The Asia Pacific Electric Vehicle Market would witness market growth of 25.4% CAGR during the forecast period (2019-2025).
Asia Pacific is predicted to have the largest market share, in terms of value. This market share is driven primarily by development in the implementation of electric buses in Asia Pacific countries such as China, South Korea, and Japan, and public mandates to curb urban pollution by using emission-free cars. Increasing investment in the development of electric vehicles, the development of charging infrastructure, operations to raise awareness of the benefits associated with electric commercial vehicles (for example, reducing extra user costs), and growing ECV revenues are expected to drive the growth of the global market in this region.
The market is witnessing a steady growth pace in this region due to extensive participation of developed and developing economies. Furthermore, the governments across the region are making new initiatives to enhance their country?s ability to deliver new and advanced products in the overall market. For example, after a successful pilot program in selected cities, the Chinese government decided last year to introduce green license plates for new energy vehicles (NEVs) across the country. In expectation of future demand for electric cars, a Malaysian government organization is preparing for the required ecosystem to support them by installing electric car chargers nationwide.
Based on Type, the market is segmented into Hybrid Electric Vehicle, Battery Electric Vehicle and Plug-in Hybrid Electric Vehicle. Based on Vehicle Type, the market is segmented into Passenger Vehicles, Two-wheeler and Commercial Vehicle. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Taiwan, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Tesla, Inc., Volkswagen AG, Honda Motor Co. Ltd., BYD Company Limited, Volvo Group, BMW Group, Toyota Motor Corporation, Ford Motors Co. Ltd., Daimler AG and General Motors Co.
Market Segmentation:
By Type
By Vehicle Type
By Country
Companies Profiled
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