in India. For instance, Mahindra and Mahindra Ltd. has plans to invest USD 400 million (INFR 3,000 Crore) in developing an EV platform over the next three years. Such initiatives are expected to support the growth of the electric cars market in India during the forecast period.     

By Volume, Singapore is projected to grow at the highest CAGR during the forecast period. Major factors attributed to the high growth of this country are the investment by major automotive OEMs and various government initiatives to boost the demand for electric cars. Major automotive OEMs worldwide have started investing in Singapore for the manufacturing of electric cars. For instance, in 2020, Hyundai Motor Company invested USD 295 million to construct a research and development center in Singapore to house a small-scale electric vehicle production facility. The facility may produce up to 30,000 electric vehicles (EVs) annually by 2025. These developments are expected to support the growth of the electric cars market in Singapore during the forecast period.

Key Players

 The report includes a competitive landscape based on an extensive assessment of the key strategies adopted by the leading market participants in the Asia-Pacific electric cars market over the last four years. The key players profiled in the Asia-Pacific electric cars 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).

Scope of the Report

APAC Electric Car Market, by Propulsion Type

  • Hybrid Vehicles
    • Pure Hybrid Vehicles
    • Plug-in Hybrid Vehicles
  • Battery Electric Vehicles
  • Fuel Cell Electric Vehicles

APAC Electric Car Market, by Power Output

  • Less Than 100 kW
  • 100 kW to 250 kW

APAC Electric Car Market, by End-Use

  • Private Use
  • Commercial Use

APAC Electric Car Market, by Geography

  • Asia-Pacific
    • China
    • Japan
    • South Korea
    • India
    • Singapore
    • Thailand
    • Philippines
    • Malaysia
    • Australia
    • New Zealand
    • Taiwan
    • Rest of Asia-Pacific

Key Questions Answered in the Report:

What is the focus of the Asia-Pacific electric cars market?

The Asia-Pacific electric cars market report covers the market size & forecasts for electric cars by propulsion type, power output, end use, and geography. The Asia-Pacific electric cars market study in this report involves the value analysis of various segments and subsegments of the Asia-Pacific electric cars market at country levels. Volume analysis of electric cars is done at the country level only.

What is the value of revenue generated from electric cars across the Asia-Pacific? At what rate is the demand expected to grow for the next 5-7 years?

The Asia-Pacific electric cars market is projected to reach a value of $ 761.97 billion by 2028, at a CAGR of 34.6 % during the forecast period.

Which propulsion type category held the major share of the market in 2021?

Based on the propulsion type, the hybrid vehicles segment is expected to account for the largest share of the Asia-Pacific electric cars market in 2021.

Which is the high-growth end use segment of the Asia-Pacific electric cars market?

Based on end use, the private use segment is expected to account for the largest share of the Asia-Pacific electric cars market in 2021. However, the commercial use segment is expected to witness significant growth 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.

What are the key factors supporting the growth of this market? What are the major opportunities for existing market players and new entrants in the Asia-Pacific electric cars market?

Supportive government policies and regulations, increasing investments by leading automotive OEMs, and decreasing battery prices are supporting the growth of this market. However, increasing adoption of electric mobility in emerging economies and increasing EV and battery manufacturing capabilities in Southeast Asia is expected to create lucrative opportunities for players operating in this market.

Who are the major players operating in the Asia-Pacific electric cars market?

The key players operating in the APAC electric cars market are Hyundai Motor, Honda, Toyota, Tata Motors, Mahindra and Mahindra, Nio Inc, XPeng Inc), Geely Automobile Holdings, Nissan Motor, and Mitsubishi Motor.

Which countries are likely to offer significant growth opportunities for the vendors in this market during the analysis period?

India is expected to offer significant growth opportunities for the vendors in this market due to increasing consumer interest in purchasing electric cars to benefit from the taxes exemptions on the vehicles and increasing adoption of electric cars in developing economies.

1    Introduction
      1.1.    Market Definition
      1.2.    Market Ecosystem
      1.3.    Currency and Limitations
      1.4.    Key Stakeholders

2    Research Methodology
      2.1.    Research Process
      2.2.    Data Collection & Validation
                2.2.1.    Secondary Research
                2.2.2.    Primary Research 
      2.3.    Market Assessment
                2.3.1.    Market Size Estimation 
                             2.3.1.1.    Bottom-Up Approach
                             2.3.1.2.    Growth Forecast
                             2.3.1.3.    COVID-19 Impact Assessment 
      2.4.    Assumptions for the Study

3    Executive Summary

4    The Impact of COVID-19
      4.1.    Covid-19 Impact on Asia-Pacific Electric Cars Market
      4.2.    Scenario A: Severe Impact
      4.3.    Scenario B: Slow Recovery
      4.4.    Scenario C: Fast Recovery

5    Market Insights
      5.1.    Introduction
      5.2.    Market Dynamics
      5.3.    Drivers
                5.3.1.    Supportive Government Policies and Regulations
                5.3.2.    Increasing Investments by Leading Automotive OEMs
                5.3.3.    Decreasing Battery Prices
      5.4.    Restraints
                5.4.1.    Lack of Charging Infrastructure in Developing Countries
      5.5.    Opportunities
                5.5.1.    Increasing Adoption of Electric Mobility in Emerging Economies
                5.5.2.    Increasing EV and Battery Manufacturing Capabilities in Southeast Asia
      5.6.    Challenges
                5.6.1.    High Cost of Electric Vehicles 
                5.6.2.    Range limitation of EVs 

6    Asia-Pacific Electric Cars Market, by Propulsion Type
      6.1.    Introduction
      6.2.    Hybrid Vehicles
                6.2.1.    Pure Hybrid Electric Vehicles
                6.2.2.    Plug-In Hybrid Electric Vehicles
      6.3.    Battery Electric Vehicles
      6.4.    Fuel Cell Electric Vehicles

7    Asia-Pacific Electric Cars Market, by Power Output
      7.1.    Introduction
      7.2.    Less than 100KW
      7.3.    100KW to 250KW 

8    Asia-Pacific Electric Cars Market, by End Use
      8.1.    Introduction
      8.2.    Private Use
      8.3.    Commercial Use

9    Asia-Pacific Electric Cars Market, by Geography  
      9.1.    Introduction
      9.2.    Asia-Pacific
                9.2.1.    China
                9.2.2.    Japan
                9.2.3.    South Korea
                9.2.4.    India
                9.2.5.    Singapore
                9.2.6.    Thailand
                9.2.7.    Philippines
                9.2.8.    Malaysia
                9.2.9.    Australia
                9.2.10.    New Zealand
                9.2.11.    Taiwan
                9.2.12.    Rest of Asia-Pacific

10.    Competitive Landscape    
          10.1.    Introduction    
          10.2.    Key Growth Strategies    
          10.3.    Competitive Benchmarking    
          10.4.    Market Share Analysis    
                     10.4.1.    Hyundai Motor Company    
                     10.4.2.    Honda Motor Co., Ltd.    
                     10.4.3.    Toyota Motor Corporation    

11.    Company Profiles    
         11.1.    Hyundai Motor Company    
                    11.1.1.    Business Overview    
                    11.1.2.    Product Portfolio    
                    11.1.3.    Strategic Developments    
         11.2.    Honda Motor Co., Ltd.    
                    11.2.1.    Business Overview    
                    11.2.2.    Product Portfolio    
                    11.2.3.    Strategic Developments
         11.3.    Toyota Motor Corporation        
                    11.3.1.    Business Overview    
                    11.3.2.    Product Portfolio    
                    11.3.3.    Strategic Developments    
         11.4.    Tata Motors Limited    
                    11.4.1.    Business Overview    
                    11.4.2.    Product Portfolio    
                    11.4.3.    Strategic Developments    
         11.5.    Mahindra and Mahindra Ltd.    
                    11.5.1.    Business Overview    
                    11.5.2.    Product Portfolio    
                    11.5.3.    Strategic Developments
         11.6.    NIO Inc.     
                    11.6.1.    Business Overview    
                    11.6.2.    Product Portfolio    
                    11.6.3.    Strategic Developments    
         11.7.    XPeng Inc.    
                    11.7.1.    Business Overview    
                    11.7.2.    Product Portfolio    
                    11.7.3.    Strategic Developments    
         11.8.    Geely Automobile Holdings Limited    
                    11.8.1.    Business Overview    
                    11.8.2.    Product Portfolio    
                    11.8.3.    Strategic Developments    
         11.9.    Nissan Motor Co., Ltd.
                    11.9.1.    Business Overview    
                    11.9.2.    Product Portfolio    
                    11.9.3.    Strategic Developments    
         11.10.  Mitsubishi Motor Corporation    
                    11.10.1.    Business Overview    
                    11.10.2.    Product Portfolio    
                    11.10.3.    Strategic Developments    

12.    Appendix
         12.1.    Questionnaire    
         12.2.    Available Customization

List of Tables

Table 1    Market Size and CAGR (USD Million) 
Table 2    Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 3    Hybrid Vehicles Market Size, by Type, 2019–2028 (USD Million)
Table 4     Hybrid Vehicles Market Size, by Country, 2019–2028 (USD Million)
Table 5    Pure Hybrid Electric Vehicles Market Size, by Country, 2019–2028 (USD Million)
Table 6    Plug-In Hybrid Electric Vehicles Market Size, by Country, 2019–2028 (USD Million)
Table 7    Battery Electric Vehicles Market Size, by Country, 2019–2028 (USD Million)
Table 8     Fuel Cell Electric Vehicles Market Size, by Country, 2019–2028 (USD Million)
Table 9    Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million) 
Table 10    Less Than 100kw Electric Cars Market Size in Asia-Pacific, by Country, 2019–2028 (USD Million)
Table 11    100kw to 250kw Electric Cars Market Size in Asia-Pacific, by Country, 2019–2028 (USD Million)
Table 12    Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million) 
Table 13    Electric Cars Market Size in Asia-Pacific for Private Use, by Country, 2019–2028 (USD Million)    
Table 14    Electric Cars Market Size in Asia-Pacific for Commercial Use, by Country, 2019–2028 (USD Million)    
Table 15    Electric Cars Market Size in Asia-Pacific, by Country, 2019-2028 (USD Million)     
Table 16    Electric Cars Market Volume in Asia-Pacific, by Country, 2019-2028 (Unit Thousand)     
Table 17    China: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 18    China: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 19    China: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)
Table 20    China: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)    
Table 21    Japan: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)    
Table 22    Japan: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 23    Japan: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)    
Table 24    Japan: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)    
Table 25    South Korea: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 26    South Korea: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 27    South Korea: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)    
Table 28    South Korea: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)    
Table 29    India: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 30    India: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)
Table 31    India: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)
Table 32    India: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)
Table 33    Singapore: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 34    Singapore: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)
Table 35    Singapore: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)
Table 36    Singapore: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)    
Table 37    Thailand: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2029 (USD Million)    
Table 38    Thailand: Hybrid Cars Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 39    Thailand: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)    
Table 40    Thailand: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028(USD Million)    
Table 41    Philippines: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)    
Table 42    Philippines: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 43    Philippines: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)    
Table 44    Philippines: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)    
Table 45    Malaysia: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 46    Malaysia: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 47    Malaysia: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)
Table 48    Malaysia: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)    
Table 49    Australia: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)    
Table 50    Australia: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 51    Australia: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)    
Table 52    Australia: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)    
Table 53    New Zealand: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 54    New Zealand: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 55    New Zealand: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)    
Table 56    New Zealand: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)    
Table 57    Taiwan: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 58    Taiwan: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 59    Taiwan: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)
Table 60    Taiwan: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)     
Table 61    Rest of Asia-Pacific: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 62    Rest of Asia-Pacific: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 63    Rest of Asia-Pacific: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)
Table 64    Rest of Asia-Pacific: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)

List of Figures

Figure 1        Currency and Limitations    
Figure 2        Research Process    
Figure 3        Key Secondary Sources    
Figure 4        Primary Research Techniques    
Figure 5        Key Executives Interviewed    
Figure 6        Market Size Estimation     
Figure 7        Key Insights    
Figure 8        Asia-Pacific Electric Cars Market, by Propulsion Type, 2021 Vs. 2028, (USD Billion)    
Figure 9        Asia-Pacific Electric Cars Market, by Power Output, 2021 Vs. 2028, (USD Billion)    
Figure 10    Asia-Pacific Electric Cars Market, by End Use, 2021 Vs. 2028, (USD Billion)    
Figure 11    Geographic Snapshot: Asia-Pacific Electric Cars Market, (Value Share & CAGR)    
Figure 12    Geographic Snapshot: Asia-Pacific Electric Cars Market, (Volume Share & CAGR)    
Figure 13    The Impact of COVID-19 on The Asia-Pacific Electric Cars Market (Value)    
Figure 14    Asia-Pacific Electric Cars Market Size, by Propulsion Type, 2021–2028 (USD Million)    
Figure 15    Electric Cars Market Size in Asia-Pacific, by Power Output, 2021–2028 (USD Million)    
Figure 16    Electric Cars Market Size in Asia-Pacific, by End Use, 2021–2028 (USD Million)    
Figure 17    Electric Cars Market Size in Asia-Pacific, by Geography, 2021–2028 (USD Million)
Figure 18    Electric Cars Market Size in Asia-Pacific, by Geography, 2021–2028 (Unit Thousand)    
Figure 19    Key Growth Strategies Adopted by Leading Players, 2017–2020    
Figure 20    Asia-Pacific Electric Cars Market: Competitive Benchmarking     
Figure 21    Market Share Analysis: Asia-Pacific Electric Cars Market, 2020      
Figure 22    Hyundai Motor Company: Financial Overview, 2020    
Figure 23    Honda Motor Co., Ltd.: Financial Overview, 2020    
Figure 24    Toyota Motor Corporation: Financial Overview, 2020
Figure 25    Tata Motors Limited: Financial Overview, 2020    
Figure 26    Mahindra and Mahindra Ltd.: Financial Overview, 2020    
Figure 27    NIO Inc.: Financial Overview, 2020    
Figure 28    XPeng Inc.: Financial Overview, 2020    
Figure 29    Geely Automobile Holdings Limited: Financial Overview, 2020
Figure 30    Nissan Motor Co., Ltd.: Financial Overview, 2020    
Figure 31    Mitsubishi Motor Corporation: Financial Overview, 2020

 
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Related Research

The Asia-Pacific Electric Car Market is expected to reach a value of $761.97 billion by 2028, at a CAGR of 34.6 % during the forecast period 2021-2028. By volume, this market is expected to grow at a CAGR of 40.4% from 2021 to reach 53.8 million units by 2028. Supportive government policies and regulations, increasing investments by leading automotive OEMs, and decreasing battery prices are the key factors driving the growth of the Asia-Pacific electric cars market. Increasing adoption of electric mobility in emerging economies and increasing EV and battery manufacturing capabilities in Southeast Asia provides significant growth opportunities for market players in the coming years.     

The Impact of COVID-19 on the Asia-Pacific Electric Car Market

The Asia-Pacific electric cars market was moderately affected due to the quick recovery of automotive manufacturing industries in China. The developing countries witnessed a sharp decline in their economy due to low consumer demands and increased prices for essential commodities. The adoption of electric cars has also decreased significantly. The high cost of electric cars also remained a restraining factor for the growth of the electric cars market in these countries. However, stringent government regulations in phasing out ICE vehicles till 2030 are expected to support the market's growth during the forecast period.

In Thailand, the government has introduced an EV roadmap to produce about 250,000 electric cars and establish itself as an Asian EV hub by 2025. Moreover, the tax incentives provided by the government on purchasing electric cars are poised to increase the adoption rate in a couple of years, thus supporting the market growth during the forecast period.

Increasing EV and battery manufacturing capabilities in Southeast Asia to Drive the Growth of this Market in the Coming Years

The supply chain diversification trend is the major driver for the Southeast Asian automotive industry. In this region, Thailand is one of the largest automotive manufacturers due to its well-established automotive manufacturing know-how, policy package, and strategic location that makes a perfect diversification option for the automotive industry, including the strategic EV manufacturing sector. In 2020, the Southeast Asian automotive industry was badly hit by coronavirus pandemic, it aimed to seize the opportunity of the rising EV manufacturing sector, but investments by foreign investors have strengthened the EV market of this region. As of 2020, the Board of Investment of Thailand (BOI) has approved 24 projects by the automotive industry to produce several types of electric vehicles in the country with a capacity of over 500,000 units annually. Further, in 2020, according to the Thai government, the BOI aimed to encourage EV production that will account for 30% of the total Thai automotive production by 2030. Thus, increasing government initiatives are expected to overcome this challenge in the coming years.

Asia-Pacific Electric Car Market

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Key Findings in the Asia-Pacific Electric Car Market Study:

The fuel cell electric vehicles segment is projected to grow at a significant pace during the forecast period  

Based on propulsion type, the hybrid vehicles segment is estimated to account for the largest share of the Asia-Pacific electric cars market in 2021. However, the fuel cell electric vehicles segment is projected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to fast refueling, zero tailpipe emissions, smaller battery pack, various government initiatives for setting up hydrogen fuel cell charging stations, and increasing investments by leading automotive OEMs in the research and development of hydrogen fuel cell technology.

The 100kW to 250 kW segment is projected to grow at a significant pace during the forecast period

 Based on power output, the less than 100 kW segment is estimated to account for the largest share of the Asia-Pacific electric cars market in 2021. However, the 100 kW to 250 kW segment is projected 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 to introduce electric cars, increasing regulations and laws to reduce tailpipe emissions and rising adoption of electric cars in developed economies.  

The commercial use segment is projected to grow at a significant pace during the forecast period

Based on end use, the private use segment is estimated to account for the largest share of the Asia-Pacific electric cars market in 2021. However, the commercial use segment is projected 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, increasing regulations to reduce fleet emissions, and encouragement by global and state-level regulatory bodies to deploy policies promoting the adoption of electric cars for mobility services.

India to be the fastest-growing market by value and by volume, Singapore to be the fastest-growing market

 However, India is estimated to account for the fastest growth during the forecast period. The factors attributed to the high growth of this country are growing investments by the leading automobile companies in the electric mobility ecosystem, the increasing number of start-ups operating in the electric mobility and associated technologies industry, and the growing need of government to reduce the pollution caused by combustion engine vehicles. India is considered one of the fastest-growing consumer markets in the world. The Indian government has also introduced fiscal incentives such as reduction of customs duty on import of EV components to 10-15%, reduction of GST on EV reduced to 5% from 12%, lowest RTO tax for EVs, and elimination of the requirement of a license to operate EV charging stations. Moreover, leading automotive OEMs are increasingly investing in the development of electric vehicle technology in India. For instance, Mahindra and Mahindra Ltd. has plans to invest USD 400 million (INFR 3,000 Crore) in developing an EV platform over the next three years. Such initiatives are expected to support the growth of the electric cars market in India during the forecast period.     

By Volume, Singapore is projected to grow at the highest CAGR during the forecast period. Major factors attributed to the high growth of this country are the investment by major automotive OEMs and various government initiatives to boost the demand for electric cars. Major automotive OEMs worldwide have started investing in Singapore for the manufacturing of electric cars. For instance, in 2020, Hyundai Motor Company invested USD 295 million to construct a research and development center in Singapore to house a small-scale electric vehicle production facility. The facility may produce up to 30,000 electric vehicles (EVs) annually by 2025. These developments are expected to support the growth of the electric cars market in Singapore during the forecast period.

Key Players

 The report includes a competitive landscape based on an extensive assessment of the key strategies adopted by the leading market participants in the Asia-Pacific electric cars market over the last four years. The key players profiled in the Asia-Pacific electric cars 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).

Scope of the Report

APAC Electric Car Market, by Propulsion Type

  • Hybrid Vehicles
    • Pure Hybrid Vehicles
    • Plug-in Hybrid Vehicles
  • Battery Electric Vehicles
  • Fuel Cell Electric Vehicles

APAC Electric Car Market, by Power Output

  • Less Than 100 kW
  • 100 kW to 250 kW

APAC Electric Car Market, by End-Use

  • Private Use
  • Commercial Use

APAC Electric Car Market, by Geography

  • Asia-Pacific
    • China
    • Japan
    • South Korea
    • India
    • Singapore
    • Thailand
    • Philippines
    • Malaysia
    • Australia
    • New Zealand
    • Taiwan
    • Rest of Asia-Pacific

Key Questions Answered in the Report:

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1    Introduction
      1.1.    Market Definition
      1.2.    Market Ecosystem
      1.3.    Currency and Limitations
      1.4.    Key Stakeholders

2    Research Methodology
      2.1.    Research Process
      2.2.    Data Collection & Validation
                2.2.1.    Secondary Research
                2.2.2.    Primary Research 
      2.3.    Market Assessment
                2.3.1.    Market Size Estimation 
                             2.3.1.1.    Bottom-Up Approach
                             2.3.1.2.    Growth Forecast
                             2.3.1.3.    COVID-19 Impact Assessment 
      2.4.    Assumptions for the Study

3    Executive Summary

4    The Impact of COVID-19
      4.1.    Covid-19 Impact on Asia-Pacific Electric Cars Market
      4.2.    Scenario A: Severe Impact
      4.3.    Scenario B: Slow Recovery
      4.4.    Scenario C: Fast Recovery

5    Market Insights
      5.1.    Introduction
      5.2.    Market Dynamics
      5.3.    Drivers
                5.3.1.    Supportive Government Policies and Regulations
                5.3.2.    Increasing Investments by Leading Automotive OEMs
                5.3.3.    Decreasing Battery Prices
      5.4.    Restraints
                5.4.1.    Lack of Charging Infrastructure in Developing Countries
      5.5.    Opportunities
                5.5.1.    Increasing Adoption of Electric Mobility in Emerging Economies
                5.5.2.    Increasing EV and Battery Manufacturing Capabilities in Southeast Asia
      5.6.    Challenges
                5.6.1.    High Cost of Electric Vehicles 
                5.6.2.    Range limitation of EVs 

6    Asia-Pacific Electric Cars Market, by Propulsion Type
      6.1.    Introduction
      6.2.    Hybrid Vehicles
                6.2.1.    Pure Hybrid Electric Vehicles
                6.2.2.    Plug-In Hybrid Electric Vehicles
      6.3.    Battery Electric Vehicles
      6.4.    Fuel Cell Electric Vehicles

7    Asia-Pacific Electric Cars Market, by Power Output
      7.1.    Introduction
      7.2.    Less than 100KW
      7.3.    100KW to 250KW 

8    Asia-Pacific Electric Cars Market, by End Use
      8.1.    Introduction
      8.2.    Private Use
      8.3.    Commercial Use

9    Asia-Pacific Electric Cars Market, by Geography  
      9.1.    Introduction
      9.2.    Asia-Pacific
                9.2.1.    China
                9.2.2.    Japan
                9.2.3.    South Korea
                9.2.4.    India
                9.2.5.    Singapore
                9.2.6.    Thailand
                9.2.7.    Philippines
                9.2.8.    Malaysia
                9.2.9.    Australia
                9.2.10.    New Zealand
                9.2.11.    Taiwan
                9.2.12.    Rest of Asia-Pacific

10.    Competitive Landscape    
          10.1.    Introduction    
          10.2.    Key Growth Strategies    
          10.3.    Competitive Benchmarking    
          10.4.    Market Share Analysis    
                     10.4.1.    Hyundai Motor Company    
                     10.4.2.    Honda Motor Co., Ltd.    
                     10.4.3.    Toyota Motor Corporation    

11.    Company Profiles    
         11.1.    Hyundai Motor Company    
                    11.1.1.    Business Overview    
                    11.1.2.    Product Portfolio    
                    11.1.3.    Strategic Developments    
         11.2.    Honda Motor Co., Ltd.    
                    11.2.1.    Business Overview    
                    11.2.2.    Product Portfolio    
                    11.2.3.    Strategic Developments
         11.3.    Toyota Motor Corporation        
                    11.3.1.    Business Overview    
                    11.3.2.    Product Portfolio    
                    11.3.3.    Strategic Developments    
         11.4.    Tata Motors Limited    
                    11.4.1.    Business Overview    
                    11.4.2.    Product Portfolio    
                    11.4.3.    Strategic Developments    
         11.5.    Mahindra and Mahindra Ltd.    
                    11.5.1.    Business Overview    
                    11.5.2.    Product Portfolio    
                    11.5.3.    Strategic Developments
         11.6.    NIO Inc.     
                    11.6.1.    Business Overview    
                    11.6.2.    Product Portfolio    
                    11.6.3.    Strategic Developments    
         11.7.    XPeng Inc.    
                    11.7.1.    Business Overview    
                    11.7.2.    Product Portfolio    
                    11.7.3.    Strategic Developments    
         11.8.    Geely Automobile Holdings Limited    
                    11.8.1.    Business Overview    
                    11.8.2.    Product Portfolio    
                    11.8.3.    Strategic Developments    
         11.9.    Nissan Motor Co., Ltd.
                    11.9.1.    Business Overview    
                    11.9.2.    Product Portfolio    
                    11.9.3.    Strategic Developments    
         11.10.  Mitsubishi Motor Corporation    
                    11.10.1.    Business Overview    
                    11.10.2.    Product Portfolio    
                    11.10.3.    Strategic Developments    

12.    Appendix
         12.1.    Questionnaire    
         12.2.    Available Customization

List of Tables

Table 1    Market Size and CAGR (USD Million) 
Table 2    Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 3    Hybrid Vehicles Market Size, by Type, 2019–2028 (USD Million)
Table 4     Hybrid Vehicles Market Size, by Country, 2019–2028 (USD Million)
Table 5    Pure Hybrid Electric Vehicles Market Size, by Country, 2019–2028 (USD Million)
Table 6    Plug-In Hybrid Electric Vehicles Market Size, by Country, 2019–2028 (USD Million)
Table 7    Battery Electric Vehicles Market Size, by Country, 2019–2028 (USD Million)
Table 8     Fuel Cell Electric Vehicles Market Size, by Country, 2019–2028 (USD Million)
Table 9    Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million) 
Table 10    Less Than 100kw Electric Cars Market Size in Asia-Pacific, by Country, 2019–2028 (USD Million)
Table 11    100kw to 250kw Electric Cars Market Size in Asia-Pacific, by Country, 2019–2028 (USD Million)
Table 12    Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million) 
Table 13    Electric Cars Market Size in Asia-Pacific for Private Use, by Country, 2019–2028 (USD Million)    
Table 14    Electric Cars Market Size in Asia-Pacific for Commercial Use, by Country, 2019–2028 (USD Million)    
Table 15    Electric Cars Market Size in Asia-Pacific, by Country, 2019-2028 (USD Million)     
Table 16    Electric Cars Market Volume in Asia-Pacific, by Country, 2019-2028 (Unit Thousand)     
Table 17    China: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 18    China: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 19    China: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)
Table 20    China: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)    
Table 21    Japan: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)    
Table 22    Japan: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 23    Japan: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)    
Table 24    Japan: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)    
Table 25    South Korea: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 26    South Korea: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 27    South Korea: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)    
Table 28    South Korea: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)    
Table 29    India: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 30    India: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)
Table 31    India: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)
Table 32    India: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)
Table 33    Singapore: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 34    Singapore: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)
Table 35    Singapore: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)
Table 36    Singapore: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)    
Table 37    Thailand: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2029 (USD Million)    
Table 38    Thailand: Hybrid Cars Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 39    Thailand: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)    
Table 40    Thailand: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028(USD Million)    
Table 41    Philippines: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)    
Table 42    Philippines: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 43    Philippines: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)    
Table 44    Philippines: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)    
Table 45    Malaysia: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 46    Malaysia: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 47    Malaysia: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)
Table 48    Malaysia: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)    
Table 49    Australia: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)    
Table 50    Australia: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 51    Australia: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)    
Table 52    Australia: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)    
Table 53    New Zealand: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 54    New Zealand: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 55    New Zealand: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)    
Table 56    New Zealand: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)    
Table 57    Taiwan: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 58    Taiwan: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 59    Taiwan: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)
Table 60    Taiwan: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)     
Table 61    Rest of Asia-Pacific: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 62    Rest of Asia-Pacific: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 63    Rest of Asia-Pacific: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)
Table 64    Rest of Asia-Pacific: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)

List of Figures

Figure 1        Currency and Limitations    
Figure 2        Research Process    
Figure 3        Key Secondary Sources    
Figure 4        Primary Research Techniques    
Figure 5        Key Executives Interviewed    
Figure 6        Market Size Estimation     
Figure 7        Key Insights    
Figure 8        Asia-Pacific Electric Cars Market, by Propulsion Type, 2021 Vs. 2028, (USD Billion)    
Figure 9        Asia-Pacific Electric Cars Market, by Power Output, 2021 Vs. 2028, (USD Billion)    
Figure 10    Asia-Pacific Electric Cars Market, by End Use, 2021 Vs. 2028, (USD Billion)    
Figure 11    Geographic Snapshot: Asia-Pacific Electric Cars Market, (Value Share & CAGR)    
Figure 12    Geographic Snapshot: Asia-Pacific Electric Cars Market, (Volume Share & CAGR)    
Figure 13    The Impact of COVID-19 on The Asia-Pacific Electric Cars Market (Value)    
Figure 14    Asia-Pacific Electric Cars Market Size, by Propulsion Type, 2021–2028 (USD Million)    
Figure 15    Electric Cars Market Size in Asia-Pacific, by Power Output, 2021–2028 (USD Million)    
Figure 16    Electric Cars Market Size in Asia-Pacific, by End Use, 2021–2028 (USD Million)    
Figure 17    Electric Cars Market Size in Asia-Pacific, by Geography, 2021–2028 (USD Million)
Figure 18    Electric Cars Market Size in Asia-Pacific, by Geography, 2021–2028 (Unit Thousand)    
Figure 19    Key Growth Strategies Adopted by Leading Players, 2017–2020    
Figure 20    Asia-Pacific Electric Cars Market: Competitive Benchmarking     
Figure 21    Market Share Analysis: Asia-Pacific Electric Cars Market, 2020      
Figure 22    Hyundai Motor Company: Financial Overview, 2020    
Figure 23    Honda Motor Co., Ltd.: Financial Overview, 2020    
Figure 24    Toyota Motor Corporation: Financial Overview, 2020
Figure 25    Tata Motors Limited: Financial Overview, 2020    
Figure 26    Mahindra and Mahindra Ltd.: Financial Overview, 2020    
Figure 27    NIO Inc.: Financial Overview, 2020    
Figure 28    XPeng Inc.: Financial Overview, 2020    
Figure 29    Geely Automobile Holdings Limited: Financial Overview, 2020
Figure 30    Nissan Motor Co., Ltd.: Financial Overview, 2020    
Figure 31    Mitsubishi Motor Corporation: Financial Overview, 2020

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1    Introduction
      1.1.    Market Definition
      1.2.    Market Ecosystem
      1.3.    Currency and Limitations
      1.4.    Key Stakeholders

2    Research Methodology
      2.1.    Research Process
      2.2.    Data Collection & Validation
                2.2.1.    Secondary Research
                2.2.2.    Primary Research 
      2.3.    Market Assessment
                2.3.1.    Market Size Estimation 
                             2.3.1.1.    Bottom-Up Approach
                             2.3.1.2.    Growth Forecast
                             2.3.1.3.    COVID-19 Impact Assessment 
      2.4.    Assumptions for the Study

3    Executive Summary

4    The Impact of COVID-19
      4.1.    Covid-19 Impact on Asia-Pacific Electric Cars Market
      4.2.    Scenario A: Severe Impact
      4.3.    Scenario B: Slow Recovery
      4.4.    Scenario C: Fast Recovery

5    Market Insights
      5.1.    Introduction
      5.2.    Market Dynamics
      5.3.    Drivers
                5.3.1.    Supportive Government Policies and Regulations
                5.3.2.    Increasing Investments by Leading Automotive OEMs
                5.3.3.    Decreasing Battery Prices
      5.4.    Restraints
                5.4.1.    Lack of Charging Infrastructure in Developing Countries
      5.5.    Opportunities
                5.5.1.    Increasing Adoption of Electric Mobility in Emerging Economies
                5.5.2.    Increasing EV and Battery Manufacturing Capabilities in Southeast Asia
      5.6.    Challenges
                5.6.1.    High Cost of Electric Vehicles 
                5.6.2.    Range limitation of EVs 

6    Asia-Pacific Electric Cars Market, by Propulsion Type
      6.1.    Introduction
      6.2.    Hybrid Vehicles
                6.2.1.    Pure Hybrid Electric Vehicles
                6.2.2.    Plug-In Hybrid Electric Vehicles
      6.3.    Battery Electric Vehicles
      6.4.    Fuel Cell Electric Vehicles

7    Asia-Pacific Electric Cars Market, by Power Output
      7.1.    Introduction
      7.2.    Less than 100KW
      7.3.    100KW to 250KW 

8    Asia-Pacific Electric Cars Market, by End Use
      8.1.    Introduction
      8.2.    Private Use
      8.3.    Commercial Use

9    Asia-Pacific Electric Cars Market, by Geography  
      9.1.    Introduction
      9.2.    Asia-Pacific
                9.2.1.    China
                9.2.2.    Japan
                9.2.3.    South Korea
                9.2.4.    India
                9.2.5.    Singapore
                9.2.6.    Thailand
                9.2.7.    Philippines
                9.2.8.    Malaysia
                9.2.9.    Australia
                9.2.10.    New Zealand
                9.2.11.    Taiwan
                9.2.12.    Rest of Asia-Pacific

10.    Competitive Landscape    
          10.1.    Introduction    
          10.2.    Key Growth Strategies    
          10.3.    Competitive Benchmarking    
          10.4.    Market Share Analysis    
                     10.4.1.    Hyundai Motor Company    
                     10.4.2.    Honda Motor Co., Ltd.    
                     10.4.3.    Toyota Motor Corporation    

11.    Company Profiles    
         11.1.    Hyundai Motor Company    
                    11.1.1.    Business Overview    
                    11.1.2.    Product Portfolio    
                    11.1.3.    Strategic Developments    
         11.2.    Honda Motor Co., Ltd.    
                    11.2.1.    Business Overview    
                    11.2.2.    Product Portfolio    
                    11.2.3.    Strategic Developments
         11.3.    Toyota Motor Corporation        
                    11.3.1.    Business Overview    
                    11.3.2.    Product Portfolio    
                    11.3.3.    Strategic Developments    
         11.4.    Tata Motors Limited    
                    11.4.1.    Business Overview    
                    11.4.2.    Product Portfolio    
                    11.4.3.    Strategic Developments    
         11.5.    Mahindra and Mahindra Ltd.    
                    11.5.1.    Business Overview    
                    11.5.2.    Product Portfolio    
                    11.5.3.    Strategic Developments
         11.6.    NIO Inc.     
                    11.6.1.    Business Overview    
                    11.6.2.    Product Portfolio    
                    11.6.3.    Strategic Developments    
         11.7.    XPeng Inc.    
                    11.7.1.    Business Overview    
                    11.7.2.    Product Portfolio    
                    11.7.3.    Strategic Developments    
         11.8.    Geely Automobile Holdings Limited    
                    11.8.1.    Business Overview    
                    11.8.2.    Product Portfolio    
                    11.8.3.    Strategic Developments    
         11.9.    Nissan Motor Co., Ltd.
                    11.9.1.    Business Overview    
                    11.9.2.    Product Portfolio    
                    11.9.3.    Strategic Developments    
         11.10.  Mitsubishi Motor Corporation    
                    11.10.1.    Business Overview    
                    11.10.2.    Product Portfolio    
                    11.10.3.    Strategic Developments    

12.    Appendix
         12.1.    Questionnaire    
         12.2.    Available Customization

List of Tables

Table 1    Market Size and CAGR (USD Million) 
Table 2    Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 3    Hybrid Vehicles Market Size, by Type, 2019–2028 (USD Million)
Table 4     Hybrid Vehicles Market Size, by Country, 2019–2028 (USD Million)
Table 5    Pure Hybrid Electric Vehicles Market Size, by Country, 2019–2028 (USD Million)
Table 6    Plug-In Hybrid Electric Vehicles Market Size, by Country, 2019–2028 (USD Million)
Table 7    Battery Electric Vehicles Market Size, by Country, 2019–2028 (USD Million)
Table 8     Fuel Cell Electric Vehicles Market Size, by Country, 2019–2028 (USD Million)
Table 9    Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million) 
Table 10    Less Than 100kw Electric Cars Market Size in Asia-Pacific, by Country, 2019–2028 (USD Million)
Table 11    100kw to 250kw Electric Cars Market Size in Asia-Pacific, by Country, 2019–2028 (USD Million)
Table 12    Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million) 
Table 13    Electric Cars Market Size in Asia-Pacific for Private Use, by Country, 2019–2028 (USD Million)    
Table 14    Electric Cars Market Size in Asia-Pacific for Commercial Use, by Country, 2019–2028 (USD Million)    
Table 15    Electric Cars Market Size in Asia-Pacific, by Country, 2019-2028 (USD Million)     
Table 16    Electric Cars Market Volume in Asia-Pacific, by Country, 2019-2028 (Unit Thousand)     
Table 17    China: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 18    China: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 19    China: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)
Table 20    China: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)    
Table 21    Japan: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)    
Table 22    Japan: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 23    Japan: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)    
Table 24    Japan: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)    
Table 25    South Korea: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 26    South Korea: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 27    South Korea: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)    
Table 28    South Korea: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)    
Table 29    India: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 30    India: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)
Table 31    India: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)
Table 32    India: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)
Table 33    Singapore: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 34    Singapore: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)
Table 35    Singapore: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)
Table 36    Singapore: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)    
Table 37    Thailand: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2029 (USD Million)    
Table 38    Thailand: Hybrid Cars Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 39    Thailand: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)    
Table 40    Thailand: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028(USD Million)    
Table 41    Philippines: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)    
Table 42    Philippines: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 43    Philippines: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)    
Table 44    Philippines: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)    
Table 45    Malaysia: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 46    Malaysia: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 47    Malaysia: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)
Table 48    Malaysia: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)    
Table 49    Australia: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)    
Table 50    Australia: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 51    Australia: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)    
Table 52    Australia: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)    
Table 53    New Zealand: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 54    New Zealand: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 55    New Zealand: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)    
Table 56    New Zealand: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)    
Table 57    Taiwan: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 58    Taiwan: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 59    Taiwan: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)
Table 60    Taiwan: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)     
Table 61    Rest of Asia-Pacific: Electric Cars Market Size in Asia-Pacific, by Propulsion Type, 2019–2028 (USD Million)
Table 62    Rest of Asia-Pacific: Hybrid Vehicles Market Size in Asia-Pacific, by Type, 2019–2028 (USD Million)    
Table 63    Rest of Asia-Pacific: Electric Cars Market Size in Asia-Pacific, by Power Output, 2019–2028 (USD Million)
Table 64    Rest of Asia-Pacific: Electric Cars Market Size in Asia-Pacific, by End Use, 2019–2028 (USD Million)

List of Figures

Figure 1        Currency and Limitations    
Figure 2        Research Process    
Figure 3        Key Secondary Sources    
Figure 4        Primary Research Techniques    
Figure 5        Key Executives Interviewed    
Figure 6        Market Size Estimation     
Figure 7        Key Insights    
Figure 8        Asia-Pacific Electric Cars Market, by Propulsion Type, 2021 Vs. 2028, (USD Billion)    
Figure 9        Asia-Pacific Electric Cars Market, by Power Output, 2021 Vs. 2028, (USD Billion)    
Figure 10    Asia-Pacific Electric Cars Market, by End Use, 2021 Vs. 2028, (USD Billion)    
Figure 11    Geographic Snapshot: Asia-Pacific Electric Cars Market, (Value Share & CAGR)    
Figure 12    Geographic Snapshot: Asia-Pacific Electric Cars Market, (Volume Share & CAGR)    
Figure 13    The Impact of COVID-19 on The Asia-Pacific Electric Cars Market (Value)    
Figure 14    Asia-Pacific Electric Cars Market Size, by Propulsion Type, 2021–2028 (USD Million)    
Figure 15    Electric Cars Market Size in Asia-Pacific, by Power Output, 2021–2028 (USD Million)    
Figure 16    Electric Cars Market Size in Asia-Pacific, by End Use, 2021–2028 (USD Million)    
Figure 17    Electric Cars Market Size in Asia-Pacific, by Geography, 2021–2028 (USD Million)
Figure 18    Electric Cars Market Size in Asia-Pacific, by Geography, 2021–2028 (Unit Thousand)    
Figure 19    Key Growth Strategies Adopted by Leading Players, 2017–2020    
Figure 20    Asia-Pacific Electric Cars Market: Competitive Benchmarking     
Figure 21    Market Share Analysis: Asia-Pacific Electric Cars Market, 2020      
Figure 22    Hyundai Motor Company: Financial Overview, 2020    
Figure 23    Honda Motor Co., Ltd.: Financial Overview, 2020    
Figure 24    Toyota Motor Corporation: Financial Overview, 2020
Figure 25    Tata Motors Limited: Financial Overview, 2020    
Figure 26    Mahindra and Mahindra Ltd.: Financial Overview, 2020    
Figure 27    NIO Inc.: Financial Overview, 2020    
Figure 28    XPeng Inc.: Financial Overview, 2020    
Figure 29    Geely Automobile Holdings Limited: Financial Overview, 2020
Figure 30    Nissan Motor Co., Ltd.: Financial Overview, 2020    
Figure 31    Mitsubishi Motor Corporation: Financial Overview, 2020

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