A car with one or more electric motors for propulsion is called an electric vehicle (EV). It can be run independently from a battery (which is occasionally charged by solar panels, or by turning fuel into electricity using fuel cells or a generator), or it can run on electricity from extravehicular sources using a collector system. Road and rail vehicles are included in the category of electric vehicles (EVs), but they can also generally be defined as electric boats, electric spacecraft, electric aircraft, and underwater vehicles (submersibles, as well as technically diesel and turbo-electric submarines).
Asia Pacific Electric Vehicle Market Driving Factors and Challenges
Governments everywhere are starting to favour electric mobility more and more. Government actions to promote the adoption of EVs, such as tax breaks and subsidies, government spending to upgrade public EV charging infrastructure, and legislation to phase out fossil fuel-powered vehicles are all likely to contribute to market expansion. Investing directly in public charging stations or indirectly through financing private charging stations for homes and workplaces, governments are building charging infrastructure. The battery industry is growing as a result of numerous battery technological developments and the use of cutting-edge technologies like ADAS, AI, IoT, and others. The Asia-Pacific electric vehicle market is expanding due to a number of factors, including rising fuel prices, falling battery costs, and stricter laws and regulations regarding vehicle emissions.
The primary consideration when purchasing an electric car is price. The batteries in these cars can account for anywhere from 35 to 40 percent of the vehicle's total cost, which makes them more expensive than vehicles powered by traditional fuel. Since the cost of electric vehicles (passenger and commercial) is over 50% greater than that of internal combustion engines (ICE) vehicles, consumers may be reluctant to buy electric vehicles in the near future, which would impede market expansion. However, it is projected that the price of batteries will have an impact on the growth of the Asia Pacific electric vehicle market due to increased large-scale production of these batteries and technological advancements. Also buying an electric vehicle often comes with a larger initial cost.
Impact of COVID-19 on Asia Pacific Electric Vehicle Market
Because of the severe lockdowns and social distancing measures put in place to stop the virus's transmission, the COVID-19 had a detrimental effect on the market for electric vehicles. There were other factors influencing the market for electric vehicles, including low consumer confidence, a partial corporate shutdown, and economic uncertainty. Both logistics and the supply chain were hindered during the outbreak. In contrast, the post-pandemic scenario is anticipated to see an acceleration of the electric car market due to the easing of limitations. Positively, interest in electric vehicles may have grown as a result of the growing focus on sustainability and environmental issues worldwide. Governments and people alike might view electric cars as a more environmentally friendly and sustainable option than conventional automobiles.
Asia Pacific Electric Vehicle Market Key Players
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as major key players are Tesla Inc., Mercedes-Benz Group AG, BYD Company Ltd, General Motors, Toyota Motor Corporation, Hyundai Motor Company, Honda Motor Company Ltd, Nissan Motor Co. Ltd, Volkswagen AG, Stellantis NV and various others.
Asia Pacific Electric Vehicle Market Segmentation:
By Propulsion Type: Based on the Propulsion Type, Asia Pacific Electric Vehicle Market is segmented as; Battery Electric Vehicles, Fuel Cell Electric Vehicles, Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicles.
By Vehicle Type: Based on the Vehicle Type, Asia Pacific Electric Vehicle Market is segmented as; Passenger Car, Commercial Vehicles.
By Charging Type: Based on the Charging Type, Asia Pacific Electric Vehicle Market is segmented as; Normal Charging, and Fast Charging.
By Region: This research also includes data for Australia, China, India, Japan, South Korea, Singapore and rest of Asia-Pacific.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.