Meticulous Research®—a leading global market research company, published a research report titled “Asia-Pacific Electric Vehicle Market by Vehicle Type (Passenger Vehicle, LCV, HCV, Two-wheeler, E-scooters & Bikes); Propulsion Type (BEV, FCEV, HEV); Power Output (Less Than 100kW, 100 kW to 250 kW); End Use, Charging Standard, and Geography”.
The Asia-Pacific electric vehicle market is expected to record a CAGR of 35% from 2022 to 2029 to reach $ 2,688.23 billion by 2029. By volume, this market is expected to reach 389.62 million units by 2029, at a CAGR of 30.3% during the forecast period.
The growth of this market is attributed to supportive government policies and regulations, increasing investments by leading automotive OEMs, and decreasing prices of batteries. However, the lack of charging infrastructure in developing countries is expected to restrain the growth of this market to a certain extent.
The increasing adoption of electric mobility in emerging economies and increasing EV and battery manufacturing capabilities in Southeast Asia provides lucrative growth opportunities for the growth of this market. However, the high cost of electric vehicles and range limitation of EVs are some of the major challenges expected to hinder the growth of this market.
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The market is segmented based on vehicle type, propulsion type, power output, charging standard, end use, and country. The study also evaluates industry competitors and analyzes the market at the country level.
Based on vehicle type, the Asia-Pacific electric vehicle market is segmented into passenger vehicles, light commercial vehicles, heavy commercial vehicles, two-wheelers, and e-scooters & bikes.
In 2022, the passenger vehicles segment is expected to account for the largest share of the Asia-Pacific electric vehicle market. The large market share of this segment is attributed to the increasing favorable government policies and subsidies for promoting the adoption of electric vehicles, growing awareness regarding the role of electric vehicles in reducing emissions, increasing fuel prices, and proactive participation by automotive OEMs in producing electric passenger vehicles.
However, the light commercial vehicles segment is expected to grow at the highest CAGR during the forecast period. The growth is mainly driven by the growing awareness regarding the role of electric vehicles in reducing emissions, increase in demand for electric vehicles to reduce fleet emissions, and stringent government rules and regulations towards vehicle emissions.
Based on propulsion type, the APAC EV Market is segmented into battery electric vehicles, hybrid vehicles, and fuel cell electric vehicles. The hybrid vehicles segment is further segmented into plug-in hybrid electric vehicles and pure hybrid electric vehicles.
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In 2022, the battery electric vehicles segment is expected to account for the largest share of the Asia-Pacific electric vehicles market. The growth of this segment is attributed to the increasingly stringent emission standards, rising demand for increased fuel efficiency, growing demand for zero-emission vehicles, and a continuous reduction in battery prices.
However, the fuel cell electric vehicles segment is expected to grow at the highest CAGR during the forecast period. The growth is mainly driven by the increasing demand for vehicles with low carbon emissions, strict carbon emission norms, a growing emphasis on the adoption of FCEVs due to advantages such as fast refueling and increasing government initiatives and investments for advancing fuel cell technology.
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Based on power output, the Asia-Pacific electric vehicle market is segmented into less than 100kW, 100kW to 250kW, and more than 250kW.
In 2022, the less than 100 kW segment is expected to account for the largest share of the Asia-Pacific electric vehicle market. The large market share of this segment is attributed to the increasing adoption of electric scooters and mopeds, increasing investments by government authorities in the development of EV charging infrastructure, and favorable policies, incentives, and subsidies introduced by several state governments.
However, the 100 kW to 250 kW segment is expected to grow at the highest CAGR during the forecast period. The growth is mainly driven by the increasing adoption of electric buses and trucks, mainly for public transportation and freight service applications.
Based on end use, the APAC Electric Vehicle Market is segmented into private use, commercial use, and industrial use. The commercial use segment is further segmented into shared mobility, micromobility, and public transport.
In 2022, the private use segment is expected to account for the largest share of the Asia-Pacific electric vehicle market. The large market share of this segment is attributed to the growing awareness regarding the hazards associated with greenhouse gas emissions and environmental pollution, stringent emission norms, and demand for premium EVs among consumers.
However, the commercial use segment is expected to grow at the highest CAGR during the forecast period. The growth is mainly driven by the increase in fuel prices and stringent emission norms set by governments, the growing adoption of autonomous delivery vehicles, and the increasing adoption of electric buses and trucks.
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Based on country, China is expected to account for the largest share of the Asia-Pacific electric vehicle market in 2021. The Chinese EV market is gradually growing due to extensive government support and expansion in charging infrastructure.
However, the Philippines is slated to register the highest CAGR during the forecast period. The Philippines EV market is driven by the local governments’ initiatives for the adoption of cleaner technologies.
Key Players:
The key players operating in APAC Electric Vehicle Market are TATA Motors Limited (India), BYD Company Ltd. (China), Honda Motor Co., Ltd. (Japan), Nissan Motor Co., Ltd. (Japan), Hyundai Motor Company (South Korea‎), Yamaha Motor Co., Ltd. (Japan), Hero MotoCorp Ltd. (India), Ather Energy Pvt. Ltd. (India), Geely Automobile Holdings Limited (China), and XPeng Inc. (China).
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