The Asia-Pacific electric car market is expected to grow at a CAGR of 34.6 % by value from 2021 to reach $761.97 billion by 2028. By volume, this market is expected to grow at a CAGR of 40.4 % from 2021 to reach 53.8 million units by 2028. This market is driven by factors such as supportive government policies and regulations, increasing investments by leading automotive OEMs, and decreasing battery prices. Moreover, the increasing adoption of electric mobility in emerging APAC countries and increasing EV and battery manufacturing capabilities in Southeast Asia provide significant opportunities in this market. However, the lack of charging infrastructure in countries such as India, Malaysia, and Indonesia obstruct the growth of this market to some extent. The high cost of electric vehicles and range limitation of EVs are major challenges for the growth of the Asia-Pacific electric cars market.

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The Impact of COVID-19 on the Asia-Pacific Electric Car Market

The Asia-Pacific electric cars market was moderately affected due to the quick recovery of automotive manufacturing industries in China. The developing countries witnessed a sharp decline in their economy due to low consumer demands and increased prices for essential commodities. The adoption of electric cars has also decreased significantly. The high cost of electric cars also remained a restraining factor for the growth of the electric cars market in these countries. However, stringent government regulations in phasing out ICE vehicles till 2030 are expected to support the market’s growth during the forecast period.

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Scope of the Report

APAC Electric Car Market, by Propulsion Type

Hybrid Vehicles
Pure Hybrid Vehicles
Plug-in Hybrid Vehicles
Battery Electric Vehicles
Fuel Cell Electric Vehicles
APAC Electric Car Market, by Power Output

Less Than 100 kW
100 kW to 250 kW
APAC Electric Car Market, by End-Use

Private Use
Commercial Use
APAC Electric Car Market, by Geography

Asia-Pacific
China
Japan
South Korea
India
Singapore
Thailand
Philippines
Malaysia
Australia
New Zealand
Taiwan
Rest of Asia-Pacific
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Based on propulsion type, the Asia-Pacific electric cars market is mainly segmented into hybrid, battery electric, and fuel cell electric vehicles. The hybrid vehicles segment is estimated to account for the largest share of the Asia-Pacific electric cars market in 2021. The large share of this segment is mainly attributed to increasingly stringent automotive emission regulations across different countries in Asia-Pacific, rising consumer demand for high fuel efficiency vehicles, increasing investments by automotive OEMs for hybridization of vehicle powertrain, and low cost of hybrid vehicles compared to battery electric vehicles. However, the fuel cell electric vehicles segment is expected to witness significant growth, as fuel cell electric vehicles offer several advantages such as fast refuelling and zero tailpipe emissions.

Based on power output, the Asia-Pacific electric cars market is segmented into less than 100 kW and 100 kW to 250 kW. The less than 100 kW segment is estimated to account for the largest share of the Asia-Pacific electric cars market in 2021. The large share of this segment is mainly attributed to increasing usage and demand of light electric cars in the central business districts of major cities, increasing use and demand of electric cars for shared mobility services, and falling battery prices. However, the 100 kW to 250 kW segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing initiatives by leading automotive OEMs and strict regulations to reduce tailpipe emissions.

Based on end use, the Asia-Pacific electric cars market is segmented into private and commercial use. The private use segment is estimated to account for the largest share of the electric cars market in Asia-Pacific in 2021. The large share of this segment is mainly attributed to increasing consumer demand for fuel-efficient and environment-friendly vehicles, major incentives plan by the government, tax rebates laws, the decline in battery costs, and increasing fuel prices. However, the commercial use segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing use of electric cars in shared mobility services and corporate taxi fleets.

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Geographically, China is estimated to account for the largest share of the Asia-Pacific electric cars market in 2021 by value as well as by volume. The large share of this country is mainly attributed to the extensive government support and expansion in charging infrastructure, tax exemptions for purchasing electric cars by 2023, improving quality of electric cars, increasing charging facilities, and subsidies offered by the Ministry of Commerce.

The key players operating in this market are Hyundai Motor Company (South Korea‎), Honda Motor Co., Ltd. (Japan), Toyota Motor Corporation (Japan), Tata Motors Limited (India), Mahindra and Mahindra Ltd. (India), NIO Inc. (China), XPeng Inc. (China), Geely Automobile Holdings Limited (China), Nissan Motor Co., Ltd. (Japan), and Mitsubishi Motor Corporation (Japan).

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Key Questions Answered in the Report-

Which are the high growth market segments in terms of propulsion type, power output, end use, and geography?
What is the historical market size for electric cars in Asia-Pacific?
What are the market estimates and forecasts for the period 2021-2028?
What are the major drivers, restraints, opportunities, and challenges in the Asia-Pacific electric cars market?
Who are the major players in the market, and what are their market shares?
Who are the major players in various countries, and what are their market shares?
How is the competitive landscape for the Asia-Pacific electric cars market?
What are the recent developments in the Asia-Pacific electric cars market?
What are the different strategies adopted by the major players in the market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the Asia-Pacific electric cars market, and how do they compete with other players?
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