The Asia-Pacific electric passenger car market is expected to experience rapid growth in the upcoming years, according to the 2018-2028F report by TechSci Research. Electric vehicles (EVs) operate on electric motors, which offer better fuel economy, lower carbon emissions, and less engine noise compared to traditional fuel-powered vehicles. The rising carbon footprint and other environmental impacts of fuel-based vehicles have led to increased popularity of EVs in the last decade.
Several factors are contributing to the growth of the Asia-Pacific electric vehicle market, including increased demand for fuel-efficient, high-performance, and low-emission vehicles, stricter laws and regulations on vehicle emissions, decreased battery costs, and rising fuel prices. Governments worldwide are also showing more interest in electric mobility and introducing regulations to phase out fossil-fuel-powered vehicles. Governments are investing in charging infrastructure and providing subsidies and tax breaks to encourage EV adoption.
Suzuki Motor, the parent company of Maruti Suzuki, has announced an investment of INR 10,440 crore in India to develop a new electric car and battery factory in March 2022. BYD has also introduced two new electric vehicle models with advanced battery safety features, the BYD Atto 3 and BYD E6, equipped with new Blade batteries, in India in 2022.
The Asia-Pacific electric passenger car market can be classified into several segments based on type, propulsion type, battery capacity, and region. Type-wise, the market is divided into three segments: hatchback, sedan, and SUV. Based on propulsion type, the market is categorized into battery electric vehicles, plug-in hybrid vehicles, hybrid electric vehicles, and fuel cell electric vehicles. The segment expected to grow the fastest is fuel cell electric vehicles, driven by the increasing demand for low-carbon vehicles, the growing emphasis on FCEV adoption due to quick recharging benefits, and increased government programs and investments in advancing fuel cell technology.
The market is also segmented based on battery capacity, with three categories: <50kWh, 50-100kWh, and >100kWh. The 50-100kWh sector is anticipated to account for most of the Asia-Pacific electric passenger car market. Key automotive OEMs' increased efforts to produce electric vehicles with sufficient battery capacity to offer a good driving range for the vehicles primarily drive the significant expansion of this market segment.
Some of the major players operating in the Saudi Arabia Shared Mobility Market include:
- Ford Motor Company
- General Motors Inc.
- Kia Motors Company
- SAIC Motor Corporation
- Mercedes-Benz AG
- Hyundai Motor Corporation
- BYD Co., Ltd.
- Toyota Motor Company
- Nissan Motor Company, Ltd
- Volkswagen AG
“Governments are spreading awareness and promoting their policies for the adoption of electric passenger vehicles. Governments are providing subsidies on buying electric passenger cars. Many OEMS and governments are also developing the infrastructure related to the electric vehicle and rolling out new products with advanced technology and better range. The electric passenger car market has the potential to thrive in the coming years due to its ability to reduce carbon emissions and low operating costs." said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Asia Pacific Shared Mobility Market, By Battery Type (Lead- Acid, Lithium-Ion), By Application (Construction, Warehouse, Retail & Wholesale Store, Manufacturing), By region, Competition Forecast & Opportunities, 2018- 2028F, has evaluated the future growth potential of Asia-Pacific Shared Mobility Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Asia-Pacific Shared Mobility Market.
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