| 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
*Disclaimer: Major Players sorted in no particular order |
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 Market Trends
The Passenger Cars Segment Holds the Highest Share in the Market
Due to rising gasoline costs, the use of electric passenger cars has increased exponentially in various countries. Moreover, governments and companies of many countries are focusing on completely banning the use of ICE cars in the future and promoting the use of electricity on the roads to achieve the goal of a sustainable future.
In addition, through the policies for electric vehicles, many governments are providing tax exemptions and fiscal incentives for the sale of electric passenger cars. For example,
- India aims to triple its current renewable capacity, with the EV30 at 30 campaign specifically targeting the goal of ensuring that electric vehicles (EVs) account for at least 30% of new vehicle sales by 2030.
The ongoing transition and technological advancements have resulted in a completely innovative design and approach of powertrains with high mileage, less maintenance, and greater reliability for new-era electric vehicles. Considering the scenario, various companies are working on the launch of new models. For example,
- In March 2024, Audi announced a refresh of the 2024 Audi Q4 e-tron and Q4 Sportback e-tron models with a more efficient and powerful rear drive unit and multiple other improvements.
- Similarly, in March 2024, BMW launched a new vehicle model, the iX electric SUV, for the Indian market.
- In June 2023, the Indonesian Electric Vehicle Industry Association (Periklindo) joined the ASEAN Federation of Electric Vehicle Associations (AFEVA). The Philippines’ Electric Vehicle Association of the Philippines (EVAP) and Malaysia’s Electric Vehicle Association of Malaysia (EVAM) agreed to welcome the Indonesian Electric Vehicle Industry Association. During the Periklindo Electric Vehicle Show, where the Indonesian EV Industry Association formalized its entry into AFEVA, EVAM, and EVAP, there was an opportunity to discuss ways further to push the EV industry in the region with Periklindo.
The electric vehicle market is expected to grow in the coming years due to the development and growing number of smart passenger vehicles.
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China Dominates the Asia-Pacific Market
As demand for electric vehicles is growing rapidly, changing consumer preferences have made China the largest electric vehicle market. China’s automotive industry has been growing rapidly, and the country is playing an increasingly important role in the worldwide automotive market. According to the CAAM, in 2023, China’s auto production and sales hit new record highs. New EV sales volume maintained rapid growth and exceeded 9 million units, with a market share of 30%.
Some of the largest projects of China, such as the South-North Water Transfer Project with a 200-kilometer-long tunnel moving water from the country’s Yangtze River and Songya Lake Ecological New City, will need various construction equipment, thus boosting the growth of electric commercial vehicles used for construction.
Considering the growth of electric vehicles in China, various companies are launching new products to remain ahead of the competition. For example:
- In December 2023, Chinese company Xiaomi unveiled its first electric car and announced its plans to become one of the world's top five automakers.
With the growth of electric vehicles, companies and governments are making huge investments in expanding charging infrastructure. For instance:
- China continues to be the world’s largest automobile vehicle market by both annual sales and manufacturing output, with domestic production expected to reach 35 million vehicles by 2025.
- Based on data from the China Association of Automobile Manufacturers, China's car output exceeded 30.16 million units in 2023, up by 11.6% Y-o-Y, and sales exceeded 30.09 million units, up by 12%.
- In February 2024, Huawei Technologies made strategies and a roadmap for the installation of 100,000 fast electric vehicle charging stations in China in a year.
- China is also the largest charging infrastructure network in the world. In June 2023, the General Office of the State Council issued guiding opinions on the further establishment of a high-quality charging infrastructure system.
Such factors are anticipated to drive the electric vehicle market in China over the forecast period.
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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
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Toyota Motor Corporation
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Tesla Inc
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Honda Motor Company
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BYD Auto Co., Ltd
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BMW AG
- *Disclaimer: Major Players sorted in no particular order
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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.
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.
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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™.
