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Asia-Pacific Electric Vehicle Market – Industry Trends and Forecast to 2029

  • Automotive
  • Upcoming Report
  • Nov 2022
  • Asia-Pacific
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60
  • Automotive
  • Upcoming Report
  • Nov 2022
  • Asia-Pacific
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Asia-Pacific Electric Vehicle Market, By Component (Battery Cells & Packs, On-Board Charger, Infotainment System, Others), Propulsion Type {(Plug-In Hybrid Electric Vehicles (PHEVs), Battery Electric Vehicles (BEVs), hybrid electric vehicles (HEVs), and fuel cell electric vehicles (FCEVs)}, Charging Station Type (Normal Charging, Super Charging), Class (Mid-Priced, Luxury), Power Train (Parallel Hybrid, Series Hybrid, Combined Hybrid), Vehicle Type (Passenger Cars, Two Wheelers, Commercial Vehicles) – Industry Trends and Forecast to 2029.

Asia-Pacific Electric Vehicle Market

Asia-Pacific Electric Vehicle Market Analysis and Size

In recent years, electric vehicles have been used to replace traditional modes of transportation in order to reduce pollution. It has grown in importance as a result of technological advancements such as low carbon emission and maintenance, smoother driving, reduced engine noise, and higher fuel economy.

Data Bridge Market Research analyses that the electric vehicle market was valued at USD 101.81 billion in 2021 and is expected to reach the value of USD 576.45 billion by 2029, at a CAGR of 24.20% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Asia-Pacific Electric Vehicle Market Scope and Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2014 - 2019)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Component (Battery Cells & Packs, On-Board Charger, Infotainment System, Others), Propulsion Type {(Plug-In Hybrid Electric Vehicles (PHEVs), Battery Electric Vehicles (BEVs), hybrid electric vehicles (HEVs), and fuel cell electric vehicles (FCEVs)}, Charging Station Type (Normal Charging, Super Charging), Class (Mid-Priced, Luxury), Power Train (Parallel Hybrid, Series Hybrid, Combined Hybrid), Vehicle Type (Passenger Cars, Two Wheelers, Commercial Vehicles),

Countries Covered

China, India, Japan, South Korea, Australia, Singapore, Indonesia, Thailand, Malaysia, Philippines and Rest of Asia-Pacific

Market Players Covered

Ford Motor Company (U.S.), General Motors (U.S.), AUDI AG (Germany), Kia Motors Corporation (South Korea), Groupe Renault (France), Groupe PSA (France), SAIC Motor Corporation Limited (China), Tesla (U.S.), Daimler AG (Germany), BMW AG (Germany), Hyundai Motor Company (South Korea), BYD Company Ltd. (China), Continental AG (Germany), TOYOTA MOTOR CORPORATION (Japan), Nissan Motor Co., LTD. (Japan), Volkswagen AG (Germany), AB Volvo (Sweden), Honda Motor Co., Ltd. (Japan), among others

Market Opportunities

  • High demand for electric vehicles in the automotive and transportation sectors
  • Government initiatives pertaining to EVs will accelerate the growth of the electric vehicle market

Market Definition

A vehicle propelled by one or more electric motors is known as an electric vehicle (EV). It can be powered by a collection system, extravehicular sources of electricity, or a self-contained battery (sometimes charged by solar panels, or by converting fuel to electricity using fuel cells or a generator). Electric vehicles have several advantages over conventional fuel-powered vehicles, including low operating costs, zero carbon emissions, and others because they are powered by electricity. Consumers' changing attitudes toward electric vehicles are boosting market growth as they become more concerned about environmental pollution.

Drivers

  • Favourable government policies and investments

Governments around the world are increasing their investments in electric mobility. Government regulations to phase out fossil-fuel-powered vehicles, government investments to improve public EV charging infrastructure, and initiatives in the form of subsidies and tax rebates to encourage EV adoption are expected to support market growth. Governments are investing in charging infrastructure, either directly in public charging stations or indirectly through subsidies for private charging stations at homes and workplaces.

  • Growth in vehicle sales globally

One of the major factors driving the growth of the electric vehicle market is the increase in EV sales around the world. Due to the rising environmental consciousness, consumer preference is rapidly shifting toward passenger and commercial electric vehicles (EV). The increase in production and sales of luxury cars around the world as a result of rising disposable income accelerates market growth. The increased demand for these improved vehicles drives up vehicle production.

Opportunities

  • High adoption from transportation sector

High demand for electric vehicles in the automotive and transportation sectors creates profitable opportunities for market participants from 2022 to 2029. Furthermore, government initiatives pertaining to EVs will accelerate the growth of the electric vehicle market.

Restraints

  • High initial investments will challenge the growth

The high initial investment required to install EV fast charging infrastructure, as well as a lack of sufficient EV charging infrastructure, are expected to stymie market growth. Furthermore, high vehicle costs and insufficient standardisation of EV charging infrastructure are expected to be challenges for the electric vehicle market during the forecast period.

This electric vehicle market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the electric vehicle market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Electric Vehicle Market

The COVID-19 had a negative impact on the electric vehicle market due to the strict lockdowns and social distancing implemented to contain the virus's spread. Economic uncertainty, a partial business shutdown, and low consumer confidence all had an impact on the demand for electric vehicles. During the pandemic, the supply chain was hampered, as were logistics activities. However, due to the relaxation of restrictions, the electric vehicle market is expected to pick up speed in the post-pandemic scenario.

Recent Development

  • In April 2021, BYD launched four new electric vehicle models equipped with Blade batteries in Chongqing. The new vehicle models with advanced battery safety features are the Qin plus EV, E2 2021, Tang EV, and Song plus EV.
  • In April 2021 Volkswagen debuted the 7-seater EV ID.6 Crozz and ID.6 X in China, alongside FAW and SAIC. The vehicles are available in two battery sizes, 58 kWh and 77 kWh, as well as four powertrain configurations.

Asia-Pacific Electric Vehicle Market Scope

The electric vehicle market is segmented on the basis of component, propulsion type, charging station type, class, power train, and vehicle type. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

  • Battery Cells & Packs
  • On-Board Charger
  • Infotainment System
  • Others

Propulsion Type

  • Plug-In Hybrid Electric Vehicles (PHEVs)
  • Battery Electric Vehicles (BEVs)
  • Hybrid electric vehicles (HEVs)
  • Fuel cell electric vehicles (FCEVs)

Charging station type

Class

  • Mid-Priced
  • Luxury

Power train

  • Parallel Hybrid
  • Series Hybrid
  • Combined Hybrid

Vehicle Type

  • Passenger Cars
  • Two Wheelers
  • Commercial Vehicles

Electric Vehicle Market Regional Analysis/Insights

The electric vehicle market is analysed and market size insights and trends are provided by country of component, propulsion type, charging station type, class, power train, and vehicle type as referenced above.

The countries covered in the electric vehicle market report are China, India, Japan, South Korea, Australia, Singapore, Indonesia, Thailand, Malaysia, Philippines and Rest of Asia-Pacific.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Asia-Pacific brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Electric Vehicle Market Share Analysis

The electric vehicle market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Asia-Pacific presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to electric vehicle market.

Some of the major players operating in the electric vehicle market are:

  • Ford Motor Company (U.S.)
  • General Motors (U.S.)
  • AUDI AG (Germany)
  • Kia Motors Corporation (South Korea)
  • Groupe Renault (France)
  • Groupe PSA (France)
  • SAIC Motor Corporation Limited (China)
  • Tesla (U.S.)
  • Daimler AG (Germany)
  • BMW AG (Germany)
  • Hyundai Motor Company (South Korea)
  • BYD Company Ltd. (China)
  • Continental AG (Germany)
  • TOYOTA MOTOR CORPORATION (Japan)
  • Nissan Motor Co., LTD. (Japan)
  • Volkswagen AG (Germany)
  • AB Volvo (Sweden)
  • Honda Motor Co., Ltd. (Japan)


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Frequently Asked Questions

The current market value is USD 101.81 billion in 2021.
The market is expected to grow at a rate of market is 24.20% during the forecast period of 2022 to 2029.