Dublin, Aug. 30, 2024 (GLOBE NEWSWIRE) -- The "Asia Pacific Electric Vehicle and Charging Infrastructure Market Databook - Q2 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The medium to long term growth story of the electric vehicle market in Asia Pacific remains strong. Electric vehicle adoption is expected to grow steadily over the forecast period, recording a CAGR of 31.5% during 2024-2028. The electric vehicle market in the Asia Pacific region will increase from US$260.3 billion in 2023 to reach US$1,572.3 billion 2028.
The shift towards clean vehicles, coupled with higher oil prices, is driving the demand for electric vehicles in the region. In Southeast Asia, where the sector has gained rapid growth, Chinese firms are making a major push in 2024. Firms like BYD have announced significant discounts to drive sales and market share.
The South Korean government is planning to invest more than US$7 billion to pivot the electric vehicle battery industry away from China. In India, too, investment in the market has been on the rise. With new players entering the sector, the competitive landscape is poised to grow further over the medium term.
Chinese electric vehicle firms are targeting Southeast Asian markets to accelerate profit growth
Chinese electric vehicle market has become overly crowded, with the presence of more than 100 firms in the segment. Even after the collapse of businesses like WM Motor and Human Horizons, China is still facing the problem of overcapacity. This is because not many consumers are purchasing electric vehicles in the country. Consequently, many Chinese electric vehicle manufacturers are targeting Southeast Asian markets to increase sales and accelerate profit growth.
BYD, for instance, has made a significant push in the Southeast Asian region. In Thailand, the firm is setting up its first factory outside of China, which is expected to be operational by the end of 2024. Through its factory in Thailand, the firm is expected to serve the entire Southeast Asian region, where the demand for electric vehicles has been on the surge over the last 12 months.
To make their product offerings more lucrative, China-based firms are also offering steep discounts. In Thailand, BYD slashed the prices of its flagship vehicle Atto3 sport-utility vehicle by 18%. A similar strategy has been adopted by other Chinese firms like Changan Automobile and Hozon. The low-priced strategy is working well, as Chinese firms are able to take market share away from Japanese automakers. According to a report from Deloitte China, their share has increased from 47% in 2021 to 74% in 2023.
Hyundai plans to invest US$50 billion in South Korea to make a major push in the electric vehicle segment
Hyundai, in March 2024, revealed that the firm is planning to invest US$50 billion in South Korea by 2026. The majority of the investment will be deployed to boost the development and production of electric vehicles.
The investment announcement comes at a time when the South Korean automaker is lagging behind segment leaders like Tesla and BYD. The firm, by 2030, plans to increase its electric car production to over 3.6 million units. In South Korea, alone, the firm is planning to produce 1.51 million units by 2030. Under the plan, the firm has announced to develop and build three new electric vehicle factories.
Alongside Hyundai, even the South Korean government plans to invest in the electric vehicle industry in 2024. This is part of the strategy to pivot the electric vehicle battery industry away from China. The Ministry of Trade, Industry, and Energy, in May 2024, announced that it will allocate approximately US$7.14 billion in 2024. This is part of its strategy to support South Korea's electric vehicle battery industry. The financial support will come in the form of low-interest state loans and tax incentives. This initiative is a response to stringent United States rules that favor manufacturers not reliant on Chinese materials. Under these rules, electric vehicle makers can only receive US tax credits if their cars use critical minerals sourced outside of China.
The competitive landscape is fast-growing in the electric two-wheeler segment in India in 2024
The adoption of electric two-wheelers has been on the surge among Indian consumers over the last two years. Ola Electric, which is planning to soon launch an initial public offering, is currently leading the market share in India. The firm, in Q1 2024, announced several price cuts across its product range to drive sales and market share. With competition intensifying in the segment, players like Ather Energy and Bajaj have expanded their product range, to reach more customers.
Ather Energy, in April 2024, launched a new range of scooters to target the family market in India. The family scooter has been launched in two models, the Rizta S and the Rizta Z. These models have a battery capacity of 2.9kWh and 3.7kWh respectively. Bajaj Auto, on the other hand, also expanded its product lineup with the launch of Chetak 2901 in June 2024.
The number of electric vehicle startups is rising rapidly, driven by the government incentives to promote clean vehicles and reduce oil imports. Several new players have entered the market over the last 12 months and the trend is expected to continue further over the medium term. Hero MotoCorp, for instance, is also planning to launch an electric two-wheeler in the mid and affordable segment in India in 2024. This will further drive the competitive landscape in the market over the medium term.
Report Scope
This report provides a detailed data-centric analysis of the electric vehicle and charging infrastructure market, value and volume metrics covering market opportunities and risks across a range of industry categories. with over 75+ KPIs at the country level, this report provides a comprehensive understanding of electric vehicle market dynamics, market size and forecast, and charging infrastructure market statistics.
This report provides the overall vehicle market of the country by value and volume. Further, it breaks down electric and charging infrastructure market. Market opportunity for the electric vehicle segment has been further broken down by type of vehicle driven, car segments, class of vehicles, propulsion type, distance range and by components.
The electric vehicle charging infrastructure module provides market size data by number of charging stations, and number of charging points. Market opportunity is broken down by type of chargers, by location of charging points, by charging speed, by connection phase, by type of connectivity and by charger connectivity infrastructure.
Reasons to buy
The report provides a comprehensive overview of the Asia Pacific electric vehicle market and infrastructure in Asia Pacific, covering the following key aspects:
- Market size by value and volume: This report provides detailed market size and forecast data for electric vehicles in Asia Pacific, by value and volume. This data is essential for understanding the current and future potential of the market.
- Detailed EV market opportunity: This report segments the electric vehicle market by drive segment, car segment, commercial vehicle segment, passenger car segment, commercial vehicle segment, vehicle class, powertrain, distance range, charging type, propulsion type, vehicle type, and cities. This segmentation provides a granular view of the market and helps to identify key growth areas.
- EV infrastructure: This report also provides a comprehensive overview of the Asia Pacific electric vehicle infrastructure market, including market size and forecast data, along with detailed market segmentation. This information is essential for businesses that are looking to invest in the Asia Pacific electric vehicle infrastructure market.
- Assess risks: Granular segment level information helps in identifying new business opportunities and risks in the Asia Pacific electric vehicle and infrastructure market.
This report provides in-depth data-centric analysis of Electric Vehicle and Charging Infrastructure Market in through 97 tables and 119 charts. Below is a summary of key market segments:
Overall Vehicle Market Size and Future Growth Dynamics
- Market size by value
- Market size by volume
Electric Vehicle Market Size and Forecast
- Market size by value
- Market size by volume
Electric Vehicle Market Volume By Drive Segment
- Front Wheel Drive
- Rear Wheel Drive
- All-Wheel Drive
Electric Vehicle Market Value and Volume By Car Segment
- Passenger Car
- Commercial Vehicle
Electric Vehicle Market Value and Volume By Passenger Car Segment
- Small Car
- Medium Car
- Crossover Car
- Large Car
- SUV
Electric Vehicle Market Value and Volume By Commercial Vehicle Segment
- Light Duty Vehicle (Class 1-Class 3)
- Medium Duty Vehicle (Class 4-Class 6)
- Heavy Duty Vehicle (Class 7-Class 8)
Electric Vehicle Market Value By Vehicle Class
- Low-Priced
- Mid-Priced
- Luxury Class
Electric Vehicle Market Value By Powertrain
- Parallel Hybrid
- Series Hybrid
- Combined Hybrid
Electric Vehicle Market Value By Distance Range
- Up to 150 Miles
- 151-300 Miles
- Above 300 Miles
Electric Vehicle Market Value By Charging Type
- Normal Charging
- Super Charging
Electric Vehicle Market Value By Propulsion Type
- Plug-In Hybrid Electric Vehicles (PHEVs)
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Fuel Cell Electric Vehicles (FCEVs)
Electric Vehicle Market Value and Volume By Vehicle Type
- Two Wheelers (e2W)
- Three-Wheeler (e3W)
- Four Wheelers (e4W)
- Electric Buses
Electric Vehicle Market Value By Cities
- Tier 1 Cities
- Tier 2 Cities
- Tier 3 Cities
Electric Vehicle Market Value By Components
- Battery Cells & Packs
- On-Board Charge
- Motor
- Reducer
- Power Control Unit
- Battery Management System
- Fuel Processor
- Power Conditioner
- Air Compressor
- Humidifier
Electric Vehicle Infrastructure Market Value
Electric Vehicle Infrastructure Market Volume
- Number of Charging Points
- Number of Charging Stations
Electric Vehicle - Number of Charging Points By Charging Type
- Level 1 - 240 (V)
- Level 2 - 120 (V)
- Direct Current (DC)
Electric Vehicle - Number of Charging Stations By Charging Type
- Level 1 - 240 (V)
- Level 2 - 120 (V)
- Direct Current (DC)
Electric Vehicle - Number of Charging Points By Location
- Residential and Destination
- Streets
- Workplaces
- Flew depots
Electric Vehicle - Number of Charging Points By Charging Speed
- Slow
- Fast
- Rapid
- Ultrarapid
Electric Vehicle - Number of Charging Stations By Charging Speed
- Slow
- Fast
- Rapid
- Ultrarapid
Electric Vehicle - Number of Charging Points By Vehicle
- Passenger Cars
- Buses
- Trucks
- Light Commercial Vehicles
Electric Vehicle - Number of Charging Points By Connection Phase
- Single Phase
- Three Phase
Electric Vehicle - Number of Charging Points By Infrastructure Type
- CSS
- CHAdeMO
- GB/T
- Other
Electric Vehicle - Number of Charging Points By Connectivity
- Smart Charging Station
- Non-Connected Charging Station
For more information about this report visit https://www.researchandmarkets.com/r/80s5qr
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