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Asia Pacific Electric Vehicle (EV) Market Size

Report ID: GMI6470
Published Date: Aug 2023
Report Format: PDF

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Asia Pacific EV Market Size

Asia Pacific Electric Vehicle Market size was valued at USD 222.7 billion in 2022 and is anticipated to register a CAGR of over 32.5% between 2023 and 2032, driven by government initiatives and policies to reduce greenhouse gas emissions and dependence on fossil fuels. Incentives such as subsidies, tax breaks, and charging infrastructure development are incentivizing consumers and manufacturers alike. For instance, in March 2023, Indonesia introduced a USD 110 million incentive program geared toward individuals, retailers, and manufacturers to increase the sales and usage of EVs.

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Escalating urbanization and concerns over air quality are driving the need for cleaner mobility solutions, creating a favorable environment for Asia electric vehicle industry growth. Furthermore, collaborations between technology companies and automakers are spurring innovation, resulting in improved EV performance, longer battery ranges, and reduced costs.

Asia Pacific EV Market Report Attributes
Report Attribute	Details
Base Year:	2022
Asia Pacific EV Market Size in 2022:	USD 222.7 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	32.5%
2032 Value Projection:	USD 3.72 Trillion
Historical Data for:	2018 to 2022
No. of Pages:	220
Tables, Charts & Figures:	336
Segments covered:	Propulsion, Vehicle, Drive, Battery, Range, Price Range, End Use
Growth Drivers:	Supportive government regulations for EVs Rising environmental awareness in Asia Pacific The rapidly growing e-commerce industry Increasing adoption of efficient public transportation solutions
Pitfalls & Challenges:	High initial investments in EVs High-capacity battery raises concerns related to both financial costs and its impact on environmental pollution

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In June 2022, Hyundai Motor Group and Grab Holdings announced plans to their strategic partnership to promote electric vehicle (EV) adoption in Southeast Asia. The collaboration was aimed at developing initiatives to simplify EV usage for Grab's driver and delivery partners, by addressing factors like total cost of ownership and range anxiety. This joint effort would also facilitate the expansion of EVs in the region's mobility services. Robust manufacturing capabilities will further support the growth of the EV market in Asia, enabling efficient production and supply chain management.

However, the Asia EV market may face challenges due to limited charging infrastructure in some areas and subsequent range anxiety among potential buyers. Additionally, the high initial purchase cost of EVs and concerns over battery degradation pose financial and practical challenges for consumers. Supply chain disruptions and shortages of key components, such as semiconductors, can also impede production and limit market growth.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Asia Pacific EV market size was valued at USD 222.7 billion in 2022 and is set to expand at a CAGR of 32.5% between 2023 and 2032, driven by government initiatives and policies to reduce GHG emissions and dependence on fossil fuels.

The passenger vehicle type segment accounted for a market share of 84.6% in 2022, owing to rapid urbanization, along with shifting interest in EVs as a solution to mitigate traffic congestion and improve air quality.

China market generated USD 184.8 billion in revenue in 2022, due to favorable regulations mandating EV quotas and provision of license plate privileges.

Kia Corporation, Niu International, Gogoro, Evoke Electric Motorcycles (HK) Ltd., Vmoto Limited, Horwin, Terra Motors, Brompton Bicycle Ltd, Tern, Giant Bicycles, MERIDA BIKES, Yamaha Motor, FOCUS BIKES GMBH, and Polygon Bikes.