Press release
Asia-Pacific Electric Car Market Projected to Reach $761.97 Billion and 53.8 Million Units by 2028
Meticulous Research®, a global leader in market research, proudly announces the release of its latest report, "Asia-Pacific Electric Car Market by Propulsion Type (BEV, FCEV, PHEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW), End Use (Private, Commercial), and Geography - Forecast to 2028". This in-depth study sheds light on the dynamic landscape of the Asia-Pacific electric car market, providing strategic insights and forecasts for industry players and stakeholders.
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Growth Trajectory: The Asia-Pacific electric car market is poised for remarkable growth, with projections indicating a CAGR of 34.6% by value, reaching a valuation of $761.97 billion by 2028. In terms of volume, the market is anticipated to witness a robust CAGR of 40.4%, resulting in 53.8 million units by 2028. This exponential growth is attributed to various factors, including supportive government policies, substantial investments by automotive OEMs, and a decline in battery prices.
Opportunities and Challenges: While the market presents significant opportunities, challenges such as the lack of charging infrastructure in certain countries hinder its full potential. Additionally, the high cost of electric vehicles and range limitations pose notable challenges to the market's growth.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/asia-pacific-electric-car-market-5215
Segmentation Insights: The report meticulously segments the market based on propulsion type, power output, and end use. Notably, the propulsion type segment includes hybrid, battery electric, and fuel cell electric vehicles, with the hybrid vehicles segment expected to dominate in 2021. Furthermore, power output segmentation into less than 100 kW and 100 kW to 250 kW reveals insights into usage patterns and demand for electric cars. The end use segment, differentiating between private and commercial use, underscores the diverse applications and growing adoption in shared mobility services and corporate fleets.
Geographical Dominance: China is poised to dominate the Asia-Pacific electric car market in 2021, both in terms of value and volume. Extensive government support, charging infrastructure expansion, tax exemptions, and quality improvements contribute to China's significant market share. Key initiatives by foreign automotive OEMs further enhance China's standing in the electric vehicle market.
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Japan, with its commitment to increasing the share of electric cars in new vehicle sales to 70% by 2030, emerges as the second-largest market in the region. The Japanese government's support through subsidies and tax rebates, coupled with a strong push towards environmental awareness, positions Japan as a key player in the Asia-Pacific electric car landscape.
Key Players Steering the Industry: The report highlights key players shaping the Asia-Pacific electric car market, including Hyundai Motor Company, Honda Motor Co., Ltd., Toyota Motor Corporation, Tata Motors Limited, Mahindra and Mahindra Ltd., NIO Inc., XPeng Inc., Geely Automobile Holdings Limited, Nissan Motor Co., Ltd., and Mitsubishi Motor Corporation.
Strategic Outlook: As the Asia-Pacific electric car market surges ahead, Meticulous Research® invites industry stakeholders, investors, and decision-makers to explore the complete report for comprehensive insights into emerging trends, growth opportunities, and strategic recommendations.
For a detailed exploration, download the free sample report: https://www.meticulousresearch.com/download-sample-report/cp_id=5215
Related Research:
1. North America Electric Car Market by Propulsion Type (BEV, FCEV, PHEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW), End Use (Private, Commercial), and Geography - Forecast to 2028 https://www.meticulousresearch.com/product/north-america-electric-car-market-5216
2. Europe Electric Car Market by Propulsion Type (BEV, FCEV, PHEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW), End Use (Private, Commercial), and Geography - Forecast to 2028 https://www.meticulousresearch.com/product/european-electric-car-market-5213
3. Electric Car Market by Propulsion Type (BEV, FCEV, PHEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW), End Use (Private, Commercial), and Geography - Global Forecast to 2028
https://www.meticulousresearch.com/product/electric-car-market-5187
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