Asia Pacific Electric Passenger Car Market to Surpass $ 84 Billion, by 2023
Growing GHG emissions and
expanding portfolio by electric car manufacturers to positively influence
Asia-Pacific electric passenger car market by 2023
According
to TechSci Research report, “Asia-Pacific Electric Passenger Car Market By Vehicle Type, By Technology Type, By Driving Range, By
Country, Competition Forecast & Opportunities, 2013-2023”, Asia-Pacific electric passenger car market is
projected to cross $ 84.7 billion by 2023. The growth of the market is led by rising
air pollution levels in several countries across Asia-Pacific, thereby pushing
the demand for cleaner automobiles which includes hybrid and electric vehicles.
Moreover, several electric car manufacturers are expanding their research and
development activities to develop more efficient electric passenger cars, which
is further likely to positively influence Asia-Pacific electric passenger car
market over the coming years.
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Asia-Pacific
electric passenger car market was dominated by the hatchback segment with a volume
share of more than 48% in 2017, on account of huge investments by leading OEMs
in the electric hatchback segment in order to make them affordable. Among
countries, China is leading Asia-Pacific electric passenger car market owing to
the high demand for cleaner automobiles in the country, followed by Japan. Several
electric car manufacturers have established their presence in Asia-Pacific
owing to the vast potential in the region. The expanding presence of various
companies such as BYD, Nissan, Volkswagen, BMW, Renault, Audi, etc., is further
anticipated to intensify competition in Asia-Pacific electric passenger car market
in the coming years.
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“Emergence
of electric passenger cars with various advanced features is pushing their
demand across Asia-Pacific. Moreover, favorable government policies towards the
use of electric vehicles along with rising inclination of people towards
electric vehicles due to their various
benefits, instead of conventional automobiles, would further steer growth in
Asia-Pacific electric passenger car market through 2023.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Asia-Pacific Electric Passenger Car Market By Vehicle Type, By Technology Type, By Driving Range, By
Country, Competition Forecast & Opportunities, 2013-2023” has analyzed the potential of electric passenger car market
across the region, and provides statistics and information on market sizes,
shares and trends. The report will suffice in providing the intending clients
with cutting-edge market intelligence and help them in taking sound investment
decisions. Besides, the report also identifies and analyzes emerging trends
along with essential drivers and key challenges faced by Asia-Pacific electric
passenger car market.
About TechSci Research
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