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Asia-Pacific Electric Car Market Growth Opportunities and Demand Forecast, 2013–2025 with Major Players- BYD, Nissan Motor Corporation and General Motors
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The electric car market in Asia-Pacific is expected to show a significant growth over the next decade driven by government support, rising income levels and increasing environmental awareness. Current high price of electric car, underdeveloped infrastructure and uncertain political environment are some of the challenges for this market.
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Rising environmental awareness and government support are expected to drive the Asia-Pacific electric cars market. Economies in this region are reducing their dependence on costly fossil fuel by promoting electric cars. For instance, India plans to replace all cars by electric ones by 2030. China is offering considerable subsidy on electric cars depending upon the battery size. Rising environmental awareness among people is also benefiting the sales of these cars in Asia-Pacific.
Asia-Pacific Market Segmentation
By Battery Voltage
• Low Voltage
• Medium Voltage
• High Voltage
By Car Type
• Battery Electric Cars
• Hybrid Cars
• Plug-in Hybrid Electric Cars
By Battery Technology
• Sealed Lead Acid
• Li-ion
• Ni-MH
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A considerable number of players are operating in the Asia-Pacific electric car market. These players can be broadly divided into two categories. The local Chinese players (such as BYD, BAIC and Dongfen) whose sales are mostly restricted to China and the global international companies (such as Nissan and General Motors) which are present in the many countries in the region including China. Due to the dominance of China in total sales, the local Chinese manufacturers together constitute a considerable share in the global sales.
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