What is the global market size of Asia Pacific Electric Vehicle Market?

Asia Pacific Electric Vehicle Market size was valued at USD 229.39 billion in 2021 and is poised to grow from USD 273.2 billion in 2022 to USD 1106.06 billion by 2030, growing at a CAGR of 19.1% in the forecast period (2023-2030).

What is the key driver of Asia Pacific Electric Vehicle Market?

Burden of various diseases are increased which result in increasing laboratory tests. So that there is an increase in the laboratories in the public and commercial sectors. In Dec2019, COVID-19 increased rapidly which led to high demand for diagnostic testing. Many government authorities have established additional laboratories in order to increase the capacity of laboratory testing. Hence drive the market growth.

Asia Pacific Electric Vehicle Market Size, Share, Growth Analysis, By Product(Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV)), By Vehicle Type(passenger cars, PCLT), By Speed(<125mph and >125mph), By End user(Private use and commercial use) - Industry Forecast 2024-2031

Report ID: SQMIR25C2133 | Region: Regional | Published Date: April, 2024
Pages: 223 | Tables: 112 | Figures: 77

Asia Pacific Electric Vehicle Market Dynamics

Asia Pacific Electric Vehicle Market Drivers

Reducing Cost of EV Batteries to Bolster Market Growth

Due to technological breakthroughs and the mass production of EV batteries in vast quantities, the cost of EV batteries has been declining over the past years. As a result, the price of electric vehicles has decreased. That factor influences the demand for electric vehicles.

Asia Pacific Electric Vehicle Market Restraints

Insufficient EV Charging Station to Hinder Market Growth

In the Asia Pacific region, they have a limited quantity of EV charging facilities. As a result, there are fewer public EV charging stations available, which lowers uptake of electric vehicles. Due to the unavailability of EV charging stations many customers are not purchasing electric vehicles that hinder the market growth in Asia Pacific region.

Asia Pacific Electric Vehicle Market Report Snapshots

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Asia Pacific Electric Vehicle Market size was valued at USD 0.27 trillion in 2022 and is poised to grow from USD 0.32 trillion in 2023 to USD 1.30 trillion by 2031, at a CAGR of 19.10% during the forecast period (2024-2031).

The Asia Pacific Electric Vehicle Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'BYD Company Ltd.', 'Tesla, Inc.', 'BAIC Motor Corporation Ltd.', 'SAIC Motor Corporation Limited', 'Nissan Motor Co., Ltd.', 'Hyundai Motor Company', 'Kia Motors Corporation', 'Geely Automobile Holdings Limited', 'Dongfeng Motor Corporation', 'Toyota Motor Corporation', 'Honda Motor Co., Ltd.', 'BMW AG', 'Volkswagen Group China', 'Changan Automobile Co., Ltd.', 'GAC Group', 'Zotye Auto Co., Ltd.', 'JAC Motors', 'Mitsubishi Motors Corporation', 'Jiangling Motors Corporation Group', 'FAW Group Corporation'

Due to technological breakthroughs and the mass production of EV batteries in vast quantities, the cost of EV batteries has been declining over the past years. As a result, the price of electric vehicles has decreased. That factor influences the demand for electric vehicles.

Government programmes New emerging trends with regards to electric vehicles. The government has begun to support the growth and sales of the EV sector and associated charging infrastructure. Additionally, governments are encouraging the adoption of EVs by offering various incentives like reduced or free registration fees as well as exemptions from import taxes, purchase taxes, and road tolls.

Range anxiety is the fear of operating an electric vehicle and running out of power without being able to find a charging station in time to recharge the battery. The increased investments from public and private entities for electric charging infrastructure, as well as the expansion of electric charging stations across the developing countries, are helping to build customer trust and help in mitigating the problem.

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Asia Pacific Electric Vehicle Market Size, Share, Growth Analysis, By Product(Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV)), By Vehicle Type(passenger cars, PCLT), By Speed(<125mph and >125mph), By End user(Private use and commercial use) - Industry Forecast 2024-2031

Asia Pacific Electric Vehicle Market Dynamics

Asia Pacific Electric Vehicle Market Report Snapshots

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