Asia Pacific Electric Vehicle Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Asia Pacific Electric Vehicle Market is Segmented by Propulsion Type (Battery Electric Vehicles, Hybrid Electric Vehicles, Plug-In Hybrid Electric Vehicles, and Fuel Cell Electric Vehicles), Vehicle Type (Passenger Cars and Commercial Vehicles), Charging Type (Normal Charging and Fast Charging), and Country(China, India, Japan, South Korea and Rest of Asia-Pacific). The Report Offers Market Size and Forecast for all the Above Segments in Value (in USD Billion).

Asia Pacific Electric Vehicle Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

APAC Electric Vehicle Market Size

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Asia Pacific Electric Vehicle Market Summary
Study Period 2019 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Market Size (2025) USD 298.23 Billion
Market Size (2030) USD 714.67 Billion
CAGR (2025 - 2030) 19.10 %
Market Concentration Low

Major Players

Asia-Pacific Electric Vehicle Market Major Players

*Disclaimer: Major Players sorted in no particular order

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APAC Electric Vehicle Market Analysis

The APAC Electric Vehicle Market size is estimated at USD 298.23 billion in 2025, and is expected to reach USD 714.67 billion by 2030, at a CAGR of 19.1% during the forecast period (2025-2030).

The Asia-Pacific electric vehicle market has grown steadily in recent years. Over the long term, the growing demand for electric vehicles, increasing charging infrastructure, and stringent policies by the government to promote electric charging infrastructure to achieve the net zero emission carbon goals may drive market growth. These trends are expected to propel the Asia-Pacific electric vehicle market forward throughout the forecast period.

According to the Automobile Inspection & Registration Information Association (Japan), the use of electric passenger vehicles in Japan increased from 138.33 thousand units in 2022 to 162.39 thousand in 2023, contributing to an exponential rise in EV sales.

Notably, electric cars are gradually becoming more competitive in some countries on a total cost of ownership basis. Several governments provided or extended fiscal incentives that buffered electric car purchases from the downturn in car markets.

With the growing demand for electric vehicles, companies focus on technological advances in new products and expanding production capacity.

For instance, India, one of the biggest consumers of electric vehicles, is expected to witness the launch of new models such as the Tata Harrier EV, Maruti Suzuki eVX, and various other electric vehicle cars in 2024.

Considering the growth in EV sales, companies are making huge investments in R&D activities and product launches, with the initiative to promote EV charging infrastructure in Asia-Pacific. For example:

  • In November 2023, XCharge Group, an electric vehicle (EV) charging solution provider, announced the introduction of the 210 kW Battery-Integrated DC Charger, Net Zero Series (NZS), at the Smart Energy Week in Osaka, Japan, in partnership with BYD to cater to the Japanese market.

In addition, the market is expected to garner more attention during the forecast period, driven by the country's electrification plans for urban mobility transport, which may contribute to market demand for electric vehicles.

APAC Electric Vehicle Industry Overview

The Asia-Pacific electric vehicle market is consolidated and led by regionally established players. The companies adopt strategies such as new product launches, collaborations, and mergers to sustain their market positions. Some of the major players in the market include Toyota Motor Corporation, Tesla Motors Inc., Nissan, BYD Co. Ltd, Honda Motor Company Ltd, General Motors Group, and Hyundai Kia Automotive Group. For instance:

  • In September 2023, Chinese EV maker Nio announced a tech licensing deal with Forseven. The agreement will give electric car startups the license to use Nio's technical information and software for research and vehicle manufacturing.
  • In November 2023, Toyota Motor Corp. committed to working with the Thai government to make Thailand the leading center for electric vehicle production in the ASEAN while achieving the goal of carbon neutrality.
  • In May 2023, Nissan Thailand signed a memorandum of understanding with Khon Kaen University (KKU) and Mitsubishi Company Thailand Limited to promote the benefits of EVs beyond mobility.
  • In April 2023, SAIC Motor-CP and MG Sales Thailand built the New Energy Industrial Park to transform the 75-rai factory space in its Chon Buri plant into partnership development areas for car parts and a battery manufacturing plant.
  • In July 2023, Tresa Motors introduced its first electric truck model, VO.1, built on its axial flux motors platforms used in medium-duty and heavy-duty electric trucks.

APAC Electric Vehicle Market Leaders

  1. Toyota Motor Corporation

  2. Tesla Inc

  3. Honda Motor Company

  4. BYD Auto Co., Ltd

  5. BMW AG

  6. *Disclaimer: Major Players sorted in no particular order
APAC Electric Vehicle Market Concentration
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APAC Electric Vehicle Market News

  • January 2024: BYD announced plans to build its new EV manufacturing plant in Indonesia with an investment of IDR 1.3 billion.
  • November 2024: Kia launched its new EV5 electric SUV in China, with a starting price of around USD 20k (CNY 149,800). The EV5 is expected to take on market leaders, including Tesla’s Model Y.
  • January 2024: Maruti Suzuki India intends to build a car production facility in Gujarat, India, capable of manufacturing 1 million vehicles annually, with an estimated investment of around INR 35,000 crore (USD 4.2 billion).
  • October 2023: Stellantis announced plans to invest USD 1.6 billion in China-based electric vehicle startup Leapmotor and acquired a 20% stake. The automakers plan to establish a new joint venture to build and sell Leapmotor cars outside China.
  • December 2023: Kia Motors announced that the electric SUV EV9 would be launched in 2024 in the Indian market.
  • September 2023: The Mercedes-Benz EQE SUV was launched in India, and it is available in one fully loaded variant and across nine color schemes.

Asia Pacific Electric Vehicle 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
    • 4.1.1 Government Initiatives to Promote EV Sales
  • 4.2 Market Restraints
    • 4.2.1 High Initial Investment for Installing EV Charging Infrastructure
  • 4.3 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)

  • 5.1 Propulsion Type
    • 5.1.1 Battery Electric Vehicles
    • 5.1.2 Hybrid Electric Vehicles
    • 5.1.3 Fuel Cell Electric Vehicles
    • 5.1.4 Plug-in Hybrid Electric Vehicles
  • 5.2 Vehicle Type
    • 5.2.1 Passenger Cars
    • 5.2.2 Commercial Vehicles
  • 5.3 Charging Type
    • 5.3.1 Normal Charging
    • 5.3.2 Fast Charging
  • 5.4 Country
    • 5.4.1 China
    • 5.4.2 India
    • 5.4.3 Japan
    • 5.4.4 South Korea
    • 5.4.5 Rest of Asia-Pacific

6. COMPETITIVE LANDSCAPE

  • 6.1 Vendor Market Share
  • 6.2 Company Profiles
    • 6.2.1 Tesla Inc.
    • 6.2.2 Mercedes-Benz Group AG
    • 6.2.3 BYD Company Ltd
    • 6.2.4 General Motors
    • 6.2.5 Tata Motors Ltd
    • 6.2.6 Toyota Motor Corporation
    • 6.2.7 Hyundai Motor Company
    • 6.2.8 Honda Motor Company Ltd
    • 6.2.9 Mahindra and Mahindra
    • 6.2.10 Nissan Motor Co. Ltd
    • 6.2.11 Volkswagen AG
    • 6.2.12 Stellantis NV
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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APAC Electric Vehicle Industry Segmentation

An electric vehicle (EV) operates on an electric motor instead of an internal combustion engine that generates power by burning a mix of fuel and gases. Due to rising pollution, global warming, and depleting natural resources, EVs are becoming a possible replacement option for current-generation automobiles across the region.

The Asia-Pacific electric vehicle market is segmented by propulsion type, vehicle type, charging type, and country.

By propulsion type, the market is segmented into battery electric vehicles, hybrid electric vehicles, plug-in hybrid electric vehicles, and fuel cell electric vehicles. By vehicle type, the market is segmented into passenger cars and commercial vehicles. By charging type, the market is segmented as normal charging and fast charging. By country, the market is segmented into China, India, Japan, South Korea, and Rest of Asia-Pacific.

The report offers market size and forecasts in value (USD) and volume (units) for all the above segments.

Propulsion Type Battery Electric Vehicles
Hybrid Electric Vehicles
Fuel Cell Electric Vehicles
Plug-in Hybrid Electric Vehicles
Vehicle Type Passenger Cars
Commercial Vehicles
Charging Type Normal Charging
Fast Charging
Country China
India
Japan
South Korea
Rest of Asia-Pacific
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Asia Pacific Electric Vehicle Market Research FAQs

How big is the APAC Electric Vehicle Market?

The APAC Electric Vehicle Market size is expected to reach USD 298.23 billion in 2025 and grow at a CAGR of 19.10% to reach USD 714.67 billion by 2030.

What is the current APAC Electric Vehicle Market size?

In 2025, the APAC Electric Vehicle Market size is expected to reach USD 298.23 billion.

Who are the key players in APAC Electric Vehicle Market?

Toyota Motor Corporation, Tesla Inc, Honda Motor Company, BYD Auto Co., Ltd and BMW AG are the major companies operating in the APAC Electric Vehicle Market.

What years does this APAC Electric Vehicle Market cover, and what was the market size in 2024?

In 2024, the APAC Electric Vehicle Market size was estimated at USD 241.27 billion. The report covers the APAC Electric Vehicle Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the APAC Electric Vehicle Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

APAC Electric Vehicle Industry Report

The Asia Pacific Electric Vehicle Industry is witnessing a remarkable surge, fueled by technological advancements, supportive government policies, and growing environmental awareness. As home to rapidly growing economies, this region is seeing a transformative shift in transportation, with EVs leading the way. The development of charging infrastructure, innovations in battery technology, and collaborations between tech firms and automakers are making EVs more accessible and affordable. Government initiatives, including subsidies and tax breaks, are further boosting the market, positioning Asia Pacific as a global leader in sustainable mobility. According to Mordor Intelligence™ Industry Reports, the APAC Electric Vehicle market is experiencing significant growth in market share, size, and revenue, underscored by a positive forecast outlook. For a comprehensive analysis, including historical data and market forecasts, access a free report PDF download from Mordor Intelligence™.

APAC Electric Vehicle Market Report Snapshots