Asia Pacific Electric Vehicles Market: Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023
Over the past few years, the usage of electric vehicles has become a new trend in the APAC transportation industry. The higher adoption rates of smart mobility services, government regulations, increasing fuel prices, and growing trend toward adopting non-fossil fuel-based vehicles are supporting the growth of electric vehicles. Further, the integrated mobility and ride-sharing services are improving the acceptance of electric vehicles in this region.
Market Revenue and Segmentation Analysis:
The Asia Pacific electric vehicles market revenue is estimated to be $30.11 billion in 2017 and is expected to reach $144.62 billion by 2023, growing at a CAGR of 29.9% during the forecast period 2017–2023.
The propulsion types include battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and others. BEVs are highly demanded across the region owing to the cost-effectiveness of the vehicles, and the segment is expected to grow at a higher CAGR during the forecast period. PHEVs are slowly being adopted by Asian countries due to the huge initial investments as the vehicle supports both plug-in electric energy and fuel-based electrical energy input.
The vehicle types include two-wheelers, three-wheelers, four-wheelers, commercial vehicles, and buses. The two-wheelers and three-wheelers markets in Asia are the largest in the world and it is growing owing to the growing personal vehicles ownership. The four-wheelers electric vehicles market is the largest in China followed by Japan, South Korea, and others. The adoption rate of commercial EVs is relatively less in APAC when compared to Europe and the Americas due to high vehicle costs and the lack of public charging facilities. The four-wheelers market is expected to account for over 48% of the total value of electric vehicles sold in APAC in 2017, and it is anticipated to grow at a higher CAGR during the forecast period 2017–2023.
The component types include EV battery, charging equipment, motor controllers, electric engine, and others. The EV battery market is largely dominated by Chinese players, and it is expected that the Chinese battery manufacturers account for over 80% of the EV batteries sold in Asia Pacific across all vehicle types. The motor controller and charging equipment are witnessing a huge potential for the electric vehicles sales in APAC. The charging equipment is segmented into AC and DC charging equipment. The AC equipment is largely dominated by the personal vehicle consumers, and DC fast charging equipment is expected to be used across the commercial vehicle and personal car users.
The countries covered in the report are China, Japan, South Korea, India, Australia, New Zealand, and others. China is expected to grow at a higher CAGR during the forecast period 2017–2023. India and South Korea are expected to grow at a higher rate post-2021 due to the regulatory push and incentives from regional governments.
Benefits and Vendors
The report contains an in-depth analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategies, and views; and competitive landscape. Next-generation electric vehicles are expected to change the shape of Asia Pacific automobile industries by 2025 with a wide range of product offerings. Toyota Motor Corporation, Siemens AG, Ford Motor Company, Robert Bosch GmbH, Cisco Systems, Inc., GLM Corporation, BYTON, Emflux Motors, NIO (NextEV), and Tork Motors are few of the companies profiled in the report.
The study offers a comprehensive analysis of the “Asia Pacific electric vehicles” market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for companies to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions.