Future of Electric Vehicle Market in Asia Pacific Region

An electric vehicle (EV) operates with the help of electricity, unlike other vehicles that runs on fuel. Instead of functioning on an internal combustion engine, electric vehicles operate on an electric motor. These motors require a continuous supply of energy through a variety of high-power batteries such as lithium-ion, zinc-air, molten salt, and various nickel-based designs. Electrical vehicles are gaining tremendous popularity across the globe as it outperforms the conventional vehicle in terms of higher fuel efficiency, smoother drive, low carbon emission, reduced sound from the engine, and most important convenience of charging at home. These vehicles are driving major sales in major Asian countries such as China, India, and Japan due to the availability of low-cost vehicles.

The electric vehicle market in the Asia Pacific region has witnessed tremendous growth with ongoing major developments in the automotive sector. Growing environmental concerns related to carbon emissions, stringent government regulations to reduce carbon emission, and increasing investment by leading companies are driving growth for Asia Pacific electric vehicle market. In addition to this, favorable government policies and increasing support in terms of subsidies, tax rebates, grants, and new car registration are projected to drive the growth of the target market. Furthermore, increasing vehicle range, proactively participation by automotive OEMs, and availability of better-charging infrastructure further supports the global market for an electric vehicle in the Asia Pacific.

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Readers Nation’s Key Perspective on Asia Pacific Electric Vehicle Market

• Based on product, the PHEV segment has dominated the market for electric vehicles and is expected to keep its dominance in the coming years. Growing environmental awareness, key benefits of BEV, and increasing initiatives started by the government of major economies from the Asia Pacific driving demand for the electric vehicle.

• Increasing investments by automakers and large fleet operators to improve electrification, fulfil short-term policy requirements, and meet the increasing demand for EVS creating a positive environment for Asia Pacific electric vehicle market.

• ICE vehicles are one of the major sources of emissions for GHG concentrations that cause environmental issues. To curb these environmental challenges, several leading countries across the globe have taken initiatives to deploy EVs.

• Various startups are expanding their presence in the market by raising funds from investors and targeting untapped markets to attract unattained consumers. Companies are heavily investing in R&D activities and launching new EV models to gain a competitive edge in the market.

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Readers Nation’s Take on Competitive Outlook of Asia Pacific Electric Vehicle Market

The Asia Pacific electric vehicle market is characterized and consolidated by high competition on account of well-established players trying out different strategies to retain their dominance over the market. On the other hand, new market entrants are also working hard to bring a new revolution in the field that poses healthy competition for existing players. Additionally, companies are also engaged in various key strategies such as acquisitions, partnerships, mergers, and expansions to stay relevant in the industry.

As per Polaris Market Research study leading players operating in the Asia Pacific electric vehicle market include Nissan Motor Corporation, Toyota Motor Corporation, Hyundai Motor, Volkswagen Ag, BMW Group, Mitsubishi, Tesla Motors Inc, Ford Motor Company, and others.

Rajesh Jadhav
Readers Nation
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