Asia Pacific Electric Vehicle (EV) Market Size, Share, Growth Analysis, By Product(Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV)), By Vehicle Type(passenger cars, PCLT, Commercial vehicles), By Speed(<125mph and >125mph), By End user(Private use and commercial use), By Region - Industry Forecast 2024-2031

Asia Pacific Electric Vehicle (EV) Market size was valued at USD 0.27 trillion in 2022 and is poised to grow from USD 0.32 trillion in 2023 to USD 1.30 trillion by 2031, at a CAGR of 19.10% during the forecast period (2024-2031).

Market expansion will be fuelled by supportive government policies, subsidies, and tax rebates that encourage EV adoption. The cost advantages that electric vehicles have over conventional vehicles as well as other factors will help the market expand throughout the projected period. Another element that is anticipated to generate considerable development prospects for industry participants is a drop-in battery pack pricing. A study by the International Council on Clean Transportation predicts a decline in battery pack costs in the Asia Pacific.

Due to rising gasoline prices, the use of electric vehicles has increased in a number of areas and nations. In place of gasoline and diesel engines, electric vehicles use lithium-ion batteries that provide a hybrid charging system. These automobiles are pollution-free and eco-friendly. When in operation, they don’t release any dangerous greenhouse gases. Compared to fossil fuels, electricity is substantially less expensive. Compared to conventional petrol and diesel vehicles, this lowers the cost of operating electric automobiles.