APAC Automotive High Performance Electric Vehicles Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 25.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
APAC Automotive High Performance Electric Vehicles Market Analysis
Currently, the Asia-Pacific High-Performance Electric Vehicles Market is valued at USD 20 Billion and is expected to reach USD 80 Billion over five years, registering a CAGR of 25% during the forecast period.
The pandemic of COVID-19 had a minor impact on the APAC Automotive High-Performance Electric Vehicle market. The global lockdown significantly affected the automotive industry in terms of vehicle sales. As a result, the APAC Automotive High-Performance Electric Vehicles market was also affected. However, with rising environmental concerns, demand for electric vehicles is expected to rise, reviving the market's economic conditions following the pandemic.
Over the long term, growing awareness of vehicle emissions such as CO2, lower operating and maintenance costs, and increasing government initiatives to encourage the use of electric vehicles may contribute significantly to the growth of high-performance electric cars. In countries such as China, Japan, and Korea, consumer perception and willingness to purchase automobiles with new technologies drive demand for these vehicles. China and Japan are the region's most significant contributors to the EHPV market. The adoption of battery-electric vehicles in China has increased across the country.
Although these vehicles have only recently been introduced and their technology is still in its early stages, their growing popularity is expected to propel the market for HPEV in the Asia-Pacific region.
APAC Automotive High Performance Electric Vehicles Market Trends
This section covers the major market trends shaping the APAC Automotive High Performance Electric Vehicles Market according to our research experts:
Increasing Demand for Plug-in Hybrid Electric Vehicles
China, the region's largest automobile market, is also the region's largest market for high-performance electric vehicles, followed by Japan. The Asia-Pacific region's emission regulations and subsidies for hybrid and electric vehicles aided it in capturing a sizable share of the overall electric and hybrid vehicle market. Although grants and emission standards have helped increase green vehicle sales, the global share of plug-in electric vehicles is less than 1%.
Fuel price fluctuations and reduced subsidies offered on plug-in hybrid vehicles in major markets such as China affect vehicle sales. In contrast, many automakers are introducing plug-in hybrid versions of existing vehicles, indicating that the market trend is shifting toward environmentally friendly plug-in hybrid vehicles.
Manufacturers such as Mercedes-Benz, Volvo, BMW, Volkswagen, Ford, Mitsubishi, and others have already launched plug-in-hybrid versions of existing IC engine vehicle models, accounting for a significant portion of global plug-in vehicle sales. China is the region's largest manufacturer of plug-in hybrid vehicles. The country is also the largest market for these vehicles, with leading manufacturers including BYD, SAIC, and BAIC.
China is The Largest Market
With growing concerns about environmental pollution, the government has pushed back the implementation of the next stage of emission standards, Bharat Stage 6, from 2024 to April 1, 2020. The government is implementing a number of policies to reduce pollution in the country.
FAME, which stands for Faster Adoption and Manufacturing of Hybrid and Electric Vehicles, is one such strategy. The government has decided to play a critical role in fostering demand for and acceptance of PHEVs and EVs, spurring collaborative R&D efforts, and allowing the necessary infrastructure to take shape. The government has also decided to implement a robust PHEV and EV demand-generation scheme in terms of size and duration to meet the goals of closing the PHEV and EV acquisition price gap when compared to a standard ICE vehicle. Furthermore, the aforementioned scheme is being implemented in order to create a manufacturing ecosystem that will allow these technologies to become viable. Government funding for R&D and electric vehicle infrastructure is thought to make it easier to develop affordable PHEV and EV solutions that meet consumer expectations.
The Indian government has developed a potential roadmap for transportation hybridization/electrification. This road map entails increasing consumer acceptability through incentives and subsidies. Furthermore, the government is likely to participate in the technology's application and development. Furthermore, the government may support automakers' local manufacturing capabilities. The Government of India intends to use this roadmap to make the electric vehicle and plug-in hybrid vehicle markets economically viable and self-sustaining.
APAC Automotive High Performance Electric Vehicles Industry Overview
The most prominent players in the high-performance electric vehicle market are Toyota Motor Corporation, Daimler (Mercedes-Benz), BMW, Hyundai, Nissan, and Kia. OEMs are concentrating on developing more affordable electric vehicles with more fantastic ranges. For instance,
- November 2022: Hindustan Motors announced the signing of a Memorandum of Understanding (MOU) to expand its electric vehicle domain across the border to improve the production of an eco-friendly electric vehicle.
Toyota planned to introduce more plug-in hybrid versions of existing vehicle models due to rising sales of plug-in hybrid vehicles in Asia Pacific, particularly in China. The company intends to introduce plug-in hybrid versions of the Corolla and Levin in the country.
Furthermore, General Motors, the US automaker, plans to launch more than ten plug-in hybrid electric vehicles, including PHEV versions of existing models such as the Cadillac CT6, which may be manufactured in Shanghai. The company's joint venture with SAIC is expected to be the country's manufacturing plant for plug-in hybrid vehicles.
APAC Automotive High Performance Electric Vehicles Market Leaders
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Toyota Motor Corporation
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BMW
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Nissan Motor Co. Ltd
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BYD Auto Co.,
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Hyundai
*Disclaimer: Major Players sorted in no particular order
APAC Automotive High Performance Electric Vehicles Market News
- October 2022: Kia, based in South Korea, has unveiled the EV6 GT, a high-performance electric model. According to the company, the improved variant was released in the domestic market in October.
- November 2022: Pravaig, an automotive start-up, has released its first SUV, the electric Defy.
- May 2021: Hyundai Motor Group announced its plans to slash the number of combustion engine models to free up resources to invest in electric vehicle production. Also, in April 2021, Hyundai confirmed the upgrade of the existing Kona electric vehicle for conversion into a performance vehicle under the N division of the company.
APAC Automotive High Performance Electric Vehicles Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in USD Billion)
5.1 By Propulsion Type
5.1.1 Plug-in-hybrid Vehicle
5.1.2 Pure Electric Vehicle
5.2 By Vehicle Type
5.2.1 Passenger Cars
5.2.2 Commercial Vehicles
5.3 By Country
5.3.1 China
5.3.2 Japan
5.3.3 India
5.3.4 South Korea
5.3.5 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Toyota Motor Corporation
6.2.2 BMW AG
6.2.3 Nissan Motor Co. Ltd
6.2.4 BYD Co. Ltd
6.2.5 Hyundai Motor Company
6.2.6 General Motors
6.2.7 Kia Motors Corporation
6.2.8 Honda Motor Co. Ltd
6.2.9 Volkswagen AG
6.2.10 Groupe Renault
6.2.11 Daimler AG (Mercedes-Benz)
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
APAC Automotive High Performance Electric Vehicles Industry Segmentation
Automotive High-Performance Electric Vehicles differ from other electric vehicles in several ways, including a more extended range of distance (over 150 miles on a single charge), high acceleration, and the ability to reach speeds of over 90 miles per hour with a faster acceleration of 0 to 60 miles per hour.
The Asia-Pacific Automotive High-Performance Electric Vehicles Market is segmented by Propulsion Type (Plug-in Hybrid and Pure Electric), Vehicle Type (Passenger Cars and Commercial Vehicles), and by Country (China, Japan, India, South Korea, and the Rest of Asia-Pacific).
| By Propulsion Type | |
| Plug-in-hybrid Vehicle | |
| Pure Electric Vehicle |
| By Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| By Country | |
| China | |
| Japan | |
| India | |
| South Korea | |
| Rest of Asia-Pacific |
APAC Automotive High Performance Electric Vehicles Market Research FAQs
What is the current Asia Pacific Automotive High Performance Electric Vehicles Market size?
The Asia Pacific Automotive High Performance Electric Vehicles Market is projected to register a CAGR of 25% during the forecast period (2024-2029)
Who are the key players in Asia Pacific Automotive High Performance Electric Vehicles Market?
Toyota Motor Corporation, BMW, Nissan Motor Co. Ltd, BYD Auto Co., and Hyundai are the major companies operating in the Asia Pacific Automotive High Performance Electric Vehicles Market.
What years does this Asia Pacific Automotive High Performance Electric Vehicles Market cover?
The report covers the Asia Pacific Automotive High Performance Electric Vehicles Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Asia Pacific Automotive High Performance Electric Vehicles Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
APAC Automotive High Performance Electric Vehicles Industry Report
Statistics for the 2024 APAC Automotive High Performance Electric Vehicles market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. APAC Automotive High Performance Electric Vehicles analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
APAC Automotive High Performance Electric Vehicles Market Report Snapshots
