The Asia Pacific electric vehicles market revenue to reach $144.62 billion by 2023
Growing demand for eco-friendly transit, improvements in the electric vehicles chargers market ecosystem, and improving focus toward the renewable energy are expected to drive the market growth.
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Asia Pacific Electric Vehicles Market: Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023” (March 2018).
According to Infoholic Research, the Asia Pacific automobile industry is one of the largest industries with over 42 million passenger cars sold in 2017. The APAC automobile industry is receiving a higher degree of innovation in terms of digitization and technology advancements. The APAC electric vehicles market is witnessing enormous potential due to the government’s push toward introducing pollution-free transportation systems, government incentives and the availability of public electric vehicles charging stations, which are expected to be strengthened across the countries. The market is expected to witness demand for the advanced charging equipment due to the higher adoption rate of smart mobility..
The Asia Pacific electric vehicles market is estimated to grow at a CAGR of 38.2% during the forecast period 2017–2023.
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The propulsion types include battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and others. BEVs are highly demanded across the regions owing to the cost-effective ownership of the vehicles, and PHEVs are expected to create demand in countries with less penetration of charging stations and minor developments in electric vehicle batteries. The BEV market is expected to account for more than 60% of the share during the forecast period 2017–2023.
The vehicle types include two-wheelers, three-wheelers, four-wheelers, commercial vehicles, and public transport. The two-wheelers market is expected to attract innovation in terms of battery technologies and charging equipment. The three-wheelers market in APAC is largely driven by the demand from China, Japan, South Korea, which together account for a significant market share. India and Southeast Asian countries are expected to witness high demand for electric three-wheelers as the respective governments are focusing on deploying environmental-friendly transportation systems. The four-wheelers segment is expected to account for a significant market share during the forecast period 2017–2023.
The component types include EV battery, charging equipment, motor controller, electric engine, and others. The motor controller is an essential component in an EV, which is being focused by start-ups in Asia Pacific. The battery and engine are the two most essential parts of an electric vehicle, which will impact the price of the vehicle. These EV engines or EV motors are expected to account for a higher market share followed by EV batteries and others. Further, EV charging equipment is segmented into AC and DC charging equipment. The AC charging equipment is witnessing a higher demand and is expected to grow during the forecast period.
The countries covered are China, Japan, South Korea, India, Australia, New Zealand, and others. China accounts for more than 80% of the region’s value for electric vehicles, followed by Japan, South Korea, and others. India is expected to witness enormous potential owing to the government’s push toward EVs. Australia and New Zealand are expected to post huge demand for EV charging stations and batteries due to the enormous demand for used EVs in the region.
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“The Asia Pacific electric vehicles market is expected to witness huge potential for cost-efficient electric vehicles. The governments are offering incentives to the domestic EV vendors to push EV sales, and they are also focusing on increasing the number of public charging stations, thereby fostering the demand for electric vehicles.” – Srujan, Research Analyst at Infoholic Research
The report covers the present scenario and growth prospects of the Asia Pacific electric vehicles market during the forecast period 2017–2023. The report provides an in-depth analysis and forecast about the industry covering the following key features:
- The report is analyzed based on propulsion types, vehicle types, component types, and regions.
- Propulsion types include Battery electric vehicle (BEV), Plug-in hybrid electric vehicle (PHEV) and Others.
- Vehicle types include, Two-wheelers, Four-wheelers, Commercial vehicles and busses and Three-wheelers.
- Component types include, EV Battery, Charging equipment, Motor Controller, Electric Engine and others.
- Regions inclide, China, Japan, South Korea, India, Australia, New Zealand and others.
- The report covers drivers, restraints, and opportunities (DRO) affecting the market growth during the forecast period (2017–2023).
- It also contains an analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategies, and views.
- The report covers competitive landscape, which includes mergers & acquisitions, joint ventures & collaborations, and competitor comparison analysis.
Ms. Sunanda Ganguli
Infoholic Research LLP