Asia-Pacific Electric Vehicle Market size was valued US$ XX Mn in 2019 and the total revenue is expected to grow at XX% through 2020 to 2027, reaching US$ XX Mn.
Asia-Pacific Electric Vehicle Market
Asia-Pacific Electric Vehicle Market:
Owing to looming environmental distresses including pollution & traffic congestion in Asia Pacific, a large focus is now on the Asian market with 56 percent of electric vehicle sales coming from East Asia & 37 percent of Southeast Asia open to electric vehicle purchase. As a result, governments in the region including Singapore, Malaysia, Thailand, Philippines & Indonesia, are pushing for electric vehicle initiatives as a more energy-efficient, cost-effective & sustainable solution in public & private transportation. However, challenges like starting electric vehicle-ready infrastructure, low uptake of electric vehicles owing to buyers concerns & the slow electrification of mass transport still stand in the way of representing full-scale electric vehicle adoption.
Key Strategies to Accelerate EV Adoption in 2020-21:
• Address consumer concerns to increase demand for Evs.
• Establish a Solid and Flexible electric vehicle Infrastructure through Sustainable Models
• Implement Practical Strategies from different EV Markets across Asia pacific region.
• Steer Future Economies into the Next Level of Connectivity with EV and Smart Grids.
• Gear up for Smart and Urban Mobility to Drive Forward Future Cities.
• Pave the Way for Future Mobility with Effective Urban Planning Strategies.
The Asia Pacific region is adoring the largest share & highest growth in electric vehicle sales worldwide. Here are the countries which are leading the race, & how their market & political situations are contributing to successful electric vehicle adoption:
CHINA: Just less than half of all the world’s electric cars travel the bustling roads of China, also home to the world’s largest electric car maker BYD. The East Asian behemoth began scheduling a prohibition on fossil fuel vehicles since September 2017. To support its electric vehicle manufacturers, the Chinese government recently announced that subsidies & tax breaks for NEVs will be extended to the end of 2022. Product variety & innovative infrastructure have also contributed to the country’s e-mobility boom. With vehicles ranging from low-speed electric vehicles, two-wheeled vehicles found mostly in China to light goods vehicles, paired with a strong network of high-speed chargers, the republic looks set to maintain its lead in the global electric vehicle market through 2030.
INDIA: Indian government is responding the call for stronger climate action over its faster adoption & manufacturing of Hybrid & Evs scheme. State governments as well as local transportation & energy sectors, the scheme could help India realize greater EV sales of cars, buses and two and three-wheelers by 2030. Reaching higher market share in the next decade could save up to 846 Mn tons of carbon dioxide over the deployed vehicles’ lifetime & up to 474 Mn tons of oil equivalent. Taking notes from its regional complements, the state is pushing the industry to develop new electric vehicle variations that could improve access & innovate business models which will encourage use, like shared transportation services.
Impact of Covid-19 on Manufactures:
Overall auto sales in plunged 79% in February compared with the same month in 2019, Sales of new energy vehicles fell for the eighth month in a row. China’s auto market was already whirling from a large drop in demand in 2019.
In 2020 no carmaker has been safe to the effects of the coronavirus. That contains everyone from the oldest joint ventures producing internal combustion engine SUVs to the most innovative startups making electric vehicles. The majority of electric car makers will not survive. But how long they survive & whether industry consolidation occurs through lots of mergers or bankruptcies will depend on the willingness of the government.
The objective of the report is to present a comprehensive analysis of the Asia-Pacific Electric Vehicle Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Asia-Pacific Electric Vehicle Market dynamics, structure by analyzing the market segments and project the Asia-Pacific Electric Vehicle Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Asia-Pacific Electric Vehicle Market make the report investor’s guide.
Scope of the Asia-Pacific Electric Vehicle Market
Asia-Pacific Electric Vehicle Market, By Type
Asia-Pacific Electric Vehicle Market, By Vehicle Type
• Two Wheeler
• Passenger Car
• Commercial Vehicle
Asia-Pacific Electric Vehicle Market Key Players
• Mercedes Benz
• Delphi Automotive
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This Report Is Submitted By : Maximize Market Research Company
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