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Supportive Government Policies and Regulations to Boost the Adoption of EV in Asia-pacific

   October 6, 2022

Governments of several Asia-Pacific countries are increasingly investing in electric mobility. The increasing government regulations to phase out fossil fuel-powered vehicles, government investments for improving public EV charging infrastructure, and initiatives in the form of subsidies & tax rebates for the adoption of EVs are expected to support the growth of the Asia-Pacific electric vehicle market. Governments are investing in charging infrastructures through direct investments for public charging stations or subsidies for private charging stations at homes and workplaces. For instance,

  • In 2021, the Government of India allocated incentives of USD 486 million for adopting 7,090 e-buses.
  • In 2020, China announced subsidies amounting to USD 1.4 billion for installing charging stations.

Such supportive government policies and initiatives toward EVs are expected to further boost the EV market's growth post the pandemic. Furthermore, the Government of Korea is offering incentives for installing charging stations to build a robust EV charging infrastructure. In 2019, the government offered subsidies of KRW 3.5 million (USD 3,000) for publicly accessible slow chargers, KRW 1.3 million (USD 1,200) for private chargers, and KRW 0.4 million (USD 350) for portable chargers.

Additionally, in 2019, the Government of India launched the second phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme to encourage the adoption of electric vehicles and implement the associated charging infrastructure. Similarly, in 2018, the Bureau of Industrial Development, Ministry of Economic Affairs, Taiwan (MOEA) announced subsidies of up to TWD 300,000 (USD 10,141) to install electric vehicle charging stations on the premises of the PX Mart chain stores and 7–11 convenience stores.

Such initiatives help to deploy the growth of charging infrastructure for EV charging stations and help to poise the growth of the Asia-Pacific electric vehicle market during the forecast period.

Access Report Here : https://www.meticulousresearch.com/product/asia-pacific-electric-vehicle-market-5236


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