Electric Vehicles - Southern Asia

Southern Asia

The Southern Asian market segment for Electric Vehicles market is projected to generate a revenue of US$13.4m by 2024.
It is expected to exhibit an annual growth rate of 7.05% (CAGR 2024-2028), resulting in a market volume of US$17.6m by 2028.
The unit sales of Electric Vehicles market in this market are projected to reach 410.00vehicles by 2028.
The volume weighted average price of Electric Vehicles market in Southern Asia in 2024 is expected to be US$43.9k.
When considering the international perspective, it is evident that in China will generate the highest revenue in the Electric Vehicles market, amounting to US$319,000m in 2024.
In Southern Asia, the electric vehicle market in India is booming, with the government's push for green mobility and incentives driving adoption.

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

Market

Region

Region comparison

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Analyst Opinion

The Electric Vehicles market in Southern Asia is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this growth.

Customer preferences in Southern Asia are shifting towards more sustainable and environmentally friendly transportation options. As concerns about air pollution and climate change continue to rise, consumers are increasingly looking for alternatives to traditional gasoline-powered vehicles. Electric vehicles offer a cleaner and more sustainable option, and as a result, demand for these vehicles is increasing.

Trends in the market are also driving the growth of the Electric Vehicles market in Southern Asia. Governments in the region are implementing policies and incentives to promote the adoption of electric vehicles. This includes measures such as tax breaks, subsidies, and infrastructure development.

These initiatives are making electric vehicles more affordable and accessible for consumers, which is further driving demand. Local special circumstances in Southern Asia are also playing a role in the development of the Electric Vehicles market. The region has a growing middle class with increasing purchasing power.

As more people are able to afford vehicles, there is a greater demand for transportation options. Additionally, Southern Asia has a high population density in many urban areas, which creates a need for more efficient and sustainable modes of transportation. Electric vehicles provide a solution to these challenges, as they are more energy efficient and produce fewer emissions than traditional vehicles.

Underlying macroeconomic factors are also contributing to the growth of the Electric Vehicles market in Southern Asia. The region is experiencing economic growth and urbanization, which is increasing the demand for transportation. Additionally, Southern Asia is a major hub for technological innovation and manufacturing.

This has led to the development of advanced electric vehicle technologies and the production of electric vehicles in the region. As a result, the Electric Vehicles market in Southern Asia is thriving. Overall, the Electric Vehicles market in Southern Asia is growing due to customer preferences for sustainable transportation, trends in the market, local special circumstances, and underlying macroeconomic factors.

As these factors continue to drive the adoption of electric vehicles, the market is expected to continue its upward trajectory 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).