Asia-Pacific Electric Vehicles Market by Vehicle Type (Passenger Vehicle, LCV, HCV, Two-wheeler, e-Scooters), Propulsion Type (BEV, FCEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW), End Use, Charging Standard, and Country - Forecasts to 2029Asia-Pacific Electric Vehicle Market to Reach $2,688.23 Billion and 389.62 Million Units by 2029
The research report titled, ‘Asia-Pacific Electric Vehicles Market by Vehicle Type (Passenger Vehicle, LCV, HCV, Two-wheeler, e-Scooters), Propulsion Type (BEV, FCEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW), End Use, Charging Standard, and Country - Forecasts to 2029,’ provides an in-depth analysis of electric vehicles market across Asia-Pacific and emphasizes on 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. Fuel cells are lighter and smaller, more expensive than conventional electric and hybrid cells, and are also suitable for medium-large and long-range vehicles. However, insufficient hydrogen infrastructure and high vehicle costs are the major factors restraining the growth of this segment. To counter this, governments in Asia-Pacific are investing in hydrogen fuel cell charging stations and technologies.
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. For instance, in 2020, Hyundai Motor Company (South Korea) launched an electric minibus called the Country Electric equipped with a high-power 128kWh lithium-ion-polymer battery and 150kW charging capacity. In 2019, Ashok Leyland (India) and ABB (Switzerland) partnered to develop electric buses with the fastest flash-charging technology in the public electric mobility space. Such developments contribute to the high growth rate of this segment.
Based on end use, the commercial use segment is projected to grow at the highest CAGR during the forecast period. The high growth rate of this segment 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 Electric vehicles used for commercial applications will be an increasingly common sight on roads in the coming years. Electric commercial vehicles include buses, vans, e-trucks, and agricultural vehicles, such as combine harvesters or tractors. Electric commercial vehicles help lower greenhouse gas emissions, reduce dependence on fossil fuels, ensure smooth operation, and meet the latest emissions regulations.
Based on country, China is expected to account for the largest share of the Asia-Pacific electric vehicles market in 2022. The Chinese EV market is gradually growing due to extensive government support and expansion in charging infrastructure.
However, the Philippines is projected to record the highest CAGR during the forecast period. The Philippines EVs market is mainly driven by the local governments’ initiatives encouraging investments in electric mobility and the adoption of cleaner technologies. In 2018, according to Land Transportation Office (LTO), there were approximately 7,000 EVs registered for local use in the country. According to the Department of Trade and Industry (DTI), the Philippines electric vehicles market consists of 54 manufacturers or importers, 11 parts manufacturers, and 18 dealers or traders. There are 19 EV charging stations on the main island of Luzon. Moreover, the local government's initiatives to phase out fuel-powered vehicles will spread awareness among the general population, potentially boosting EV adoption in the coming years.
The key players operating in Asia-Pacific electric vehicles 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).
Key Questions Answered in the Report
- Which are the high-growth market segments in terms of vehicle type, propulsion type, power output, charging standard, end use, and country?
- What is the historical market size for the Asia-Pacific electric vehicles market?
- What are the market forecasts and estimates for the period 2022-2029?
- What are the major drivers, restraints, opportunities, and challenges in the Asia-Pacific electric vehicles market?
- Who are the major players in the market, and what are their market shares?
- How is the competitive landscape for the Asia-Pacific electric vehicles market?
- What are the recent developments in the Asia-Pacific electric vehicles market?
- What are the different strategies adopted by the major players in the market?
- Which are the high-growth countries?
- Who are the local emerging players in Asia-Pacific electric vehicles market, and how do they compete with other players?
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
Table of Contents
1. Introduction
2. Research Methodology
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.
