Report Description

According to ConsTrack360, the electric vehicle market in the region is expected to grow by 101.7% on an annual basis to reach US$525.0 billion in 2023.

The medium to long term growth story of the electric vehicle market in Asia Pacific remains strong. Electric vehicle adoption is expected to grow steadily over the forecast period, recording a CAGR of 31.5% during 2023-2027. The electric vehicle market in the region will increase from US$260.3 billion in 2022 to reach US$1,572.3 billion by 2027.

The Asia Pacific electric vehicles industry is poised for accelerated growth over the next five years. The growing shift towards environmentally friendly transport and commuting is aiding the adoption of electric vehicles both in the private as well as public sectors. In the region, markets like India, China, and Indonesia, are all experiencing strong growth in the sector in 2023 and the trend is projected to further continue from the short to medium-term perspective.

Chinese automakers are also targeting a higher share of the growing global EV market. BYD, for instance, is rapidly expanding its footprint in markets like Europe and Latin America, as it seeks to compete with Tesla in the global market. Indian automakers, too, are seeking to tap into the growing global markets, with players like Tata Motors planning to expand their EV presence in Europe.

Chinese carmakers are eyeing growth in the European region amid overcapacity and economic slowdown in the domestic market

Economic troubles have been brewing in the Chinese market over the last 24 months and the future prospects are not looking good owing to the downturn in the real estate and consumption sector. Consequently, to accelerate growth, Chinese carmakers are eyeing growth in the European region.

  • According to data from the China Passenger Car Association, automakers exported nearly 350,000 electric vehicles to nine European countries in H1 2023. This is more than the export numbers recorded throughout 2022. Many of the EV makers are targeting the European market owing to the lower import duty in the region, compared to the United States.
  • Chinese EV makers, for instance, pay a 10% import duty when sending vehicles to the European Union. This is significantly lower compared to the 27.5% required by the United States. The decision to ban the sales of internal combustion engine cars by 2035 is another reason that Chinese makers are foreseeing strong growth in Europe over the next five years.


BYD, one of the leading Chinese EV automakers, is making rapid strides in the global market. From Europe to Latin America, the firm is seeking to strengthen its global market position and compete with Tesla in the segment. BYD, in August alone, exported 25,000 vehicles. In Europe, BYD plans to double the number of dealer partners. In 2023, BYD aims to increase the sales of its electric vehicles to 250,000, compared to 55,916 in 2022.

Electric vehicle penetration is growing at a significant pace in the Indian market in 2023

The adoption of electric vehicles is rising at a rapid pace in India in 2023 and the trend is projected to further continue over the next three to four years. According to a report from the Ministry of Road Transport and Highways, more than a million electric vehicles have been registered with regional transport offices till September 19, 2023. This represents 6.4% of the total automobile sales in 2023.

The surge in sales of electric vehicles can be largely attributed to increased fuel prices, leading to individual as well as business purchases. Furthermore, the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II) initiative has also aided the EV penetration in India in 2023. Much of the growth in the segment is led by two-wheeler electric vehicle players, including Ola and Aether Energy, among others. This trend is expected to further continue from the short to medium-term perspective, aiding the growth of the regional electric vehicles market.

The electric vehicle competitive landscape is growing at a rapid rate across Southeast Asia

The Southeast Asian electric vehicle has the presence of several domestic and global EV manufacturers. From Chinese brands to South Korean, the industry is experiencing a strong influx of new players, and the trend is projected to further continue from the short to medium-term perspective. Amid the rising competitive landscape, regional firms are also seeking to expand their global footprints.

  • VinFast, for instance, is looking to tap into the growing adoption of electric vehicles in the regional and global markets. The firm, over the next few years, is expected to enter markets like India, Malaysia, the Middle East, Africa, and Latin America. In Indonesia, VinFast has announced an investment of US$1.2 billion, a part of which will be used for setting up a production facility.


From the short to medium-term perspective, ConsTrack360 expects the competitive landscape to grow even further, driving more global and private-sector investment in the regional market. This will subsequently drive innovation and market growth over the next three to four years.

This report provides a detailed data-centric analysis of the electric vehicle and charging infrastructure market, value and volume metrics covering market opportunities and risks across a range of industry categories. with over 75+ KPIs at the country level, this report provides a comprehensive understanding of electric vehicle market dynamics, market size and forecast, and charging infrastructure market statistics.

This report provides the overall vehicle market of the country by value and volume. Further, it breaks down electric and charging infrastructure market. Electric vehicle further breaks down market opportunity by type of vehicle driven, car segments, class of vehicles, propulsion type, distance range and by components.

The electric vehicle charging infrastructure provides market size data by number of charging stations, and number of charging points. It breaks down market opportunity by type of chargers, by location of charging points, by charging speed, by connection phase, by type of connectivity and by charger connectivity infrastructure.

ConsTrack360’s research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.

This title from ConsTrack360 is a bundled offering, combining the following 7 reports (679 tables and 833 charts):

1. Asia Pacific Electric Vehicle Business and Investment Opportunities Databook
2. Australia Electric Vehicle Business and Investment Opportunities Databook
3. China Electric Vehicle Business and Investment Opportunities Databook
4. India Electric Vehicle Business and Investment Opportunities Databook
5. New Zealand Electric Vehicle Business and Investment Opportunities Databook
6. Japan Electric Vehicle Business and Investment Opportunities Databook
7. South Korea Electric Vehicle Business and Investment Opportunities Databook


Scope

This report provides in-depth data-centric analysis of Electric Vehicle and Charging Infrastructure Market in through 97 tables and 119 charts. Below is a summary of key market segments:

Overall Vehicle Market Size and Future Growth Dynamics

  • Market size by value
  • Market size by volume




Electric Vehicle Market Size and Forecast

  • Market size by value
  • Market size by volume



Electric Vehicle Market Volume By Drive Segment

  • Front Wheel Drive
  • Rear Wheel Drive
  • All-Wheel Drive



Electric Vehicle Market Value and Volume By Car Segment

  • Passenger Car
  • Commercial Vehicle



Electric Vehicle Market Value and Volume By Passenger Car Segment

  • Small Car
  • Medium Car
  • Crossover Car
  • Large Car
  • SUV



Electric Vehicle Market Value and Volume By Commercial Vehicle Segment

  • Light Duty Vehicle (Class 1-Class 3)
  • Medium Duty Vehicle (Class 4-Class 6)
  • Heavy Duty Vehicle (Class 7-Class 8)



Electric Vehicle Market Value By Vehicle Class

  • Low-Priced
  • Mid-Priced
  • Luxury Class



Electric Vehicle Market Value By Powertrain

  • Parallel Hybrid
  • Series Hybrid
  • Combined Hybrid



Electric Vehicle Market Value By Distance Range

  • Up to 150 Miles
  • 151-300 Miles
  • Above 300 Miles



Electric Vehicle Market Value By Charging Type

  • Normal Charging
  • Super Charging



Electric Vehicle Market Value By Propulsion Type

  • Plug-In Hybrid Electric Vehicles (PHEVs)
  • Battery Electric Vehicles (BEVs)
  • Hybrid Electric Vehicles (HEVs)
  • Fuel Cell Electric Vehicles (FCEVs)



Electric Vehicle Market Value and Volume By Vehicle Type

  • Two Wheelers (e2W)
  • Three-Wheeler (e3W)
  • Four Wheelers (e4W)
  • Electric Buses



Electric Vehicle Market Value By Cities

  • Tier 1 Cities
  • Tier 2 Cities
  • Tier 3 Cities



Electric Vehicle Market Value By Components

  • Battery Cells & Packs
  • On-Board Charge
  • Motor
  • Reducer
  • Power Control Unit
  • Battery Management System
  • Fuel Processor
  • Power Conditioner
  • Air Compressor
  • Humidifier



Electric Vehicle Infrastructure Market Value

Electric Vehicle Infrastructure Market Volume

  • Number of Charging Points
  • Number of Charging Stations



Electric Vehicle - Number of Charging Points By Charging Type

  • Level 1 – 240 (V)
  • Level 2 – 120 (V)
  • Direct Current (DC)



Electric Vehicle - Number of Charging Stations By Charging Type

  • Level 1 – 240 (V)
  • Level 2 – 120 (V)
  • Direct Current (DC)



Electric Vehicle - Number of Charging Points By Location

  • Residential and Destination
  • Streets
  • Workplaces
  • Flew depots



Electric Vehicle - Number of Charging Points By Charging Speed

  • Slow
  • Fast
  • Rapid
  • Ultrarapid



Electric Vehicle - Number of Charging Stations By Charging Speed

  • Slow
  • Fast
  • Rapid
  • Ultrarapid



Electric Vehicle - Number of Charging Points By Vehicle

  • Passenger Cars
  • Buses
  • Trucks
  • Light Commercial Vehicles



Electric Vehicle - Number of Charging Points By Connection Phase

  • Single Phase
  • Three Phase



Electric Vehicle - Number of Charging Points By Infrastructure Type

  • CSS
  • CHAdeMO
  • GB/T
  • Other



Electric Vehicle - Number of Charging Points By Connectivity

  • Smart Charging Station
  • Non-Connected Charging Station




Reasons To Buy

The report provides a comprehensive overview of the Asia Pacific electric vehicle market and infrastructure, covering the following key aspects:

  • Market size by value and volume: This report provides detailed market size and forecast data for electric vehicles in Asia Pacific, by value and volume. This data is essential for understanding the current and future potential of the market.
  • Detailed EV market opportunity: This report segments the electric vehicle market by drive segment, car segment, commercial vehicle segment, passenger car segment, commercial vehicle segment, vehicle class, powertrain, distance range, charging type, propulsion type, vehicle type, and cities. This segmentation provides a granular view of the market and helps to identify key growth areas.
  • EV infrastructure: This report also provides a comprehensive overview of the Asia Pacific electric vehicle infrastructure market, including market size and forecast data, along with detailed market segmentation. This information is essential for businesses that are looking to invest in the Asia Pacific electric vehicle infrastructure market.
  • Assess risks: Granular segment level information helps in identifying new business opportunities and risks in the Asia Pacific electric vehicle and infrastructure market.