Asia Pacific Electric Vehicle Market, projected to reach USD 404.7 billion by 2030, China to lead the market

The Asia Pacific Electric Vehicle Market is expected to grow from USD 218.8 billion to USD 404.7 billion by 2030, at a CAGR of 8.1%. The market in Asia Pacific region is led by growing dominance in China, and increasing demand for passenger EVs in South Korea, India, Japan and south east Asian countries such as Thailand, Indonesia, Malaysia and Vietnam.
The Asia Pacific Electric Vehicle Market [https://www.marketsandmarkets.com/Market-Reports/electric-vehicle-market-209371461.html?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=electric-vehicle-market] is expected to grow from USD 218.8 billion to USD 404.7 billion by 2030, at a CAGR of 8.1%. The market in Asia Pacific region is led by growing dominance in China, and increasing demand for passenger EVs in South Korea, India, Japan and south east Asian countries such as Thailand, Indonesia, Malaysia and Vietnam. EV sales in China peaked near 50% share of the total vehicle sales in 2024; led by strong collaboration of domestic automakers with battery manufacturers (with lower EV battery costs) and increased platformization, leading to lower cost compared to foreign OEMs. This was however, led by strong sales of PHEVs, which grew by over 80% compared to 2023. Other countries in the region had a slowdown in sales in 2024, but have been showing growth in consumer acceptance lately, and expected to speed up their EV shift post 2025.

BYD (~30-35%) and Tesla (~10-13%) held the largest market share in the region, led by demand for mid-priced mass market models. BYDs market growth was led by strong PHEV growth, while Tesla sales fell due to its slowing demand in China in 2024. Market demand was led by D segment passenger cars, followed by C segment, and A Segment. While market demand was distributed largely among BYD models, Tesla sales was led by Model Y with deep discounts, new variant launch and zero loan period offers.

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Some of the other key companies in the Asia Pacific region include Hyundai Motor Company (South Korea), SAIC Motor (China), Geely (China), GAC Group (China), Chery (China), Tata Motors (India), Vinfast (Vietnam) among others. These companies are developing their electric vehicles by adopting new age production processes such as use of digital factories for R&D (e.g. Jidu Auto), vehicle platformization (BYD, NIO, XPENG), automated factories (e.g. Xaomi), and developing best in class features for their future vehicle lineup. The market is also supported by government initiatives such as subsidies for manufacturers, discounts on public EV charging, and strong control on critical minerals of EV components. Manufacturers in the country need to pay only 15% corporate income tax, compared to 25% tax for most other industries. It also provides tax exemptions on BEVs. Manufacturers also get subsidiaries for meeting electrification targets. BYD along with 49 other manufacturers received USD 6.8 billion in 2023 for production of EVs, as part of an overall USD 45.3 billion incentives.

EVs in China nowadays come with much better features, compared to options sold by most western OEMs. Luxury EV manufacturers such as NIO and XPENG provide features such as best in class ADAS, digital cockpits, AI enabled auto controls, etc.; features that are yet to be provided by most European and American luxury vehicle manufacturers; at a much moderate cost. Some of these companies have also adapted to demand for mass market EVs, by developing new manufacturing processes (SDV shift with increased platformization), improving on economies of scale with long term tie-ups with EV Battery providers, leading to lower EV costs, and higher market demand in this price sensitive region. Beyond regional presence, many of these manufacturers have also started showing market dominance in South America, Middle East and Africa with EVs available at much lower cost compared to many developed markets. This led to a large consumer shift, and growing automobile exports for Chinese EV Manufacturers since 2023.

The market in the Asia Pacific region is heavily dominated by Chinese OEMs, driven by strong domestic demand and growing market in Southeast Asia. Development of Charging Infrastructure acts as a catalyst in this market, and is expected to increase impact, with countries providing incentives to set up charging stations. India for instance, as part of the new PM E-Drive scheme aims to set up over 200,000 public charging stations by end of 2025. Similarly, countries such as China, India, provide incentives for setting up manufacturing units for selling EVs domestically manufactured. Others provide incentives for buying new EVs, older ICE vehicle scrappage and other options. OEMs and financial institutions in the region are also providing attractive new options such as battery leasing to reduce upfront cost of EVs for consumers. Such developments are expected to drive the EV market in the Asia Pacific region in coming years.

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