APAC Electric Vehicle Market Share

Market Share of APAC Electric Vehicle Industry

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

*Disclaimer: Major Players sorted in no particular order