Battery Electric Vehicles - Eastern Asia

Eastern Asia

Highlights

The Battery Electric Vehicles market in Eastern Asia is projected to reach a revenue of US$223.7bn by 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 7.00%, resulting in a projected market volume of US$313.8bn by 2029.
The unit sales of Battery Electric Vehicles market are expected to reach 7.95m vehicles in 2029.
The volume weighted average price of Battery Electric Vehicles market in 2024 is projected to amount to US$39.6k.
From an international perspective, it is evident that the highest revenue will be generated China, with US$211bn in 2024.
In China, the market for Battery Electric Vehicles is booming, with a strong government push for cleaner transportation and a growing middle class embracing sustainable mobility solutions.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Battery Electric Vehicles market in Eastern Asia is experiencing significant growth and development.

Customer preferences: Customers in Eastern Asia are increasingly favoring Battery Electric Vehicles (BEVs) due to their environmental benefits and lower operating costs. The region has a growing awareness of the need for sustainable transportation solutions, and BEVs are seen as a key component of achieving this goal. Additionally, governments in Eastern Asia are implementing policies and incentives to promote the adoption of BEVs, further driving customer preferences towards these vehicles.

Trends in the market: One major trend in the BEV market in Eastern Asia is the increasing availability and variety of BEV models. Automakers are launching new BEV models specifically designed for the Eastern Asian market, catering to the unique preferences and needs of customers in the region. This trend is driven by the growing demand for BEVs and the potential for market expansion in Eastern Asia. Another trend is the development of charging infrastructure. As the adoption of BEVs increases, there is a growing need for a reliable and accessible charging network. Governments and private companies in Eastern Asia are investing in the development of charging stations, both in urban areas and along major highways, to support the growing number of BEV owners. This trend is crucial for addressing range anxiety and encouraging more customers to switch to BEVs.

Local special circumstances: Eastern Asia has a unique set of circumstances that contribute to the development of the BEV market. One of these is the high population density in many urban areas, which makes BEVs a practical choice for commuting and navigating congested city streets. Additionally, the region has a strong manufacturing base for electric vehicle components, which supports the growth of the BEV market by providing a local supply chain and reducing costs.

Underlying macroeconomic factors: Several macroeconomic factors are driving the development of the BEV market in Eastern Asia. One of these is the increasing focus on reducing greenhouse gas emissions and combating climate change. Governments in the region are implementing stricter emission regulations and promoting the use of clean energy sources, which creates a favorable environment for the adoption of BEVs. Furthermore, Eastern Asia has a growing middle class with increasing purchasing power. As disposable incomes rise, more consumers are able to afford BEVs and are willing to invest in environmentally friendly transportation options. This, coupled with the lower operating costs of BEVs compared to traditional internal combustion engine vehicles, makes them an attractive choice for many customers in the region. In conclusion, the Battery Electric Vehicles market in Eastern Asia is experiencing growth and development due to customer preferences for environmentally friendly and cost-effective transportation options. The increasing availability of BEV models, development of charging infrastructure, unique local circumstances, and underlying macroeconomic factors all contribute to the expansion of the BEV market in Eastern Asia.

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).