Asia-Pacific Electric Vehicle Market Trend, CAGR Status, Growth, Analysis and Forecast to 2025

Asia-Pacific Electric Vehicle market is estimated to grow at a CAGR of more than 21.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. The EV market is emerging as an integral part of the automotive industry that provides a pathway to achieve a higher level of energy efficiency with a reduced level of pollutant emissions and other greenhouse gases. The growing environmental concerns along with cohesive government initiatives are some other aspects to fuel the market growth in the region. China, Japan, India, and South Korea are the major countries to make a considerable contribution to the market growth of electric vehicles in the Asia-Pacific.

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Some of the major companies which are contributing to the growth of the Asia-Pacific electric vehicle market include BMW AG, General Motors Co., Hero Electric, Honda Motor Co., Ltd., Hyundai Motor Co., Kia Motors Corp., Nissan Motor Co., Toyota Motor Corp., Volkswagen AG, and others.

The market is segmented on the basis of vehicle type, propulsion technology, battery type, and country. Based on vehicle type, the market is sub-segmented into commercial vehicles, passenger cars, and two-wheeler. Based on propulsion technology the market is sub-segmented into battery electric vehicle, plug-in hybrid electric vehicle. Based on battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Based on battery type, Li-ion batteries are anticipated to witness considerable growth during the forecast period. Based on the country the market is segmented into China, Japan, India, and Rest of Asia-Pacific.

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The market players are considerably contributing to the market growth by the adoption of various strategies including new product innovations, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market.

Market Segmentation

Electric Vehicle Market by Vehicle Type

o Commercial Vehicles
o Passenger Cars
o Two-Wheelers

Electric Vehicle Market by Propulsion Technology

o Battery Electric Vehicles
o Plug-in Hybrid Electric Vehicle

Electric Vehicle Market by Battery Type

o NiMH
o Li-Ion
o Others

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