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Asia-Pacific Electric Car Market
Asia-Pacific Electric Car Market by Propulsion Type (BEV, FCEV, PHEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW), End Use (Private, Commercial), and Geography - Forecast to 2028
Report ID:MRAUTO - 104524 Pages: 105 Jan-2022 Formats*: PDF Category: Automotive and Transportation Delivery: 2 to 4 HoursThe Asia-Pacific Electric Car Market is expected to reach a value of $761.97 billion by 2028, at a CAGR of 34.6 % during the forecast period 2021-2028. By volume, this market is expected to grow at a CAGR of 40.4% from 2021 to reach 53.8 million units by 2028. Supportive government policies and regulations, increasing investments by leading automotive OEMs, and decreasing battery prices are the key factors driving the growth of the Asia-Pacific electric cars market. Increasing adoption of electric mobility in emerging economies and increasing EV and battery manufacturing capabilities in Southeast Asia provides significant growth opportunities for market players in the coming years.
The Impact of COVID-19 on the Asia-Pacific Electric Car Market
The Asia-Pacific electric cars market was moderately affected due to the quick recovery of automotive manufacturing industries in China. The developing countries witnessed a sharp decline in their economy due to low consumer demands and increased prices for essential commodities. The adoption of electric cars has also decreased significantly. The high cost of electric cars also remained a restraining factor for the growth of the electric cars market in these countries. However, stringent government regulations in phasing out ICE vehicles till 2030 are expected to support the market's growth during the forecast period.
In Thailand, the government has introduced an EV roadmap to produce about 250,000 electric cars and establish itself as an Asian EV hub by 2025. Moreover, the tax incentives provided by the government on purchasing electric cars are poised to increase the adoption rate in a couple of years, thus supporting the market growth during the forecast period.
Increasing EV and battery manufacturing capabilities in Southeast Asia to Drive the Growth of this Market in the Coming Years
The supply chain diversification trend is the major driver for the Southeast Asian automotive industry. In this region, Thailand is one of the largest automotive manufacturers due to its well-established automotive manufacturing know-how, policy package, and strategic location that makes a perfect diversification option for the automotive industry, including the strategic EV manufacturing sector. In 2020, the Southeast Asian automotive industry was badly hit by coronavirus pandemic, it aimed to seize the opportunity of the rising EV manufacturing sector, but investments by foreign investors have strengthened the EV market of this region. As of 2020, the Board of Investment of Thailand (BOI) has approved 24 projects by the automotive industry to produce several types of electric vehicles in the country with a capacity of over 500,000 units annually. Further, in 2020, according to the Thai government, the BOI aimed to encourage EV production that will account for 30% of the total Thai automotive production by 2030. Thus, increasing government initiatives are expected to overcome this challenge in the coming years.
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Key Findings in the Asia-Pacific Electric Car Market Study:
The fuel cell electric vehicles segment is projected to grow at a significant pace during the forecast period
Based on propulsion type, the hybrid vehicles segment is estimated to account for the largest share of the Asia-Pacific electric cars market in 2021. However, the fuel cell electric vehicles segment is projected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to fast refueling, zero tailpipe emissions, smaller battery pack, various government initiatives for setting up hydrogen fuel cell charging stations, and increasing investments by leading automotive OEMs in the research and development of hydrogen fuel cell technology.
The 100kW to 250 kW segment is projected to grow at a significant pace during the forecast period
Based on power output, the less than 100 kW segment is estimated to account for the largest share of the Asia-Pacific electric cars market in 2021. However, the 100 kW to 250 kW segment is projected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing initiatives by leading automotive OEMs to introduce electric cars, increasing regulations and laws to reduce tailpipe emissions and rising adoption of electric cars in developed economies.
The commercial use segment is projected to grow at a significant pace during the forecast period
Based on end use, the private use segment is estimated to account for the largest share of the Asia-Pacific electric cars market in 2021. However, the commercial use segment is projected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing use of electric cars in shared mobility services and corporate taxi fleets, increasing regulations to reduce fleet emissions, and encouragement by global and state-level regulatory bodies to deploy policies promoting the adoption of electric cars for mobility services.
India to be the fastest-growing market by value and by volume, Singapore to be the fastest-growing market
However, India is estimated to account for the fastest growth during the forecast period. The factors attributed to the high growth of this country are growing investments by the leading automobile companies in the electric mobility ecosystem, the increasing number of start-ups operating in the electric mobility and associated technologies industry, and the growing need of government to reduce the pollution caused by combustion engine vehicles. India is considered one of the fastest-growing consumer markets in the world. The Indian government has also introduced fiscal incentives such as reduction of customs duty on import of EV components to 10-15%, reduction of GST on EV reduced to 5% from 12%, lowest RTO tax for EVs, and elimination of the requirement of a license to operate EV charging stations. Moreover, leading automotive OEMs are increasingly investing in the development of electric vehicle technology in India. For instance, Mahindra and Mahindra Ltd. has plans to invest USD 400 million (INFR 3,000 Crore) in developing an EV platform over the next three years. Such initiatives are expected to support the growth of the electric cars market in India during the forecast period.
By Volume, Singapore is projected to grow at the highest CAGR during the forecast period. Major factors attributed to the high growth of this country are the investment by major automotive OEMs and various government initiatives to boost the demand for electric cars. Major automotive OEMs worldwide have started investing in Singapore for the manufacturing of electric cars. For instance, in 2020, Hyundai Motor Company invested USD 295 million to construct a research and development center in Singapore to house a small-scale electric vehicle production facility. The facility may produce up to 30,000 electric vehicles (EVs) annually by 2025. These developments are expected to support the growth of the electric cars market in Singapore during the forecast period.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategies adopted by the leading market participants in the Asia-Pacific electric cars market over the last four years. The key players profiled in the Asia-Pacific electric cars market are Hyundai Motor Company (South Korea), Honda Motor Co., Ltd. (Japan), Toyota Motor Corporation (Japan), Tata Motors Limited (India), Mahindra and Mahindra Ltd. (India), NIO Inc. (China), XPeng Inc. (China), Geely Automobile Holdings Limited (China), Nissan Motor Co., Ltd. (Japan), and Mitsubishi Motor Corporation (Japan).
Scope of the Report
APAC Electric Car Market, by Propulsion Type
- Hybrid Vehicles
- Pure Hybrid Vehicles
- Plug-in Hybrid Vehicles
- Battery Electric Vehicles
- Fuel Cell Electric Vehicles
APAC Electric Car Market, by Power Output
- Less Than 100 kW
- 100 kW to 250 kW
APAC Electric Car Market, by End-Use
- Private Use
- Commercial Use
APAC Electric Car Market, by Geography
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Singapore
- Thailand
- Philippines
- Malaysia
- Australia
- New Zealand
- Taiwan
- Rest of Asia-Pacific
Key Questions Answered in the Report:
The Asia-Pacific electric cars market report covers the market size & forecasts for electric cars by propulsion type, power output, end use, and geography. The Asia-Pacific electric cars market study in this report involves the value analysis of various segments and subsegments of the Asia-Pacific electric cars market at country levels. Volume analysis of electric cars is done at the country level only.
The Asia-Pacific electric cars market is projected to reach a value of $ 761.97 billion by 2028, at a CAGR of 34.6 % during the forecast period.
Based on the propulsion type, the hybrid vehicles segment is expected to account for the largest share of the Asia-Pacific electric cars market in 2021.
Based on end use, the private use segment is expected to account for the largest share of the Asia-Pacific electric cars market in 2021. However, the commercial use segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is mainly attributed to the increasing use of electric cars in shared mobility services and corporate taxi fleets.
Supportive government policies and regulations, increasing investments by leading automotive OEMs, and decreasing battery prices are supporting the growth of this market. However, increasing adoption of electric mobility in emerging economies and increasing EV and battery manufacturing capabilities in Southeast Asia is expected to create lucrative opportunities for players operating in this market.
The key players operating in the APAC electric cars market are Hyundai Motor, Honda, Toyota, Tata Motors, Mahindra and Mahindra, Nio Inc, XPeng Inc), Geely Automobile Holdings, Nissan Motor, and Mitsubishi Motor.
India is expected to offer significant growth opportunities for the vendors in this market due to increasing consumer interest in purchasing electric cars to benefit from the taxes exemptions on the vehicles and increasing adoption of electric cars in developing economies.
1. Introduction
1.1. Market Definition
1.2. Market Ecosystem
1.3. Currency and Limitations
1.4. Key Stakeholders
2. Research Methodology
2.1. Research Process
2.2. Data Collection & Validation
2.2.1. Secondary Research
2.2.2. Primary Research
2.3. Market Assessment
2.3.1. Market Size Estimation
2.3.1.1. Bottom-Up Approach
2.3.1.2. Growth Forecast
2.3.1.3. COVID-19 Impact Assessment
2.4. Assumptions for the Study
3. Executive Summary
4. The Impact of COVID-19
4.1. Scenario A: Severe Impact
4.2. Scenario B: Slow Recovery
4.3. Scenario C: Fast Recovery
5. Market Insights
5.1. Introduction
5.2. Market Dynamics
5.2.1. Drivers
5.2.1.1. Supportive Government Policies and Regulations
5.2.1.2. Increasing Investments by Leading Automotive OEMS
5.2.1.3. Decreasing Battery Prices
5.2.2. Restraints
5.2.2.1. Lack of Charging Infrastructure in Developing Countries
5.2.3. Opportunities
5.2.3.1. Increasing Adoption of Electric Mobility
5.2.3.2. Increasing EV and Battery Manufacturing Capabilities in Southeast Asia
5.2.4. Challenges
5.2.4.1. High Cost of Electric Vehicles
5.2.4.2. Range Limitation of EVs
5.2.5. Value Chain Analysis
6. Asia-Pacific Electric Cars Market, By Propulsion Type
6.1. Introduction
6.2. Hybrid Electric Vehicles
6.2.1. Pure Hybrid Electric Vehicles
6.2.2. Plug-In Hybrid Electric Vehicles
6.3. Battery Electric Vehicles
6.4. Fuel Cell Electric Vehicles
7. Asia-Pacific Electric Cars Market, By Power Output
7.1. Introduction
7.2. Less Than 100kW
7.3. 100kW to 250kW
8. Asia-Pacific Electric Cars Market, By End Use
8.1. Introduction
8.2. Private Use
8.3. Commercial Use
9. Asia-Pacific Electric Cars Market, By Geography
9.1. Introduction
9.1.1. China
9.1.2. Japan
9.1.3. South Korea
9.1.4. India
9.1.5. Australia
9.1.6. New Zealand
9.1.7. Singapore
9.1.8. Thailand
9.1.9. Taiwan
9.1.10. Philippines
9.1.11. Malaysia
10. Competitive Landscape
10.1. Introduction
10.2. Key Growth Strategies
10.3. Key Players in the Asia-Pacific Electric Cars Market
10.3.1. Hyundai Motor Company
10.3.2. Toyota Motor Corporation
10.3.3. Geely Automobile Holdings Limited
11. Company Profiles
11.1. Hyundai Motor Company
11.2. Toyota Motor Corporation
11.3. Geely Automobile Holdings Limited
11.4. Honda Motor Co., Ltd.
11.5. Nissan Motor Corporation
11.6. Tata Motors Ltd.
11.7. Mahindra & Mahindra Limited
11.8. NIO Inc.
11.9. XPeng Inc.
11.10. Mitsubishi Motors Corporation
12. Appendix
12.1. Questionnaire
List of Table
Table 1 Market Size and CAGR (USD Million)
Table 2 Asia-Pacific Electric Cars Market Size, by Propulsion Type, 2019–2028 (USD Million)
Table 3 Asia-Pacific Hybrid Electric Vehicles Market Size, by Type, 2019–2028 (USD Million)
Table 4 Asia-Pacific Hybrid Electric Vehicles Market Size, by Country, 2019–2028 (USD Million)
Table 5 Asia-Pacific Pure Hybrid Electric Vehicles Market Size, by Country, 2019–2028 (USD Million)
Table 6 Asia-Pacific Plug-In Hybrid Electric Vehicles Market Size, by Country, 2019–2028 (USD Million)
Table 7 Asia-Pacific Battery Electric Vehicles Market Size, by Country, 2019–2028 (USD Million)
Table 8 Asia-Pacific Fuel Cell Electric Vehicles Market Size, by Country, 2019–2028 (USD Million)
Table 9 Asia-Pacific Electric Cars Market Size, by Power Output, 2019–2028 (USD Million)
Table 10 Asia-Pacific Less Than 100kW Electric Cars Market Size, by Country, 2019–2028 (USD Million)
Table 11 Asia-Pacific 100kW to 250kW Electric Cars Market Size, by Country, 2019–2028 (USD Million)
Table 12 Asia-Pacific Electric Cars Market Size, by End Use, 2019–2028 (USD Million)
Table 13 Asia-Pacific Electric Cars Market Size for Private Use, by Country, 2019–2028 (USD Million)
Table 14 Asia-Pacific Electric Cars Market Size for Commercial Use, by Country, 2019–2028 (USD Million)
Table 15 Asia-Pacific Electric Cars Market Size, by Country, 2019-2028 (USD Million)
Table 16 Asia-Pacific Electric Cars Market Volume, by Country/Region, 2019–2028 (Thousand Unit)
Table 17 China: Electric Cars Market Size, by Propulsion Type, 2019–2028 (USD Million)
Table 18 China: Hybrid Electric Vehicles Market Size, by Type, 2019–2028 (USD Million)
Table 19 China: Electric Cars Market Size, by Power Output, 2019–2028 (USD Million)
Table 20 China: Electric Cars Market Size, by End Use, 2019–2028 (USD Million)
Table 21 Japan: Electric Cars Market Size, by Propulsion Type, 2019–2028 (USD Million)
Table 22 Japan: Hybrid Electric Vehicles Market Size, by Type, 2019–2028 (USD Million)
Table 23 Japan: Electric Cars Market Size, by Power Output, 2019–2028 (USD Million)
Table 24 Japan: Electric Cars Market Size, by End Use, 2019–2028 (USD Million)
Table 25 South Korea: Electric Cars Market Size, by Propulsion Type, 2019–2028 (USD Million)
Table 26 South Korea: Hybrid Electric Vehicles Market Size, by Type, 2019–2028 (USD Million)
Table 27 South Korea: Electric Cars Market Size, by Power Output, 2019–2028 (USD Million)
Table 28 South Korea: Electric Cars Market Size, by End Use, 2019–2028 (USD Million)
Table 29 India: Electric Cars Market Size, by Propulsion Type, 2019–2028 (USD Million)
Table 30 India: Hybrid Electric Vehicles Market Size, by Type, 2019–2028 (USD Million)
Table 31 India: Electric Cars Market Size, by Power Output, 2019–2028 (USD Million)
Table 32 India: Electric Cars Market Size, by End Use, 2019–2028 (USD Million)
Table 33 Australia: Electric Cars Market Size, by Propulsion Type, 2019–2028 (USD Million)
Table 34 Australia: Hybrid Electric Vehicles Market Size, by Type, 2019–2028 (USD Million)
Table 35 Australia: Electric Cars Market Size, by Power Output, 2019–2028 (USD Million)
Table 36 Australia: Electric Cars Market Size, by End Use, 2019–2028 (USD Million)
Table 37 New Zealand: Electric Cars Market Size, by Propulsion Type, 2019–2028 (USD Million)
Table 38 New Zealand: Hybrid Electric Vehicles Market Size, by Type, 2019–2028 (USD Million)
Table 39 New Zealand: Electric Cars Market Size, by Power Output, 2019–2028 (USD Million)
Table 40 New Zealand: Electric Cars Market Size, by End Use, 2019–2028 (USD Million)
Table 41 Singapore: Electric Cars Market Size, by Propulsion Type, 2019–2028 (USD Million)
Table 42 Singapore: Hybrid Electric Vehicles Market Size, by Type, 2019–2028 (USD Million)
Table 43 Singapore: Electric Cars Market Size, by Power Output, 2019–2028 (USD Million)
Table 44 Singapore: Electric Cars Market Size, by End Use, 2019–2028 (USD Million)
Table 45 Thailand: Electric Cars Market Size, by Propulsion Type, 2019–2028 (USD Million)
Table 46 Thailand: Hybrid Electric Vehicles Market Size, by Type, 2019–2028 (USD Million)
Table 47 Thailand: Electric Cars Market Size, by Power Output, 2019–2028 (USD Million)
Table 48 Thailand: Electric Cars Market Size, by End Use, 2019–2028 (USD Million)
Table 49 Taiwan: Electric Cars Market Size, by Propulsion Type, 2019–2028 (USD Million)
Table 50 Taiwan: Hybrid Electric Vehicles Market Size, by Type, 2019–2028 (USD Million)
Table 51 Taiwan: Electric Cars Market Size, by Power Output, 2019–2028 (USD Million)
Table 52 Taiwan: Electric Cars Market Size, by End Use, 2019–2028 (USD Million)
Table 53 Philippines: Electric Cars Market Size, by Propulsion Type, 2019–2028 (USD Million)
Table 54 Philippines: Hybrid Electric Vehicles Market Size, by Type, 2019–2028 (USD Million)
Table 55 Philippines: Electric Cars Market Size, by Power Output, 2019–2028 (USD Million)
Table 56 Philippines: Electric Cars Market Size, by End Use, 2019–2028 (USD Million)
Table 57 Malaysia: Electric Cars Market Size, by Propulsion Type, 2019–2028 (USD Million)
Table 58 Malaysia: Hybrid Electric Vehicles Market Size, by Type, 2019–2028 (USD Million)
Table 59 Malaysia: Electric Cars Market Size, by Power Output, 2019–2028 (USD Million)
Table 60 Malaysia: Electric Cars Market Size, by End Use, 2019–2028 (USD Million)
Table 61 Electric Cars Market: Recent Developments in Asia-Pacific Region, by Company, 2018–2021
List of figure
Figure 1 Currency and Limitations
Figure 2 Research Process
Figure 3 Key Secondary Sources
Figure 4 Primary Research Techniques
Figure 5 Key Executives Interviewed
Figure 6 Market Size Estimation
Figure 7 Key Insights
Figure 8 Asia-Pacific Electric Cars Market, by Propulsion Type, 2028, (USD Million)
Figure 9 Asia-Pacific Electric Cars Market, by Power Output, 2021 Vs. 2028, (USD Million)
Figure 10 Asia-Pacific Electric Cars Market, by End Use, 2021 Vs. 2028, (USD Million)
Figure 11 Geographic Snapshot: Asia-Pacific Electric Cars Market, (Value Share & CAGR)
Figure 12 Geographic Snapshot: Asia-Pacific Electric Cars Market, (Volume Share & CAGR)
Figure 13 The Impact of COVID-19 on the Asia-Pacific Electric Cars Market
Figure 14 Electric Cars Value Chain
Figure 15 Asia-Pacific Electric Cars Market Size, by Propulsion Type, 2021 Vs. 2028 (USD Million)
Figure 16 Asia-Pacific Electric Cars Market Size, by Power Output, 2021 Vs. 2028 (USD Million)
Figure 17 Asia-Pacific Electric Cars Market Size, by End Use, 2021 Vs. 2028 (USD Million)
Figure 18 Asia-Pacific Electric Cars Market Size, by Country, 2021–2028 (USD Million)
Figure 19 Asia-Pacific Electric Cars Market Volume, by Country, 2021 Vs. 2028 (Thousand Unit)
Figure 20 Key Growth Strategies Adopted by Leading Players, 2018–2021
Figure 21 Hyundai Motor Company: Financial Overview, 2020
Figure 22 Toyota Motor Corporation: Financial Overview, 2020
Figure 23 Geely Automobile Holdings Limited: Financial Overview, 2020
Figure 24 Honda Motor Co., Ltd.: Financial Overview, 2020
Figure 25 Nissan Motor Corporation: Financial Overview, 2020
Figure 26 Tata Motors Ltd.: Financial Overview, 2020
Figure 27 Mahindra & Mahindra Limited: Financial Overview, 2020
Figure 28 NIO Inc.: Financial Overview, 2020
Figure 29 Xpeng Inc.: Financial Overview, 2020
Figure 30 Mitsubishi Motor Corporation: Financial Overview, 2020
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