APAC Electric Vehicle Market Product Description:
Electric vehicles (EV) are a solution to the ever-increasing carbon emissions that hurt the atmosphere. The increase in technological advances has brought them close to common people. They have a higher fuel economy, fewer carbon emissions and maintenance, and smooth operation and reduced engine noise.
APAC Electric Vehicle Market Overview
The Asia-Pacific electric vehicle market is estimated to reach USD 166 billion by 2026, growing at a CAGR around 29.9%.
APAC Electric Vehicle Market Recent Developments and Trends
In March 2019, the Indian government plans to replace all cars with electric cars by 2030. In 2007, around 100 electric vehicles were sold worldwide. By 2017, this figure will increase to one million, and sales are expected to reach 2 million units by 2018.
Around 2.1 million electric vehicles (VE), including battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV), have been sold worldwide. Sales in the Asia-Pacific region accounted for 60.3% of the market.
Tesla emerged as a market leader with the launch of the expected Model 3, which had sales of approximately 231,850 units, representing 11.8% of the total market. The sales volume was 222,743 units, and the market share was 11.3%.
In another positive development, BMW assumed the responsibility of becoming the first car manufacturer to offer inductive load on the BMW 530e iPerformance model.
APAC Electric Vehicle Market Growth
The Asia-Pacific electric vehicle market is estimated to reach USD 166.3 billion by 2025, with an average annual growth rate of 29.9% during the 2020-2025 forecast period.
Market growth in the APAC is fueled by growing concerns about rising levels of air pollution in the region and the growing demand for cars that use clean fuel.
APAC Electric Vehicle Market Drivers and Restraints
Growing environmental awareness and government support is expected to lead the Asia-Pacific electric vehicle market. The region's economy is reducing its dependence on expensive fossil fuels by promoting electric vehicles. China provides significant subsidies for electric vehicles, depending on the size of the battery. The growing environmental awareness among people is helping to sell these cars in the Asia-Pacific region. The increase in income levels and the increase in urbanization in the emerging countries of Asia Pacific are reliable engines of growth for the electric vehicle market.
In emerging economies such as India and China, vehicle penetration is even lower than in developed countries. The desire to increase revenue and own a car will provide an opportunity for electric car companies in this country.
Passenger car customers in significant economies, such as India and China, are very cost-sensitive. Although the operating costs of electric vehicles are low (6 km per 1 kWh), the high cost of batteries makes them expensive for ordinary customers, due to the increase in prepaid or exposure prices for electric vehicles. High prepaid costs for electric cars can slow sales in this region.
However, a fall in the prices of lithium-ion batteries in recent years is a positive signal for the Asia Pacific electric vehicle market.
APAC Electric Vehicle Market Segmentation
Depending on the type of vehicle, the APAC electric vehicle market is divided into passenger vehicles and commercial vehicles. Of these segments, the passenger cars registered the dominant share due to the strict government regulations and consumer awareness for fewer carbon emissions. Moreover, the commercial vehicle segment is likely to multiply in the foreseen period due to the increasing adoption of electric vehicles in public transportation in countries like Japan, etc.
Based on the type, the APAC market is separated as plug-in hybrid electric vehicles (PHEV), hybrid electric vehicles (HEV) and battery electric vehicles (BEV). Of these, the HEV and PHEV segments are supposed to register the highest revenue in the regional market in the coming years because of the increasing production units and benefits compared to the BEVs.
By Vehicle Class:
Based on vehicle class, the regional market is segmented as Mid-priced and Luxury. Among these, the mid-priced vehicles are anticipated to witness the highest demand in the coming years, owing to the launch of affordable electric vehicles by market giants in the area.
The countries covered in the local market include China, Japan, Korea, India, Australia, and New Zealand. China accounts for more than 80% of the electric vehicles, followed by Japan, South Korea, and others. India is expected to witness tremendous potential due to the government's drive towards electric vehicles. Australia and New Zealand are expected to experience a significant increase in the demand for electric vehicle charging stations and batteries due to the high demand for used electric vehicles in the region.
In the face of rapid urbanization, China decided to reduce polluting emissions from road transport vehicles. China is the largest manufacturer and consumer of electric cars in the world. The need in the local market is being supported by national sales objectives, favorable laws, support subsidies and urban air quality objectives.
The main players in the APAC Electric Vehicle Market include BYD Company Motors, BMW Group, Tesla, Nissan Motor Corporation, Volkswagen AG, Toyota Motor Corporation, General Motors, Energica Motor Company S.P.A., Daimler AG, and Ford Motor Company.
The research done takes place in two phases namely-
Secondary Research The first phase of the research process is extensive secondary research and identification of the related intelligence. Secondary data is compiled from various sources. Extensive secondary research helps in generating hypotheses and identifying critical areas of interest that are investigated through primary research.
Primary Research This entails conducting hundreds of primary interviews with industry participants and commentators in order to validate the data points obtained from secondary research and to fill the data gaps. A primary interview provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook, etc. It also helps in deciding the scope and deliverables of the study in terms of the requirement of the market. Primary research involves e-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment, and sub-segment across geographies.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Electric Vehicle Market, By Vehicle
6.1.1 Passenger Vehicles
6.1.2 Commercial Vehicles
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Electric Vehicle Market, By Type
6.2.1 Battery Electric Vehicle (BEV)
6.2.2 Hybrid Electric Vehicle (HEV)
6.2.3 Plug-in Hybrid Electric Vehicle (PHEV)
6.2.4 Market Size Estimations & Forecasts (2019-2024)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
6.3 Electric Vehicle Market, By Vehicle Class
6.3.3 Market Size Estimations & Forecasts (2019-2024)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Vehicle
7.2.3 By Type
7.2.4 By Vehicle Class
7.3.1 By Country
184.108.40.206 Rest of Europe
7.3.2 By Vehicle
7.3.3 By Type
7.3.4 By Vehicle Class
7.4 Asia Pacific
7.4.1 By Country
220.127.116.11 South Korea
18.104.22.168 South East Asia
22.214.171.124 Australia & NZ
126.96.36.199 Rest of Asia-Pacific
7.4.2 By Vehicle
7.4.3 By Type
7.4.4 By Vehicle Class
7.5 Latin America
7.5.1 By Country
188.8.131.52 Rest of Latin America
7.5.2 By Vehicle
7.5.3 By Type
7.5.4 By Vehicle Class
7.6 Middle East and Africa
7.6.1 By Country
184.108.40.206 Middle East
7.6.2 By Vehicle
7.6.3 By Type
7.6.4 By Vehicle Class
8. Key Player Analysis
8.1 BMW Group
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Tesla Corporation
8.3 Volkswagen AG
8.4 Nissan Motor Corporation
8.5 Daimler AG
8.6 Ford Motor Company
8.7 General Motors
8.8 Toyota Motor Corporation
8.9 BYD Company
8.10 Energica Motor Company S.p.A
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures