Asia-pacific Electric Vehicle Market Forecast 2022-2026

Asia-pacific Electric Vehicle Market Forecast 2022-2026

KEY FINDINGS

The Asia-Pacific electric vehicle market is set to rise with a CAGR of 18.54% during the forecast years from 2022 to 2026. High GHG emissions, climate change challenges, market players’ investments, and government incentives for vehicle owners are propelling market growth in the region.

MARKET INSIGHTS

The Asia-Pacific electric vehicle market growth assessment entails an analysis of South Korea, Australia & New Zealand, India, China, Japan, and Rest of Asia-Pacific. In South Korea, the 2050 net-zero objective set by the government includes the development of 20 million electric vehicles. The strategy includes installing more charging stations and increasing the nation’s production and supply of hydrogen- and electric-powered vehicles and hydrogen fueling stations in urban and suburban regions for cars. Additionally, the government intends to obtain fundamental technologies for next-generation batteries, such as high-performance lithium secondary batteries, to establish a low-carbon ecosystem.

Furthermore, in India, the central government has established several promotional initiatives to promote the use of electric vehicles, including public EV charging infrastructure development, tax incentives for the owners, etc. India’s main program for boosting electric transportation is FAME, or faster adoption and manufacturing of hybrid and electric vehicles, introduced by Department of Heavy Industries in 2015. FAME-II is currently in its second phase, started on April 2009 and for 3 years with a budget allocation of $1.2 billion. Under the FAME India initiative phase II, the DHI has approved 2636 charging stations in 62 cities across 24 States and Union Territories. Such initiatives are expected to fuel the growth of the electric vehicle market in India.

COMPETITIVE INSIGHTS

Key market players include BYD Co Ltd, NIO, etc.

Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation caters to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments