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Electric vehicle market in the Asia-Pacific region - statistics & facts

Throughout recent years, the electric vehicle industry across the Asia-Pacific region has experienced huge developments. This is highlighted by the region accounting for the largest share of battery electric vehicle (BEV) sales worldwide. Additionally, APAC has been showing higher growth than its western competitors with its electric vehicle sales. Sales of BEVs in the region have increased significantly in the past decade. Furthermore, it was estimated that China had the highest number of electric vehicles in use and was forecasted to continue to produce the biggest volume of electric vehicles in the Asia-Pacific region in 2023. Alongside Japan and South Korea, the three East Asian countries are industry leaders in the field of electromobility worldwide.

Development of electric vehicles

China's electric vehicle industry started with two-wheeled electric vehicles before witnessing strong growth throughout the past decade. However, in the past few years, the production volume of electric bikes and scooters started to stagnate, coinciding with the development and subsequent rise of electric cars. The volume of electric vehicles in China and other Asia-Pacific countries has increased rapidly in recent years; however, the market share of electric cars in APAC countries remains small. Battery electric vehicles take up the largest share of electric vehicles in the Asia-Pacific region, followed by plug-in hybrid electric vehicles (PHEV). In comparison, the number of fuel cell electric vehicles (FCEV) in use is quite small. FCEV tend to be more popular for commercial purposes due to their greater payload, while passengers are still opting for BEVs and PHEVs.

Consumer perspective

Consumers have reacted to the progression of the electric vehicle market with enthusiasm. The main motivating factor to purchasing an electric vehicle appears to be increased sustainability concerns. However, the lack of charging stations seems to be a leading concern for many Southeast Asian countries that do not have well-developed and publicly accessible EV charging infrastructures like South Korea and China. South Korea increased charging locations exponentially and has become the country with the highest number of charging locations per roadway.

Environmentally friendly technologies such as electric vehicles can reduce air pollution, which is especially crucial in the megacities of India and China. Asian countries have the highest mortality excess caused by air pollution in the world. If the Asia-Pacific region continues its development of electric vehicles, phasing out conventional cars as some countries are pursuing, then vehicle emissions could decrease dramatically. Thus, the air pollution and quality of life for many citizens across the region would improve.

Interesting statistics

In the following 6 chapters, you will quickly find the 31 most important statistics relating to "Electric vehicle market in the Asia-Pacific region".

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