Electric Car Market in Asia-Pacific | Industry Opportunities, Driving Forces, COVID-19 Impact Analysis, Future Potential

Posted March 24, 2021 by Rahul_Gautam

Asia-Pacific Electric Car Market Set for Lucrative Growth in Future
As the air quality deteriorates and the prevalence of various lung diseases increases in the Asia-Pacific (APAC) region, the attention of governments, regulatory authorities, policymakers, and citizens is finally shifting toward the elephant in the room, that is, the large-scale usage of fossil-fuel-powered vehicles for both personal commuting and transportation of goods. The harmful emissions released from these vehicles are one of the major causes of air pollution and the rapid environmental degradation.

To combat the situation and make the air in urban areas breathable again, governments of several APAC countries are implementing policies aimed at promoting the deployment of eco-friendly modes of transport, such as electric cars. This is, in turn, fueling the advancement of the Asia-Pacific electric car market. For instance, as per industry experts, sales of electric vehicles grew in India by 32.0% or from nearly 576,000 units in 2018 to more than 760,000 units in 2019, among which 2,000 were passenger cars.

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As the transport sector is one of the biggest emitters of greenhouse gases in India, the governments at both state and central level is taking measures for promoting the usage of electric vehicles. According to various reports and surveys, in India, the transport sector alone contributes around 40% of the total carbon emissions.

The Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME)scheme is one such policy implemented by the Indian government for fueling the deployment of EVs in the country. This scheme was launchedby the Department of Heavy Industry in March 2015 with initial funding of $11.46 million (INR 75 crores). Under this scheme, the government intends to replace as much as 30% of the conventional oil- and gas-powered automobiles in the country with electric variants by 2030.

Electric Car Usage Highest on Chinese Roads in Asia-Pacific

In the APAC region, the sales of electric cars are currently the highest in China. Japan, South Korea, and India are the next biggest users of electric cars in APAC. The share of small electric cars is presently significantly high out of all the electric cars being sold in the region. This is primarily because of their high affordability and the cost-sensitive purchasing behavior of the people in the regional countries. Backed by the implementation of favorable government policies regarding the deployment of electric cars and the reducing prices of the batteries, the electric car industry will register huge expansion in the coming years.

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Hence, it can be said with utmost confidence that the sales of electric cars would shootup in Asia-Pacific (APAC) in the forthcoming years, primarily because of the escalating pollution levels in APAC countries due to the large-scale usage of oil- and gas-powered vehicles. The rapid implementation of favorable government initiatives and subsidy policies fort he utilization of these vehicles is further expected to make them popular among the masses.
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Issued By Rahul Gautam
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Categories Automotive , Blogging , Business
Tags apac electric car market , asean electric car market , asia electric car market , electric car market , electric car market in asia
Last Updated March 24, 2021