The rising income and increasing inclination towards technologically advanced vehicles are propelling the growth of the EV Ecosystem market in the APAC Region!
- Vikas Kumar
- December 23, 2023
- AUTOMOTIVE, NEWS
- EV Ecosystem Market Analysis, EV Ecosystem Market Forecast, EV Ecosystem Market Growth, EV Ecosystem Market Outlook, EV Ecosystem Market Share, EV Ecosystem Market Size, EV Ecosystem Market Trends
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The Electric Vehicle ecosystem market in the Asia Pacific region is anticipated to witness significant growth throughout the forecast period. Owing to the rising per capita GDP of the countries in the Asia Pacific hence improving the standard of living and increasing money in the hands of people driving the consumption of the countries. Though as a percentage of total vehicles sold electric vehicle percentage is highest in Europe but the number of units sold in China is leading the pack and has emerged as a top producer and seller of electric vehicles in the world. The Asian countries are projected to produce almost 13 million electric vehicles in the year 2023, whereas, in 2022, china has sold roughly 52% of the total EVs produced in the world which amounts to almost 3.5 million units, India the number is currently at one-third of a million unit but was almost 168% growth from the previous year. Hence, looking at the size of the market that these emerging economies have, the size of the population with rising income and awareness and the availability of the OEMs that are offering great value buys to the customers in terms of price and product and further support from the governments is showing a future of high growth prospects for the electric vehicles market in the APAC region. For instance, China (from a previous 2020 expiration date) extended its NEV subsidy program through the end of 2022, albeit it has started to reduce basic subsidy amounts by 10%, 20%, and 30% per year. (between 2020 and 2022). Through the end of 2023, it also extended the exemption from purchase taxes for NEVs.
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The APAC EV Ecosystem market is expected to grow at a strong CAGR of around 19% during the forecast period (2022-2030). APAC is anticipated to emerge as the fastest-growing electric vehicle market primarily owing to the spur in demand for new energy passenger vehicles in China, India, and other emerging economies, coupled with increased government support for boosting the adoption rate, is working as a great support for the EV ecosystem to grow during the forecast period.
FIG. 1 APAC EV Ecosystem Market Revenue (2020-2030)- USD Mn
“Amongst stakeholders, the consumer is the prime focus around which the whole ecosystem is getting built”
Based on stakeholder type, the market is segmented into manufacturing, mobility, supplier, consumer, regulator, and software & connectivity provider. The most important component of an EV ecosystem is the consumer, where everything is done in order to drive the demand, till the momentum is established and consumer demand drives sufficient growth independently. Building an EV ecosystem will require major investments to done by all the stakeholders in infrastructure, partnerships among each other, technology developments, and accelerated EV model distribution, and this rapidly expanding ecosystem is presenting a huge investment opportunity with a fairly high possible return on investments, to the early stakeholders in any of the component of this emerging and expanding ecosystem.
Based on the infrastructure ecosystem, the market is segmented into charging infrastructure, battery manufacturing, and raw material mining and logistics. The development of the electric vehicle ecosystem is reliant on the combined growth of all three infrastructures, where charging infrastructure is essential for the widespread adoption of electric vehicles by encouraging consumer confidence and relieving them from range anxiety. Furthermore, the battery is the heart of an electric vehicle where the growth of the EV ecosystem is heavily reliant on the battery performance with improved energy density and reduced cost, which is also important in enhancing the range and the affordability of electric vehicles. Additionally, EV batteries require specific raw materials such as lithium, cobalt, nickel, and graphite. The extraction, processing, and transportation of this raw material form a critical component of the EV ecosystem, and it is important to maintain a sustainable and efficient supply chain for these materials.
For a detailed analysis of the Global EV Ecosystem Market browse through – https://univdatos.com/report/ev-ecosystem-market/
Global EV Ecosystem Market Segmentation
Market Insight, by Stakeholders
- Manufacturing
- Mobility
- Supplier
- Consumer
- Regulator
- Software & Connectivity Provider
Market Insights, by Infrastructure
- Charging Infrastructure
- Battery Manufacturing
- Raw material mining and Logistics
Market Insights, by Propulsion Type
- BEV
- PHEV
- HEV
Market Insights, by Product Type
- Passenger Vehicle
- Commercial Vehicle
- Two-wheelers
Market Insight, by Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- APAC
- China
- India
- Japan
- South Korea
- Australia
- Rest of APAC
- Rest of the World
Top Company Profiles
- Tesla
- BYD Company Ltd
- Rivian
- ABB
- EVBoxS
- Siemens
- ChargePoint, Inc.
- Panasonic Corporation
- SAMSUNG SDI CO.,LTD
- Contemporary Amperex Technology Co., Limited
