Market Size of APAC Electric Vehicle Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 250.40 Billion |
| Market Size (2029) | USD 682.84 Billion |
| CAGR (2024 - 2029) | 19.10 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Electric Vehicle Market Analysis
The APAC Electric Vehicle Market size is estimated at USD 250.40 billion in 2024, and is expected to reach USD 682.84 billion by 2029, growing at a CAGR of 19.10% during the forecast period (2024-2029).
The Asia-Pacific Electric Vehicle market has been growing steadily in recent years. Over the long term, the growing demand for electric vehicles, increasing charging infrastructure, and stringent policies by the government to promote electric charging infrastructure to achieve the net zero emission carbon goals will drive market growth. These trends are expected to propel the Asia-Pacific Electric Vehicle market forward throughout the forecast period.
According to the Automobile Inspection & Registration Information Association (Japan), in 2023, the use of electric passenger vehicles in Japan increased from 138.33 thousand units in 2022 to 162.39 thousand in 2023, contributing to an exponential rise in sales of electric vehicles.
Notably, electric cars are gradually becoming more competitive in some countries on a total cost of ownership basis. Several governments provided or extended fiscal incentives that buffered electric car purchases from the downturn in car markets.
Moreover, with the growing demand for electric vehicles, companies focus on technological advances in new products and the expansion of production capacity.
For instance, India, which is one of the biggest consumers of electric vehicles, will experience the launch of new models such as the Tata Harrier EV, Maruti Suzuki eVX, and various other electric vehicle cars in 2024.
Considering the growth in sales of electric vehicles, the companies are making huge investments in R&D activities and product launches, with the initiative to promote electric vehicle charging infrastructure in Asia-Pacific. For example,
In November 2023, XCharge Group, an electric vehicle (EV) charging solution provider, announced the introduction of the 210kW Battery-Integrated DC Charger, Net Zero Series (NZS), in partnership with BYD at theSmart Energy Week in Osaka, Japan, to cater the Japanese market.
In addition, the market will also be the focus of attention during the forecast period and will be driven by the electrification plans for urban mobility transport of the country, which in turn contribute to market demand for the electric vehicle market.
