Redding, California, Jan. 04, 2022 (GLOBE NEWSWIRE) — According to a new market research report titled “Asia-Pacific Electric Vehicle Market by Vehicle Type (Passenger Vehicle, LCV, HCV, Two-wheeler, e-Scooters & Bikes); Propulsion Type (BEV, FCEV, HEV); Power Output (Less Than 100kW, 100 kW to 250 kW); End Use, Charging Standard, and Country,” published by Meticulous Research®, electric vehicle market in Asia-Pacific is expected to record a CAGR of 33.1% from 2021–2028 to reach $1,927.04 billion by 2028. By volume, this market is expected to grow at a CAGR of 25.9% from 2021–2028 to reach 274.19 million units by 2028.
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The adoption of electric vehicles is on the rise due to growing concerns regarding the negative environmental effects of vehicular emissions, supportive government initiatives to decarbonize transportation, and increasing efforts by major automotive OEMs to reduce greenhouse gas emissions and transform their product line-ups into green and clean environment-friendly vehicles.
Impact of COVID-19 on the Asia-Pacific Electric Vehicle Market
The outbreak of the COVID-19 pandemic severely impacted several sectors, including the automotive sector, with major manufacturers shutting down their operations completely or operating at reduced capacities following the directives issued by their respective governments.
The automotive industry has been severely affected by complete lockdowns and quarantines. Uncertainty regarding the duration of the lockdown and supply-chain disruptions made it more difficult for industry players to anticipate the recovery of the industry. This crisis caused structural shifts that had significant implications on the market.
According to International Council on Clean Transportation (ICCT), in August 2020, the Chinese electric vehicle market share was high throughout 2019, but sales have slightly decreased to around 4.2% during the first half of 2020. This change has occurred due to the reduction in purchase premiums for electric vehicles in China. Simultaneously, electric vehicle sales targets for manufacturers were tightened, and strong non-fiscal incentives, such as license plates and registration privileges for electric vehicles, continue to be in place in China.
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Moreover, amidst the pandemic, the Chinese government announced to phase-out conventional combustion engine vehicles by 2035 and planned numerous strategies to achieve its target. For instance, the Guangzhou government announced a subsidy of $1,537 for new energy vehicles sold between March and December 2020. The government committed to increasing its investment in charging infrastructure. The State grid planned to build 78,000 charging stations at an average cost of $420 million in 2020. These strategies and targets set by the Chinese government are expected to support the EV market growth in the coming years.
Asia-Pacific Electric Vehicle Market Overview:
The overall electric vehicle market in Asia-Pacific region is segmented based on vehicle type, propulsion type, power output, charging standard, end use, and country. The study also evaluates industry competitors and analyzes the market at the country level.
Based on vehicle type, the passenger vehicles segment is expected to account for the largest share of the overall Asia-Pacific electric vehicle market in 2021. The large market share of this segment is attributed to the increasing favorable government policies and subsidies for promoting the adoption …
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