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ASIA-PACIFIC ELECTRIC VEHICLE MARKET FORECAST 2022-2026

The Asia-Pacific electric vehicle market is anticipated to make 8972 thousand units by 2026, surging at an 18.54% CAGR during the forecast years from 2022 to 2026.

ASIA-PACIFIC ELECTRIC VEHICLE MARKET FORECAST 2022-2026

Asia-Pacific Electric Vehicle Market by Propulsion Type (Battery Electric Vehicles, Plug-in Hybrid Vehicles, Fuel Cell Electric Vehicles) Market by End-use (Passenger Vehicles, Commercial Vehicles (Light Commercial Vehicles, Heavy Commercial Vehicles)) By Geography

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The Asia-Pacific electric vehicle market is anticipated to make 8972 thousand units by 2026, surging at an 18.54% CAGR during the forecast years from 2022 to 2026.

Various government incentives and support in countries like China, India etc., are expected to drive market growth in the region. Many market players focus and invest in the Asia-Pacific region to achieve economies of scale based on the manufacturing capabilities available in the region. Such investments are expected to support the market in the region. Further, high GHG emissions and climate challenges in the region are also expected to push the demand for electrification of fleets and, in turn, boost the demand for electric vehicles in Asia-Pacific.

Asia-Pacific Electric Vehicle Market

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The Asia-Pacific electric vehicle market growth analysis includes an assessment of China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific. China is progressive in both manufacturing and sales of electric vehicles. It is a major market for every player offering electric vehicles. As per new reform by the Chinese Ministry of Commerce and the National Development and Reform Commission, China removed restrictions on foreign ownership of local automotive joint ventures from January 2022, allowing full overseas ownership of automotive companies. By removing restrictions on foreign ownership, foreign corporations can fully control automobile brands, allowing for increased investment in some of the biggest automakers in the world.   

On the other hand, in Japan, the Ministry of Economy, Trade and Sector (METI) adopts a variety of initiatives to boost the automotive market and advance the growth of the automotive industry. The Government of Japan (GOJ) aims to achieve the target of all cars being sold by 2035 should be environmentally friendly. Clean Energy Vehicles, or CEVs, are the names of eco-friendly automobiles in Japan to distinguish them from those powered by fossil fuels. Fuel cell electric vehicles (FCEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs) are eligible for government subsidies. These advantages boost the sales of electric vehicles in Japan.

The Asia-Pacific electric vehicle market segmentation entails the evaluation of propulsion type and end-use. Market by propulsion type covers battery electric vehicles, plug-in hybrid vehicles, and fuel cell electric vehicles.

Fully electric vehicles with rechargeable batteries and no internal combustion engine are known as battery electric vehicles or BEVs. The battery pack, which is recharged from the grid, supplies the energy needed to power the vehicle. BEVs are considered zero-emissions vehicles since they don’t produce any air pollution hazards or toxic exhaust emissions produced by conventional gasoline-powered vehicles.

Plug-in Hybrid Electric Vehicles, or PHEVs, have an engine and electric motor to power the car. A plug-in hybrid electric vehicle uses a battery to power an electric motor, and an internal combustion engine uses fuel, such as gasoline or diesel. The battery pack in a PHEV is generally larger than in a regular hybrid electric vehicle. The vehicle can operate predominantly on electricity during short trips due to the larger battery pack. Also, in developing countries where charging infrastructure is not developed enough and meets the desired standard as required, PHEVs prove to be an optimal solution.

Leading market players in the Asia-Pacific electric vehicle market include BYD Co Ltd, NIO, etc.

BYD Company Ltd is in the automobile business, including new energy and fuel-engine vehicles, handset components and assembly services, rechargeable batteries and photovoltaic products, urban rail transit, and other business segments. The company’s handset and assembly segment provides customers with the development of new materials, product design and development, components and machine manufacturing, supply chain management, logistics and after-sales services and other one-stop services. BYD also provides lithium-ion and iron batteries widely used in mobile phones, electronic tools and other portable devices. The company is headquartered in Shenzhen, China and mostly has business concentrated in China with other operations in overseas locations.

Quin EV from BYD is one of the successful automobile series of BYD, a sedan car with an all-electric and plug-in hybrid variation.

Report Synopsis

Report Scope

Details
Market Forecast Years 2022-2026
Base Year 2021
Market Historical Years 2018-2021
Forecast Units In Thousand Units
Segments Analyzed Propulsion Type and End-Use
Countries Analyzed China, Japan, India, South Korea, Australia & New Zealand
Companies Analyzed

BMW Group, BYD Company Ltd, Ford Motor Company, General Motors Company, Li Auto, NIO, Stellantis NV, Tesla Inc, Toyota Motor Corporation, Volkswagen AG, Xpeng

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    1. RESEARCH SCOPE & METHODOLOGY
      • STUDY OBJECTIVES
      • SCOPE OF STUDY
      • METHODOLOGY
      • ASSUMPTIONS & LIMITATIONS
    2. EXECUTIVE SUMMARY
      • MARKET SIZE & ESTIMATES
      • MARKET OVERVIEW
    3. MARKET DYNAMICS
      • KEY DRIVERS
        • BENEFICIAL GOVERNMENT SUBSIDIES AND POLICIES
        • STRINGENT GOVERNMENT REGULATIONS ON VEHICLES EMISSIONS
      • KEY RESTRAINTS
        • INSUFFICIENT CHARGING INFRASTRUCTURE
        • POTENTIAL GRID OVERLOAD
    1. KEY ANALYTICS
      • IMPACT OF COVID-19 ON ELECTRIC VEHICLE MARKET
      • KEY MARKET TRENDS
      • PORTER’S FIVE FORCES ANALYSIS
        • BUYERS POWER
        • SUPPLIERS POWER
        • SUBSTITUTION
        • NEW ENTRANTS
        • INDUSTRY RIVALRY
      • OPPORTUNITY MATRIX
      • VENDOR LANDSCAPE
      • VALUE CHAIN ANALYSIS
      • KEY BUYING CRITERIA
      • REGULATORY FRAMEWORK
    2. MARKET BY PROPULSION TYPE
      • BATTERY ELECTRIC VEHICLES
      • PLUG-IN HYBRID VEHICLES
      • FUEL CELL ELECTRIC VEHICLES
    3. MARKET BY END-USE
      • PASSENGER VEHICLES
      • COMMERCIAL VEHICLES
        • LIGHT COMMERCIAL VEHICLES
        • HEAVY COMMERCIAL VEHICLES
    1. GEOGRAPHICAL ANALYSIS
      • ASIA-PACIFIC
        • MARKET SIZE & ESTIMATES
        • KEY GROWTH ENABLERS
        • KEY CHALLENGES
        • KEY PLAYERS
        • COUNTRY ANALYSIS
          • CHINA
          • JAPAN
          • INDIA
          • SOUTH KOREA
          • AUSTRALIA & NEW ZEALAND
          • REST OF ASIA-PACIFIC
    1. COMPETITIVE LANDSCAPE
      • KEY STRATEGIC DEVELOPMENTS
        • PRODUCT LAUNCHES & DEVELOPMENTS
        • PARTNERSHIPS & AGREEMENTS
        • BUSINESS EXPANSIONS & DIVESTITURES
      • COMPANY PROFILES
        • BMW GROUP
        • BYD CO LTD
        • FORD MOTOR COMPANY
        • GENERAL MOTORS COMPANY
        • LI AUTO
        • NIO
        • STELLANTIS NV
        • TESLA INC
        • TOYOTA MOTOR CORPORATION
        • VOLKSWAGEN AG
        • XPENG

    LIST OF TABLES

    TABLE 1:  MARKET SNAPSHOT – ELECTRIC VEHICLE

    TABLE 2:  REGULATORY FRAMEWORK

    TABLE 3:  ASIA-PACIFIC ELECTRIC VEHICLE MARKET, BY PROPULSION TYPE, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

    TABLE 4:  ASIA-PACIFIC ELECTRIC VEHICLE MARKET, BY PROPULSION TYPE, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

    TABLE 5:  ASIA-PACIFIC ELECTRIC VEHICLE MARKET, BY END-USE, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

    TABLE 6:  ASIA-PACIFIC ELECTRIC VEHICLE MARKET, BY END-USE, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

    TABLE 7:  ASIA-PACIFIC ELECTRIC VEHICLE MARKET, BY COMMERCIAL VEHICLES, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

    TABLE 8:  ASIA-PACIFIC ELECTRIC VEHICLE MARKET, BY COMMERCIAL VEHICLES, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

    TABLE 9:  ASIA-PACIFIC ELECTRIC VEHICLE MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

    TABLE 10:  ASIA-PACIFIC ELECTRIC VEHICLE MARKET, BY COUNTRY, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

    TABLE 11:  KEY PLAYERS OPERATING IN ASIA-PACIFIC ELECTRIC VEHICLE MARKET

    TABLE 12:  LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

    TABLE 13:  LIST OF PARTNERSHIPS & AGREEMENTS

    TABLE 14:  LIST OF BUSINESS EXPANSIONS & DIVESTITURES   

    LIST OF FIGURES

    FIGURE 1: KEY MARKET TRENDS

    FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

    FIGURE 3: OPPORTUNITY MATRIX

    FIGURE 4: VENDOR LANDSCAPE

    FIGURE 5: VALUE CHAIN ANALYSIS

    FIGURE 6: KEY BUYING CRITERIA

    FIGURE 7: ASIA-PACIFIC ELECTRIC VEHICLE MARKET, GROWTH POTENTIAL, BY PROPULSION TYPE, IN 2021

    FIGURE 8: ASIA-PACIFIC ELECTRIC VEHICLE MARKET, BY BATTERY ELECTRIC VEHICLES, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 9: ASIA-PACIFIC ELECTRIC VEHICLE MARKET, BY PLUG-IN HYBRID VEHICLES, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 10: ASIA-PACIFIC ELECTRIC VEHICLE MARKET, BY FUEL CELL ELECTRIC VEHICLES, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 11: ASIA-PACIFIC ELECTRIC VEHICLE MARKET, GROWTH POTENTIAL, BY END-USE, IN 2021

    FIGURE 12: ASIA-PACIFIC ELECTRIC VEHICLE MARKET, BY PASSENGER VEHICLES, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 13: ASIA-PACIFIC ELECTRIC VEHICLE MARKET, BY COMMERCIAL VEHICLES, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 14: ASIA-PACIFIC ELECTRIC VEHICLE MARKET, GROWTH POTENTIAL, BY COMMERCIAL VEHICLES, IN 2021

    FIGURE 15: ASIA-PACIFIC ELECTRIC VEHICLE MARKET, BY LIGHT COMMERCIAL VEHICLES, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 16: ASIA-PACIFIC ELECTRIC VEHICLE MARKET, BY HEAVY COMMERCIAL VEHICLES, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 17: ASIA-PACIFIC ELECTRIC VEHICLE MARKET, COUNTRY OUTLOOK, 2021 & 2026 (IN %)

    FIGURE 18: CHINA ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 19: JAPAN ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 20: INDIA ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 21: SOUTH KOREA ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 22: AUSTRALIA & NEW ZEALAND ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 23: REST OF ASIA-PACIFIC ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)       

    1. GEOGRAPHICAL ANALYSIS
      • ASIA-PACIFIC
        • MARKET SIZE & ESTIMATES
        • KEY GROWTH ENABLERS
        • KEY CHALLENGES
        • KEY PLAYERS
        • COUNTRY ANALYSIS
          • CHINA
          • JAPAN
          • INDIA
          • SOUTH KOREA
          • AUSTRALIA & NEW ZEALAND
          • REST OF ASIA-PACIFIC
    1. MARKET BY PROPULSION TYPE
      • BATTERY ELECTRIC VEHICLES
      • PLUG-IN HYBRID VEHICLES
      • FUEL CELL ELECTRIC VEHICLES
    2. MARKET BY END-USE
      • PASSENGER VEHICLES
      • COMMERCIAL VEHICLES
        • LIGHT COMMERCIAL VEHICLES
        • HEAVY COMMERCIAL VEHICLES

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