Electric Vehicles - Asia | Statista Market Forecast

In 2024, the projected revenue in the Electric Vehicles market in Asia is estimated to reach a staggering US$407.3bn.
This market segment is expected to demonstrate a consistent annual growth rate (CAGR 2024-2029) of 2.31%, resulting in a projected market volume of US$456.5bn by 2029.
It is anticipated that the unit sales of Electric Vehicles market in Asia will reach 10.27m vehicles by 2029.
Furthermore, the volume weighted average price of Electric Vehicles market in Asia in 2024 is expected to amount to US$47.4k.
When considering the international perspective, it becomes evident that China will generate the highest revenue, with an estimated US$376bn in 2024.
In Japan, the government's push for innovation and investment in electric vehicles has resulted in a surge of EV adoption and a growing charging infrastructure.

CO2 emissions exert a profound influence on climate and the environment, fueling the greenhouse effect and contributing significantly to global climate change. Nearly one-fourth of these emissions worldwide can be attributed to the transportation sector. Electric vehicles (EVs) emerge as a promising solution, potentially acting as a carbon-neutral alternative when powered by renewable energy sources. This underscores their pivotal role in mitigating the impact of traditional combustion engine vehicles on the environment.

The Electric Vehicles market includes information about electric vehicles in countries where, according to our sources, a public electric vehicle charging infrastructure is already available. In this context, “public” means that people have unrestricted access to the charging infrastructure. A vehicle can be defined as electric if it is self-contained with a battery or classified as a plug-in hybrid. All key figures shown represent the sales of new cars, and their basic configuration in the respective year. The figures do not include the sale of used vehicles nor adapted equipment for the new cars sold. The prices and revenues shown are accordingly based on the basic models.

The Electric Vehicle market is divided into distinct two distinct markets, namely Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). This categorization allows for a nuanced understanding of the market dynamics, considering the specific attributes and market penetration of each electric vehicle type. The emphasis on new car sales and their foundational configurations ensures clarity, while the exclusion of used vehicles and customizations maintains focus on the evolving landscape of electric vehicles.

Battery electric vehicles (BEVs)
Plug-in hybrid electric vehicles (PHEVs)
Road electric vehicles
Passenger Cars

Electric vehicles that are not self-contained and cannot be classified as BEVs or PHEVs
Rail electric vehicles
Surface and underwater vessels
Electric aircraft or spacecraft
Motorcycles, scooters, mopeds, buses, vans, and trucks

The Electric Vehicles market in Asia is experiencing significant growth and development due to several key factors.

Customer preferences: Customers in Asia are increasingly interested in electric vehicles due to their environmental benefits and cost savings. Electric vehicles produce zero emissions, which is a significant advantage in densely populated cities with air pollution problems. Additionally, the rising cost of fuel and the availability of government subsidies and incentives for electric vehicle purchases make them an attractive option for many consumers.

Trends in the market: One of the major trends in the electric vehicle market in Asia is the increasing range of electric vehicles. As technology improves, electric vehicles are able to travel longer distances on a single charge, which addresses one of the main concerns of potential buyers. This trend is driven by advancements in battery technology and the increasing number of charging stations across the region. Another trend in the market is the growing number of electric vehicle models available to consumers. Major automakers are investing heavily in electric vehicle development and production, offering a wide range of models to suit different customer preferences. This increased competition is driving innovation and pushing the boundaries of what electric vehicles can offer in terms of performance, features, and design.

Local special circumstances: Asia is a diverse region with varying levels of infrastructure and government support for electric vehicles. In countries like China, which has the largest electric vehicle market in the world, the government has implemented aggressive policies to promote the adoption of electric vehicles, including subsidies, tax incentives, and strict emission regulations. This has led to a surge in electric vehicle sales in China. On the other hand, in countries with less developed infrastructure and limited government support, the growth of the electric vehicle market may be slower. However, as technology improves and charging infrastructure becomes more widespread, these countries are expected to catch up and see increased adoption of electric vehicles.

Underlying macroeconomic factors: The growth of the electric vehicle market in Asia is also influenced by macroeconomic factors. Rising urbanization and the increasing middle class in many Asian countries are driving demand for personal transportation. Electric vehicles offer a sustainable and cost-effective solution to meet this growing demand. Furthermore, Asia is home to several major electric vehicle manufacturers and suppliers, which contributes to the growth of the market. These companies are investing in research and development, manufacturing facilities, and charging infrastructure, further fueling the expansion of the electric vehicle market in the region. In conclusion, the Electric Vehicles market in Asia is growing rapidly due to customer preferences for environmentally friendly and cost-effective transportation options, as well as the availability of government incentives and subsidies. The market is characterized by trends such as increasing range and model variety, as well as local special circumstances and underlying macroeconomic factors that contribute to its development.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

For the first time in the past decade, lithium-ion battery pack costs increased in 2022 due to the raw material and battery component soaring price inflation. However, this increase in production cost has not slowed down the global electric vehicle (EV)market. Electric vehicle sales have increased tremendously over the past decade.