The Asia-Pacific electric car market is projected to grow at a significant CAGR of more than 23.0% during the forecast period (2019-2025). The factors that contribute to the growth of the market include supportive government regulations and subsidies by the government to reduce the dependency on oil and to decrease carbon emission. In October 2020, South Korean President Moon Jae-in announced a program, “New Green Deal” that aim to achieve low carbon emission by 2050. South Korea will be spending around $37 billion on electric vehicles, green infrastructure, and clean energy.
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Apart from it, the South Korea Green project targets, 1.13 million EVs. On the other 200,000 hydrogen vehicles will be removed from the roads by 2025. The South Korean Government is also focusing on providing premium benefits on the EVs to the customer, so the sales of the electric vehicle will be increased for the companies. Further, around $8500 bonus is available for registered EV, although it became conditional. The vehicle price below $55,000 will get the full bonus amount and the vehicles priced between $55,000 and $80,000 will get only half the amount of premium. So, the premium benefit of the government will encourage people to buy more EVs.
Market Coverage
Key Questions Addressed by the Report
Asia-Pacific Electric Car Market Report Segment
By Vehicle Type
By Propulsion Technology
By Battery Type
Asia-Pacific Electric Car Market Countries Covered