The Asia-Pacific Electric Vehicle Market size is expected to reach US$ XXBn. by 2026 from US$ XXBn. in 2019, at a CAGR of 25.6% during the forecast period.

Asia-Pacific Electric Vehicle Market

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Asia-Pacific Electric Vehicle Market Introduction and Market scenario:

An electric vehicle provides several benefits over conventional fuel-based vehicles like low operational cost, zero carbon emission, and others as they source energy from electricity. Consumer’s transformed attitude towards electric vehicles is enhancing the market growth as they are more concerned over environmental pollution.

The market share is driven mainly by development in the implementation of electric buses in Asia Pacific countries such as China, South Korea, and Japan, and public mandates to curb urban pollution by using emission-free cars. A large number of vehicle production from China as well as bigger investment in the Indian automobile industry are the key driving factors for the growth of the market. Rising investment for battery technology development programs expected to drive the market growth.

Moreover, the favorable guidelines by the government on vehicle emission standards are expected to generate new opportunities for the Asia-Pacific electric vehicle market growth in the forecast period (2020-2026). For example, China announced “China V" Emission Standards for all new vehicles, as well as new buses and other heavy-duty diesel vehicle, must essential to follow new standards effective from January 2020.

In the hope of future demand for electric cars, a Malaysian government organization is organizing for the essential ecosystem to support them by installing electric car chargers countrywide.

The comparatively sluggish 2019 growth of China’s EV market reflects both an overall drop in the light-vehicle market and significant cuts in EV subsidies. The central government, for instance, eliminated purchase subsidies for vehicles that achieve electric ranges (e-ranges) of less than 200 KM (kilometers) and reduced subsidies by 67% for BEVs with e-ranges above 400 KM. These reductions reflect the government’s strategy of mounting back monetary incentives for new energy vehicles (NEVs) and transitioning to nonmonetary forms of support. From 2019, OEMs have received credits for each new energy vehicle (NEVs) produced.
Asia-Pacific Electric Vehicle Market Segment Analysis:

By component, the Asia-Pacific electric vehicles market is segmented into battery cells & packs, onboard chargers, infotainment systems, and others. Among these, Battery cell & packs held the largest market share of XX% in 2019, thanks to China is one of the primary providers of lithium-ion batteries for electric vehicles. For example, according to Wood Mackenzie it has been observed that China itself has a 60% of lithium-ion battery production relating to global production. Because of this major OEM producers are more and more tying up with Chinese companies for using the battery in their electric vehicle.

Based on propulsion type, the Asia-Pacific electric vehicles market is classified into plug-in hybrid electric vehicles (PHEVs), battery electric vehicles (BEVS), hybrid electric vehicles (HEVs), and fuel cell electric vehicles (FCEVs). Among these, the battery electric vehicle (BEVS) is expected to hold the largest market share of XX% by 2026, on account of China government has set the goal of rolling out 5 million battery vehicles by 2020.

To reach this goal China government had received subsidies from the selected provinces and cities. As well as this government had also released taxes from electric vehicles which also plays a vital role in increasing the demand for electric vehicles in Asia-Pacific. As China government has released a 10% purchase tax from Tesla models. Therefore the reduction in the tax will reduce the cost of electric vehicles which is expected to boost the demand for electric vehicles.
Covid-19 impact on the Asia-Pacific Green Deal:

The total car market in China was obstructed by the pandemic less than in other regions. Total new car registrations were down about 9%.

In Q1, 2020, China was severely affected by the COVID-19 pandemic. Electric vehicle sales dropped by 57% from the Q4 of 2019 as consumer demand dropped suddenly. Numerous electric vehicle producers were also forced to halt production.

Registration of new electric cars was under the overall car market in the first half of 2020. This trend reversed in the second half of 2020, due to China constrained on the pandemic. The result was a sales share of 5.7%, up from 4.8% in 2019. BEVs were about 80% of new electric cars registered.

Key policy actions muted the incentives for the electric car market in China. Buying subsidies were at first due to expire at the end of 2020, but following signals that they would be phased out more gradually previous to the pandemic, by April 2020 and during the pandemic, they were instead cut by 10% and extended through 2022. Reflecting economic concerns related to the pandemic, some cities relaxed car license policies, permitting more internal combustion engine vehicles to be registered to support local car industries.

With declared launches of new electric vehicle models spiking, both automakers and suppliers are increasing their global tracks in target markets by focusing on the production of vehicles and components. For instance, Tesla started construction of its Shanghai plant in January 2019 and delivered the first locally produced electric vehicle that December. The company plans to build its new production plant in Germany by 2021. Also, Volkswagen and Toyota have announced plans to set up EV plants in China.

The report focuses on the electric vehicle market value at the top countries of Asia-Pacific, which shows a regional development, including market size, share, revenue, and much more across Asia-Pacific. The report has covered, capacity, production value, cost/profit, and supply/demand by statistical analysis. A brief analysis of drivers, restraints, opportunities, and challenges in the market is also covered with examples by country.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. It also has covered the analysis of key player’s growth strategies, micro and macro analysis of markets, key developments, and key trends in the market.
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Asia-Pacific Electric Vehicle Market Scope: Inquire before buying

Asia-Pacific Electric Vehicle Market 1
Asia-Pacific Electric Vehicle Market, by Country

• China
• India
• Japan
• South Korea
• Australia
• ASEAN
• Rest of Asia Pacific
Asia-Pacific Electric Vehicle Market Key Players

• AUDI AG
• Kia Motors Corporation
• SAIC Motor Corporation Limited
• JAC
• Hyundai Motor Company
• BYD Company Ltd.
• TOYOTA MOTOR CORPORATION
• Nissan Motor Co., LTD.
• Honda Motor Co., Ltd.
• Tesla
• BMW Group
• Volkswagen AG
• General Motors
• Daimler AG
• Energica Motor Company S.p.A
• Ford Motor Company
• Others

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