Dublin, Nov. 01, 2022 (GLOBE NEWSWIRE) -- The "Asia-Pacific Electric Vehicle Market by Vehicle Type ; Propulsion Type ; Power Output ; End Use, Charging Standard, and Country - Forecasts to 2029" report has been added to ResearchAndMarkets.com's offering.
The research report provides an in-depth analysis of electric vehicles market across Asia-Pacific and emphasizes the current market sizes, market shares, recent developments, and forecasts till 2029.
The Asia-Pacific electric vehicles market is expected to record a CAGR of 35.0% from 2022-2029, to reach $ 2,688.23 billion by 2029. By volume, this market is expected to grow at a CAGR of 30.3% from 2022 to 2029, to reach 389.62 million units by 2029.
The growth of this market is attributed to supportive government policies and regulations, increasing investments by leading automotive OEMs, and decreasing prices of batteries. Increasing adoption of electric mobility in emerging economies and increasing EV and battery manufacturing capabilities in Southeast Asia provide lucrative growth opportunities for this market.
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 in 2022, the passenger vehicles segment is expected to account for the largest share of the Asia-Pacific electric vehicles 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 (LCVs) segment is projected to grow at the highest CAGR during the forecast period. The high growth is driven by the growing awareness regarding the role of electric vehicles in reducing emissions, increased demand for electric vehicles to reduce fleet emissions, and stringent government rules and regulations regarding vehicle emissions.
Based on propulsion type, in 2022, the battery electric vehicles segment is expected to account for the largest share of the Asia-Pacific electric vehicles market. However, the fuel cell electric vehicles segment is projected to grow at the highest CAGR during the forecast period. The high 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.
Based on power output, the 100kW to 250 kW segment is projected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing adoption of electric buses and trucks, mainly for public transportation and freight service applications. In addition, several companies in Asia-Pacific are introducing new EVs, including light commercial vehicles such as vans, pick-up trucks, and buses with advanced technologies and power outputs ranging from 100kW to 250kW.d Transportation Office (LTO), there were approximately 7,000 EVs registered for local use in the country.
Market Dynamics
Market Drivers
- Supportive Government Policies and Regulations
- Increasing Investments by Leading Automotive OEMs
- Decreasing Battery Prices
Market Restraints
- Lack Of Charging Infrastructure in Developing Countries
Market Opportunities
- Rising Adoption of Electric Mobility in Emerging Economies
- Increasing EV and Battery Manufacturing Capabilities in Southeast Asia
Market Challenges
- High Prices of Electric Vehicles
- Range Limitations of Electric Vehicles
Scope of the Report:
Asia-Pacific Electric Vehicles Market, by Vehicle Type
- Passenger Vehicle
- Two-wheeler
- Light Commercial Vehicles
- E-Scooters & Bikes
- Heavy Commercial Vehicles
Asia-Pacific Electric Vehicles Market, by Propulsion Type
- Battery Electric Vehicles
- Hybrid Electric Vehicles
- Pure Hybrid Electric Vehicles
- Plug-In Hybrid Electric Vehicles
- Fuel Cell Electric Vehicles
Asia-Pacific Electric Vehicles Market, by Power Output
- Less Than 100 KW
- 100 KW to 250 KW
- More Than 250 KW
Asia-Pacific Electric Vehicles Market, by End Use
- Private Use
- Commercial Use
- Shared Mobility
- Micromobility
- Public Transport
- Industrial Use
Asia-Pacific Electric Vehicles Market, by Country
- China
- Japan
- South Korea
- India
- Singapore
- Thailand
- Philippines
- Malaysia
- Australia
- New Zealand
- Taiwan
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. The Impact of COVID-19
5. Market Insights
6. Asia Pacific Electric Vehicles Market, by Vehicle Type
7. Asia Pacific Electric Vehicles Market, by Propulsion Type
8. Asia Pacific Electric Vehicles Market, By Power Output
9. Asia Pacific Electric Vehicles Market, By End Use
10. Asia Pacific Electric Vehicles Market, by Charging Standard
11. Asia Pacific Electric Vehicles Market, by Geography
12. Competitive Landscape
13. Company Profiles (Business Overview, Financial Overview, Product Offerings, Strategic Developments)
14. Appendix
Companies Mentioned
- TATA Motors Limited
- BYD Company Ltd.
- Honda Motor Co. Ltd.
- Nissan Motor Co. Ltd.
- Hyundai Motor Company
- Yamaha Motor Co. Ltd.
- Hero MotoCorp Ltd.
- Ather Energy Pvt. Ltd.
- Geely Automobile Holdings Limited
- XPeng Inc.
For more information about this report visit https://www.researchandmarkets.com/r/inzwgm
