A car that is powered entirely or partially by electricity is called an electric vehicle. Electronic vehicles (EVs) employ an electric motor that is fuelled by a fuel cell or batteries, as opposed to conventional vehicles that only use fossil fuels. The phrases “EV” and “e-vehicle” are also acceptable. The phrase encompasses both BEVs and PHEVs in the majority of cases, including this article. Battery electric cars are denoted by the letters BEVs, and plug-in hybrid electric vehicles are denoted by the letters PHEVs.
According to SPER market research, ‘Asia Pacific Electric Vehicle Market Size – By Propulsion Type, By Vehicle Type , By Charging Type – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Asia Pacific Electric Vehicle Market is predicted to reach USD 2367.61 billion by 2033 with CAGR of 20.39%.
The number of patients with chronic conditions is likely to rise, and government attempts to develop digital healthcare platforms are expected to be encouraged. These are some of the major factors anticipated to boost market expansion during the forecast years. Additionally, it is anticipated that the rapidly growing healthcare IT infrastructure would increase the demand for remote patient monitoring services, which will further fuel market expansion in the sector. Moreover, the growing prevalence of smartphones and the internet is contributing to the market rise. As a result of the lockdown and travel restrictions, many patients turned to telehealth platforms for remote diagnosis and treatment, which is another reason why it is anticipated that the category would grow during the forecast periods.
The absence of a comprehensive infrastructure for charging electric vehicles is one of the major obstacles to their broad adoption. While progress in expanding their networks of charging stations differed across Asia Pacific, EV customers needed a cohesive infrastructure in order to maximize their convenience. Batteries accounted for a sizable amount of the total cost of an electric car. Technological developments in batteries were essential for lowering costs and increasing driving range. But there were issues that needed to be addressed, like the scarcity of raw materials, worries about how mining these resources would affect the environment, and the requirement for recycling solutions. “Range anxiety,” or worries about the short driving range of electric cars, has remained a problem.
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Because of the severe lockdowns and social distancing measures put in place to stop the virus’s transmission, the COVID-19 had a detrimental effect on the market for electric vehicles. There were other factors influencing the market for electric vehicles, including low consumer confidence, a partial corporate shutdown, and economic uncertainty. In contrast, the post-pandemic scenario is anticipated to see an acceleration of the electric car market due to the easing of limitations. Positively, interest in electric vehicles may have grown as a result of the growing focus on sustainability and environmental issues worldwide. Governments and people alike might view electric cars as a more environmentally friendly and sustainable option than conventional automobiles. Positively, the increased global attention being paid to environmental issues and sustainability may have contributed to the growth in interest in electric vehicles.
Asia-Pacific is led by China in the market. Another nation in the area that is catching up in electric vehicle sales is India. In order to stimulate the indigenous electric vehicle industry, the Indian government has given EV makers and users tax breaks and incentives. Additionally, some of the market key players Tesla Inc., Mercedes-Benz Group AG, BYD Company Ltd, General Motors, Toyota Motor Corporation, Hyundai Motor Company, Honda Motor Company Ltd, Nissan Motor Co. Ltd, Volkswagen AG, Stellantis NV and various others.
APAC Electric Vehicle Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Propulsion Type: Based on the Propulsion Type, Asia Pacific Electric Vehicle Market is segmented as; Battery Electric Vehicles, Fuel Cell Electric Vehicles, Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicles.
By Vehicle Type: Based on the Vehicle Type, Asia Pacific Electric Vehicle Market is segmented as; Passenger Car, Commercial Vehicles.
By Charging Type: Based on the Charging Type, Asia Pacific Electric Vehicle Market is segmented as; Normal Charging, and Fast Charging.
By Region: This research also includes data for Australia, China, India, Japan, South Korea, Singapore and rest of Asia-Pacific.
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