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Asia Pacific Electric Vehicle (EV) Market Trends

Report ID: GMI6470
Published Date: Aug 2023
Report Format: PDF

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Asia Pacific EV Market Trends

Rapid urbanization is driving demand for compact and efficient EVs, while innovative battery leasing models are offering cost-effective solutions for users, creating a favorable environment for EV industry expansion in the Asia Pacific. In February 2021, Hyundai entered a memorandum of understanding with the South Korean government, alongside logistics, battery, and mobility firms, to showcase the electric vehicle battery leasing concept.

This initiative was meant to cultivate an electric vehicle (EV) ecosystem by mitigating the upfront expenses associated with EV acquisition and introducing inventive services that facilitate environmentally responsible battery reuse. Cross-industry collaborations are also fostering cutting-edge EV technologies, enhancing charging speeds and grid integration. In addition, shared mobility services are gaining traction, enabling broader access to EVs, bolstering the market outlook.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Asia Pacific EV market size was valued at USD 222.7 billion in 2022 and is set to expand at a CAGR of 32.5% between 2023 and 2032, driven by government initiatives and policies to reduce GHG emissions and dependence on fossil fuels.

The passenger vehicle type segment accounted for a market share of 84.6% in 2022, owing to rapid urbanization, along with shifting interest in EVs as a solution to mitigate traffic congestion and improve air quality.

China market generated USD 184.8 billion in revenue in 2022, due to favorable regulations mandating EV quotas and provision of license plate privileges.

Kia Corporation, Niu International, Gogoro, Evoke Electric Motorcycles (HK) Ltd., Vmoto Limited, Horwin, Terra Motors, Brompton Bicycle Ltd, Tern, Giant Bicycles, MERIDA BIKES, Yamaha Motor, FOCUS BIKES GMBH, and Polygon Bikes.