Asia-Pacific Automotive High-performance Electric Vehicles Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Asia-Pacific Automotive High-performance Electric Vehicles Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Asia-Pacific high-performance electric vehicles market is expected to register a CAGR of 25.21%, during the forecast period of 2019-2024.

Electric high-performance vehicles can be differentiated from other EVs on certain aspects, such as longer range of distance (i.e., over 90 miles in a single charge), which is significantly high compared to other commercially available EVs. EHPVs also have high acceleration and can attain a speed of over 90 miles per hour, with an acceleration of 0 to 60 miles per hour, unlike that of EVs, which can range at speeds varying from 40-65 miles per hour. Though these type of vehicles have been introduced recently and their technology is still in its development stage, their growing popularity is expected to propel the market for HPEV in the Asia-Pacific region.

The growing awareness of vehicle emissions, such as CO2, lower operating and maintenance costs, along with an increase in the government initiative to encourage the use of electric vehicles, may help in driving the growth of high-performance electric vehicles, significantly. Consumer perception and willingness to purchase automobiles with new technologies drive the demand for these vehicles in countries, such as China, Japan, and Korea. China and Japan are the major contributors to the EHPV market in the region. China witnessed an increase in the adoption of battery electric vehicles across the country.

Key Market TrendsIncreasing Demand for Plug-in Hybrid Electric Vehicles

China, the largest market for automobiles, is also the largest market for high-performance electric vehicles in the region, followed by Japan. The emission regulations and the subsidies for hybrid and electric vehicles in the Asia-Pacific region helped it achieve a considerable portion of the overall electric and hybrid vehicles market. Though the subsidies and emission standards have helped increase the sales of green vehicle sales, the share of the sales of plug-in electric vehicles, globally, is less than 1%.

The immense fluctuations of fuel prices and a decrease in the subsidies offered on the plug-in-hybrid vehicles in major markets, like China, are affecting the sales of the vehicles. In contrast, many automakers are launching the plug-in-hybrid versions of the existing vehicles, which indicate that the market trend is shifting toward eco-friendly plug-in hybrid vehicles.

The manufacturers, such as Mercedes-Benz, Volvo, BMW, Volkswagen, Ford, Mitsubishi, etc., have already launched the plug-in-hybrid versions of the existing IC engine vehicle models, which registered a considerable portion of the sales of the overall plug-in vehicle sales, globally. China is the largest manufacturer of plug-in hybrid vehicles in the region. The country is also the largest market for these vehicles, with manufacturers, such as BYD, SAIC, and BAIC, leading the market.

Indian Market Growing at a Faster Pace

With increasing concerns on environmental pollution, the government has preponed the implementation of the next stage of emission standards, Bharat Stage 6, to April 1, 2020, which was originally planned to be implemented in 2024. The government is making several strategies to reduce pollution in the country. One such strategy is the FAME, an abbreviation for Faster Adoption and Manufacturing of Hybrid and Electric Vehicles. The government has decided to play a critical role in supporting the creation of demand and acceptability of PHEVs and EVs, spurring collaborative R&D efforts and enabling required infrastructure to take its shape. The government has also decided to implement a robust PHEV and EV demand-generating scheme, in terms of size and duration, in order to meet the objectives of bridging the gap in the acquisition price of PHEV and EV, compared to the normal ICE vehicle. Furthermore, the aforementioned scheme is also being implemented for the creation of a manufacturing ecosystem for these technologies to become viable. The government support for R&D and electric vehicle infrastructure is believed to facilitate the creation of affordable PHEV and EV solutions, which can also meet consumer expectations.

The Indian government devised a potential roadmap for the hybridization/electrification of transport. This map involves creating consumer acceptability by offering incentives and subsidies. Furthermore, the government is likely to take part in the application and development of the technology. Moreover, the government may support the local manufacturing capabilities of the automakers. With this roadmap, the Government of India plans to make the electric vehicle and plug-in-hybrid vehicle market economically viable and self-sustaining, by 2020. The government also announced investments of over INR 13,000 crore for demand incentives, INR 1,800 crore for R&D investments, INR 5,000 crore for power infrastructure, and INR 1,200 crore for charging infrastructure.

Competitive Landscape

Toyota Motor Corporation, Daimler (Mercedes-Benz), BMW, Hyundai, Nissan, and Kia are the most prominent players in the high-performance electric vehicles market. OEMs are focusing on developing cost-effective electric vehicles, with better range.

Owing to the increasing sales of plug-in-hybrid vehicles in the Asia-Pacific region, especially in China, Toyota planned to introduce more plug-in-hybrid versions of the existing vehicle models. The company plans to launch the plug-in-hybrid vehicle versions of Corolla and Levin in the country.

Additionally, the US automotive giant, General Motors, is planning to launch more than 10 plug-in-hybrid electric vehicles, which include the PHEV versions of the existing models, such as the Cadillac CT6 that may be manufactured in Shanghai. The company’s joint venture with SAIC is likely to be the manufacturing plant for plug-in-hybrid vehicles in the country.

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Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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