Electric Vehicles - Eastern Asia

Eastern Asia

In 2024, the Electric Vehicles market in Eastern Asia is projected to reach a revenue of US$394.1bn.
Looking ahead, the market is expected to exhibit an annual growth rate of 2.25% (CAGR 2024-2029), resulting in a projected market volume of US$440.4bn by 2029.
The unit sales of Electric Vehicles market are expected to reach 9.98m vehicles in 2029.
Furthermore, the volume weighted average price of Electric Vehicles market in 2024 is anticipated to be US$47.0k.
When considering the international perspective, it is evident that China will generate the highest revenue in the Electric Vehicles market, amounting to US$376,400m in 2024.
In Eastern Asia, China leads the electric vehicle market with its robust infrastructure and government support.

Key regions: United States, Germany, Netherlands, China, United Kingdom

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: Customer preferences in the Electric Vehicles market in Eastern Asia are primarily driven by the increasing concern for environmental sustainability and the desire for energy efficiency. Consumers in this region are increasingly looking for vehicles that are eco-friendly and have lower emissions. Additionally, there is a growing interest in advanced technology and innovation, with customers seeking electric vehicles that offer the latest features and functionalities.

Trends in the market: One of the key trends in the Electric Vehicles market in Eastern Asia is the rapid adoption of electric vehicles by governments and businesses. Many countries in this region have implemented strict regulations and incentives to promote the use of electric vehicles, including subsidies, tax breaks, and charging infrastructure development. This has led to a surge in demand for electric vehicles, as both individuals and organizations are encouraged to make the switch from traditional gasoline-powered vehicles. Another trend in the market is the increasing availability and variety of electric vehicle models. Major automakers are expanding their electric vehicle offerings in Eastern Asia, introducing new models with improved range, performance, and affordability. This has made electric vehicles more accessible to a wider range of customers, driving up sales in the region.

Local special circumstances: Eastern Asia has a unique set of circumstances that contribute to the development of the Electric Vehicles market. One of the key factors is the high population density in many cities, which has led to concerns about air pollution and congestion. Electric vehicles offer a solution to these issues, as they produce zero emissions and can help reduce traffic congestion. Additionally, Eastern Asia has a well-developed infrastructure, which makes it easier for electric vehicle owners to charge their vehicles. The region has a high number of charging stations, both in public areas and private residences, allowing electric vehicle owners to conveniently charge their vehicles.

Underlying macroeconomic factors: Several macroeconomic factors contribute to the growth of the Electric Vehicles market in Eastern Asia. One of the key factors is the strong government support and investment in the electric vehicle industry. Governments in this region are actively promoting the use of electric vehicles as part of their efforts to reduce carbon emissions and combat climate change. This support includes financial incentives, research and development funding, and infrastructure development. Another factor is the increasing investment in battery technology. Eastern Asia is home to some of the world's leading battery manufacturers, which has led to advancements in battery technology and reduced the cost of electric vehicle batteries. This has made electric vehicles more affordable and appealing to customers in the region. In conclusion, the Electric Vehicles market in Eastern Asia is experiencing significant growth and development due to customer preferences for eco-friendly vehicles, government support and incentives, the availability of charging infrastructure, and advancements in battery technology. These factors are driving the adoption of electric vehicles in the region and are expected to continue to fuel market growth in the coming years.

Methodology

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).