Press Release

Asia-Pacific Electric Passenger Car Market to Grow Due to Robust Government Initiatives and Low Carbon Emissions

Low carbon emissions, low operating cost and favourable government policies is increasing the demand of Asia-Pacific Shared Mobility market.

According to the TechSci Research report, "Asia-Pacific Electric Passenger Car Market-Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028F", the market is anticipated to grow with the rapid CAGR in the upcoming years. An electric vehicle (EV) is one that runs on an electric motor rather than an internal-combustion engine that generates power by burning a mixture of fuel and gases. Electric vehicles have been around for a long time, but they have gained popularity in the last decade due to rising carbon footprints and other environmental impacts of fuel-based vehicles. The Electric vehicle have better fuel economy, lower carbon emissions and maintenance, and smoother operation with less engine noise. Electric vehicles have several advantages over traditional fuel-powered vehicles, including cheap operating costs, and zero carbon emissions.

Increased demand for fuel-efficient, high-performance, and low-emission vehicles, along with increasingly stringent laws and regulations on vehicle emissions,  decreased battery costs and rising fuel prices, are among the many factors contributing to the growth of the Asia-Pacific electric vehicle market.

Governments across the world are becoming more interested in electric mobility. Government regulations to phase out fossil-fuel-powered vehicles, government expenditures to improve public EV charging infrastructure, and measures such as subsidies and tax breaks to encourage EV adoption are all likely to contribute to the market expansion. Governments are investing in charging infrastructure, either directly in public charging stations or indirectly in private charging stations in homes and workplaces.

Suzuki Motor, the parent company of Maruti Suzuki, stated in March 2022 that it will invest INR 10,440 crore in India to develop a new electric car and battery factory.

In 2022, BYD has introduced two new electric vehicle models with new Blade batteries in India . The new vehicle models with sophisticated battery safety features are the BYD Atto 3 and BYD E6.

Browse more than XX market data Figures spread through 80 Pages and an in-depth TOC on "Asia-Pacific Electric Passenger Car Market"

The Asia- Pacific electric passenger car market can be segmented based on type, propulsion type, battery capacity and by region. The market is divided by type in three segments: Hatchback, Sedan and SUV. Based on the propulsion type, the market is divided into battery electric vehicle, plug-in hybrid vehicle, hybrid  electric vehicle and fuel cell electric vehicle. The segment of fuel cell electric vehicles is predicted to expand the fastest. This segment's rapid expansion is primarily driven by rising demand for low-carbon vehicles, a growing emphasis on the adoption of FCEVs due to benefits such as quick recharging, and increased government programmes and investments in advancing fuel cell technology. By battery capacity, the market is segmented into three categories <50Kwh, 50-100 kwh and >100kwh. Based on battery capacity, the 50-100 kWh sector is expected to account for most of the Asia-Pacific Electric Passenger car market. The significant expansion of this market is primarily due to increased endeavours by key automotive OEMs to produce electric automobiles with sufficient battery capacity to provide a good range for the vehicles.

Some of the major players operating in the Saudi Arabia Shared Mobility Market include:

  • Ford Motor Company
  • General Motors Inc.
  • Kia Motors Company
  • SAIC Motor Corporation
  • Mercedes-Benz AG
  • Hyundai Motor Corporation
  • BYD Co., Ltd.
  • Toyota Motor Company
  • Nissan Motor Company, Ltd
  • Volkswagen AG

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“Governments are spreading awareness and promoting their policies for the adoption of electric passenger vehicles. Governments are providing subsidies on buying electric passenger cars. Many OEMS and governments are also developing the infrastructure related to the electric vehicle and rolling out new products with advanced technology and better range. The electric passenger car market has the potential to thrive in the coming years due to its ability to reduce carbon emissions and low operating costs." said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

Asia Pacific Shared Mobility Market, By Battery Type (Lead- Acid, Lithium-Ion), By Application (Construction, Warehouse, Retail & Wholesale Store, Manufacturing), By region, Competition Forecast & Opportunities, 2018- 2028F, has evaluated the future growth potential of Asia-Pacific Shared Mobility Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Asia-Pacific Shared Mobility Market.


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