The electric vehicle market in Asia Pacific is expected to grow by 101.7% on an annual basis to reach US$525.0 billion in 2024.
The electric vehicle is poised for accelerated growth over the medium term in Asia Pacific. 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.
Investment is also poised to grow in the segment in 2024. South Korean government, for instance, 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. Overall, the publisher maintains a positive growth outlook for the electric vehicle industry in the Asia Pacific region over the next three to four years.
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 region will increase from US$260.3 billion in 2023 to reach US$1,572.3 billion 2028.
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.
The research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.
2. Australia Electric Vehicle Business and Investment Opportunities Databook
3. China Electric Vehicle Business and Investment Opportunities Databook
4. India Electric Vehicle Business and Investment Opportunities Databook
5. New Zealand Electric Vehicle Business and Investment Opportunities Databook
6. Japan Electric Vehicle Business and Investment Opportunities Databook
7. South Korea Electric Vehicle Business and Investment Opportunities Databook
The electric vehicle is poised for accelerated growth over the medium term in Asia Pacific. 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.
Investment is also poised to grow in the segment in 2024. South Korean government, for instance, 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. Overall, the publisher maintains a positive growth outlook for the electric vehicle industry in the Asia Pacific region over the next three to four years.
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.
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.
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 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 region will increase from US$260.3 billion in 2023 to reach US$1,572.3 billion 2028.
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.
The research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.
This title is a bundled offering, combining the following 7 reports (679 tables and 833 charts):
1. Asia Pacific Electric Vehicle Business and Investment Opportunities Databook2. Australia Electric Vehicle Business and Investment Opportunities Databook
3. China Electric Vehicle Business and Investment Opportunities Databook
4. India Electric Vehicle Business and Investment Opportunities Databook
5. New Zealand Electric Vehicle Business and Investment Opportunities Databook
6. Japan Electric Vehicle Business and Investment Opportunities Databook
7. South Korea Electric Vehicle Business and Investment Opportunities Databook
Scope
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
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.
Table of Contents
This title is a bundled offering, combining the following 7 reports (679 tables and 833 charts):
1. About this Report
2. Overall Vehicle Market Size and Future Growth Dynamics
3. Electric Vehicle Market Size and Forecast
4. Electric Vehicle Market Size and Forecast by Vehicle Drive Type Segment
5. Electric Vehicle Market Size and Forecast by Vehicle Type Segment
6. Electric Vehicle Type Market Size and Forecast by Passenger Car Segment
7. Electric Vehicle Type Market Size and Forecast by Commercial Vehicle Segment
8. Electric Vehicle Market Size and Forecast by Vehicle Class Segment
9. Electric Vehicle Market Size and Forecast by Powertrain Segment
10. Electric Vehicle Market Size and Forecast by Distance Range Segment
11. Electric Vehicle Market Size and Forecast by Charging Type Segment
12. Electric Vehicle Market Size and Forecast by Propulsion Type Segment
13. Electric Vehicle Penetration Market Size and Forecast by Segment
14. Electric Vehicle Market Size and Forecast by City Type
15. Electric Vehicle Market Size and Forecast by Components
16. Electric Vehicle Infrastructure Market Size and Forecast
17. Electric Vehicle Infrastructure - Number of charging stations by charging type, 2019-2028
18. Electric Vehicle Infrastructure - Number of charging points by charging type, 2019-2028
19. Electric Vehicle Infrastructure - Number of charging points by location, 2019-2028
20. Electric Vehicle Infrastructure - Number of charging points by charging speed, 2019-2028
21. Electric Vehicle Infrastructure - Number of charging stations by charging speed, 2019-2028
22. Electric Vehicle Infrastructure - Number of charging points by vehicle type, 2019-2028
23. Electric Vehicle Infrastructure - Number of charging points by connection phase, 2019-2028
24. Electric Vehicle Infrastructure - Number of charging points by charging infrastructure type, 2019-2028
25. Electric Vehicle Infrastructure - Number of charging points by connectivity, 2019-2028
26. Further Reading
This bundled offering has 119 figures across 7 regional and country reports. All regional and country reports will have the following figures:
This bundled offering has 97 tables across 7 regional and country reports. All regional and country reports will have the following tables: