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
thanXX 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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