DUBLIN–(BUSINESS WIRE)–The “Asia-Pacific Electric Car Market by Propulsion Type (BEV, FCEV, PHEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW), End Use (Private, Commercial), and Geography – Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The research report provides an in-depth analysis of the Asia-Pacific electric cars market and emphasizes on the current market trends, market size, market shares, recent developments, and forecast till 2028. The Asia-Pacific Electric Cars Market is expected to reach $761.97 billion by 2028, at a CAGR of 34.6 % during the forecast period, 2021-2028. By volume, this market is expected to grow at a CAGR of 40.4 % from 2021 to reach 53.8 million units by 2028.
The growth of this market is mainly attributed to the supportive government policies and regulations, increasing investments by leading automotive OEMs, and decreasing battery prices are key factors driving the growth of the Asia-Pacific electric cars market.
The study offers a comprehensive analysis of the Asia-Pacific electric cars market with respect to the propulsion type (hybrid vehicles, battery electric vehicles, and fuel cell electric vehicles), power output (less than 100 kW, and 100 kW to 250 kW), end use (private use, and commercial use), and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Geographically, China is estimated to account for the largest share of the Asia-Pacific electric cars market in 2021 by value as well as volume. The large share of this country is mainly attributed to the extensive government support and expansion in charging infrastructure, tax exemptions for purchasing an electric car by 2023, improving the quality of electric cars, increasing charging facilities, and subsidies offered by the Ministry of Commerce.
China’s EV market is growing significantly with extensive government support and expansion in charging infrastructure. Increasing government efforts to push electric car sales to up to 25% of the car sales by 2025 have been driving the market growth considerably in China. To achieve the set target, the government has extended the tax exemptions for purchasing electric cars by 2023.
Thus, considering the above facts, the investors have started investing in this market as they seek this as a huge opportunity. Foreign automobile companies are infusing investments worth USD 67.8 billion in China’s electric vehicles industry. For instance, in 2018, SAIC Volkswagen invested USD 2.45 billion in building an electric vehicles plant in Shanghai.
Key Questions Answered in the Report-
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Scope of the Report
Asia-Pacific Electric Cars Market, by Propulsion Type
Asia-Pacific Electric Cars Market, by Power Output
Asia-Pacific Electric Cars Market, by End Use
Asia-Pacific Electric Cars Market, by Geography
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. The Impact of COVID-19
5. Market Insights
6. Asia-Pacific Electric Cars Market, By Propulsion Type
7. Asia-Pacific Electric Cars Market, By Power Output
8. Asia-Pacific Electric Cars Market, By End Use
9. Asia-Pacific Electric Cars Market, By Geography
10. Competitive Landscape
11. Company Profiles
12. Appendix
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/rrejx1
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