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Asia Pacific Electric Vehicle Market Asia Pacific Electric Vehicle Market
Asia Pacific Electric Vehicle Market stood at over US$ 76.90 Bn in 2018 and is projected to grow at a CAGR of more than XX % to surpass US$ XX Bn by 2026.
Asia Pacific Electric Vehicle Market
Asia Pacific automobile industry is one of the largest industries with over 42 million passenger cars sold in 2018. The APAC automobile industry is receiving a higher degree of innovation in terms of digitization and technology advancements.
Growth in the market is led by rising concerns about growing air pollution levels in the region and increasing demand for automobiles which run on cleaner fuels.
Moreover, consistently growing affordability of electric passenger cars which are being provided by the leading automobile manufacturers is further likely to augment demand for electric passenger cars across Asia-Pacific in the coming years. Additionally, expanding product portfolio of electric passenger car manufacturers owing to the continued investments by several key OEMs in order to develop premium quality and the more affordable electric vehicle is anticipated to propel growth in Asia-Pacific electric vehicle market in the coming years.
Rising environmental awareness and government support are expected to drive the Asia-Pacific electric vehicle market. Economies in this region are reducing their dependence on costly fossil fuel by promoting electric vehicle. For instance, India plans to replace all cars with electric ones by 2030. China is offering considerable subsidy on electric cars depending upon the battery size. Rising environmental awareness among people is also benefiting the sales of these cars in Asia-Pacific.
Rising income levels and increasing urbanization in the emerging economies in Asia-Pacific is a strong growth driver for the electric vehicle market. In emerging economies such as India and China, vehicle penetration is still less compared to the developed countries. Rising income levels and aspirations to own a vehicle would open opportunities for electric vehicle companies in these countries. The electric vehicle market growth in Asia-Pacific would be faster than North America and Europe, as companies would not have to wait for the conventional vehicle to be replaced by the electric ones. Due to the current low penetration of passenger vehicle in Asia-Pacific, many first-time owners of a passenger vehicle would opt for an electric car.
A typical passenger vehicle customer in major economies, such as India and China, is highly cost sensitive. Even though the running cost of an electric vehicle is low (6kms per 1KWh), it is the high battery cost, which increases the upfront or showroom price of an electric vehicle, making owning expensive for an average customer. The high upfront cost of electric cars could slow down its sales in the region. However, declining prices of lithium-ion batteries over the last few years is a positive sign for the Asia-Pacific electric vehicle market.
An underdeveloped ecosystem for the electric vehicle, including domestic battery manufacturers and charging points, could hamper the sales of the electric vehicle. While China and Japan had 150,000 and 40,000 charging stations respectively, other countries in the region is far behind as far as charging stations are concerned.
Moreover, most battery manufacturers are operating from China, restricting the local manufacturing capacity in other countries. Strong policy implementation and incentives to support the development of electric vehicle ecosystem is important for long-term sustainability and growth of electric vehicles.
Asia Pacific electric vehicle market is segmented by propulsion type, vehicle type, component type, and country.
The propulsion types include battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and others. BEVs are highly demanded across the regions owing to the cost-effective ownership of the vehicles, and PHEVs are expected to create demand in countries with less penetration of charging stations and minor developments in electric vehicle batteries. The BEV market is expected to account for more than 60% of the share during the forecast period.
The vehicle types include two-wheelers, three-wheelers, passenger vehicle, commercial vehicles, and public transport. The two-wheelers market is expected to attract innovation in terms of battery technologies and charging equipment. The three-wheelers market in APAC is largely driven by the demand from China, Japan, South Korea, which together account for a significant market share. India and Southeast Asian countries are expected to witness high demand for electric three-wheelers as the respective governments are focusing on deploying environmental-friendly transportation systems. The four-wheelers segment is expected to account for a significant market share during the forecast period.
The component types include EV battery, charging equipment, motor controller, electric engine, and others. The motor controller is an essential component in an EV, which is being focused by start-ups in the Asia Pacific. The battery and engine are the two most essential parts of an electric vehicle, which will impact the price of the vehicle. These EV engines or EV motors are expected to account for a higher market share followed by EV batteries and others. Further, EV charging equipment is segmented into AC and DC charging equipment. The AC charging equipment is witnessing a higher demand and is expected to grow during the forecast period.
The countries covered are China, Japan, South Korea, India, Australia, New Zealand, and others. China accounts for more than 80% of the region’s value for electric vehicles, followed by Japan, South Korea, and others. India is expected to witness enormous potential owing to the government’s push toward an electric vehicle. Australia and New Zealand are expected to post huge demand for electric vehicle charging stations and batteries due to the enormous demand for the used electric vehicle in the region.
The key players profiled in the electric vehicle market include BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Volkswagen AG, General Motors, Daimler AG, Energica Motor Company S.P.A., BYD Company Motors, Ford Motor Company, Mitsubishi, Hyundai Motor, Fiat Chrysler Automobiles N.V, Zhejiang Geely Holding Group, Volkswagen Ag, Tesla Motors Inc, Peugeot, Venturi, BAIC, Dongfen, Tork Motors, BYTON, Emflux Motors, NIO (NextEV) and others
The scope of Report Asia Pacific Electric Vehicle Market:
Asia Pacific Electric Vehicle Market, By Propulsion Type:
• Battery Electric Vehicle
• Hybrid Electric Vehicle
• Plug-In Hybrid Electric Vehicle
Asia Pacific Electric Vehicle Market, By Vehicle Type:
• Two Wheelers
• Three Wheelers
• Commercial Vehicle
• Buses and Coaches
Asia Pacific Electric Vehicle Market, By Component:
• EV Battery
• Charging Equipment
• Motor Controller
• Electric Engine
Asia Pacific Electric Vehicle Market, By Country:
• South Korea
• New Zealand
Key players operated in Asia Pacific Electric Vehicle Market:
• Tesla Motors Inc.
• BMW Group
• Nissan Motor Corporation
• Volkswagen AG
• General Motors
• Daimler AG
• Energica Motor Company S.P.A.
• BYD Company Motors
• Ford Motor Company
• Hyundai Motor
• Fiat Chrysler Automobiles N.V.
• Zhejiang Geely Holding Group
Fore More Information Visit https://www.maximizemarketresearch.com/market-report/asia-pacific-electric-vehicle-market/1743/This Report Is Submitted By : Maximize Market Research Company
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