Market Size of Asia Pacific Automotive High Performance Electric Vehicles Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 25.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Automotive High Performance Electric Vehicles Market Analysis
Currently, the Asia-Pacific High-Performance Electric Vehicles Market is valued at USD 20 Billion and is expected to reach USD 80 Billion over five years, registering a CAGR of 25% during the forecast period.
The pandemic of COVID-19 had a minor impact on the APAC Automotive High-Performance Electric Vehicle market. The global lockdown significantly affected the automotive industry in terms of vehicle sales. As a result, the APAC Automotive High-Performance Electric Vehicles market was also affected. However, with rising environmental concerns, demand for electric vehicles is expected to rise, reviving the market's economic conditions following the pandemic.
Over the long term, growing awareness of vehicle emissions such as CO2, lower operating and maintenance costs, and increasing government initiatives to encourage the use of electric vehicles may contribute significantly to the growth of high-performance electric cars. In countries such as China, Japan, and Korea, consumer perception and willingness to purchase automobiles with new technologies drive demand for these vehicles. China and Japan are the region's most significant contributors to the EHPV market. The adoption of battery-electric vehicles in China has increased across the country.
Although these vehicles have only recently been introduced and their technology is still in its early stages, their growing popularity is expected to propel the market for HPEV in the Asia-Pacific region.
APAC Automotive High Performance Electric Vehicles Industry Segmentation
Automotive High-Performance Electric Vehicles differ from other electric vehicles in several ways, including a more extended range of distance (over 150 miles on a single charge), high acceleration, and the ability to reach speeds of over 90 miles per hour with a faster acceleration of 0 to 60 miles per hour.
The Asia-Pacific Automotive High-Performance Electric Vehicles Market is segmented by Propulsion Type (Plug-in Hybrid and Pure Electric), Vehicle Type (Passenger Cars and Commercial Vehicles), and by Country (China, Japan, India, South Korea, and the Rest of Asia-Pacific).
| By Propulsion Type | |
| Plug-in-hybrid Vehicle | |
| Pure Electric Vehicle |
| By Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| By Country | |
| China | |
| Japan | |
| India | |
| South Korea | |
| Rest of Asia-Pacific |
Asia Pacific Automotive High Performance Electric Vehicles Market Size Summary
The Asia-Pacific high-performance electric vehicle market is experiencing significant growth, driven by increasing environmental awareness and government initiatives promoting electric vehicle adoption. The region, particularly China and Japan, is at the forefront of this expansion, with consumer willingness to embrace new technologies further fueling demand. Despite the initial impact of the COVID-19 pandemic on vehicle sales, the market is rebounding as concerns over vehicle emissions and the benefits of lower operating costs become more prominent. The introduction of battery-electric vehicles and the shift towards plug-in hybrid vehicles are key trends, with major automakers like Mercedes-Benz, BMW, and Volkswagen leading the charge in offering hybrid versions of their existing models.
Government policies and incentives play a crucial role in supporting the market's growth, with initiatives like India's Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme aiming to reduce pollution and encourage the adoption of electric and hybrid vehicles. The Indian government is also working on a roadmap to make the electric vehicle market self-sustaining through incentives and local manufacturing support. Prominent players in the market, including Toyota, Daimler, and Hyundai, are focusing on developing more affordable electric vehicles with extended ranges. The market's expansion is further supported by collaborations and investments in infrastructure, ensuring that high-performance electric vehicles become a viable and attractive option for consumers in the Asia-Pacific region.
Asia Pacific Automotive High Performance Electric Vehicles Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in USD Billion)
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2.1 By Propulsion Type
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2.1.1 Plug-in-hybrid Vehicle
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2.1.2 Pure Electric Vehicle
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2.2 By Vehicle Type
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2.2.1 Passenger Cars
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2.2.2 Commercial Vehicles
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2.3 By Country
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2.3.1 China
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2.3.2 Japan
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2.3.3 India
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2.3.4 South Korea
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2.3.5 Rest of Asia-Pacific
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Asia Pacific Automotive High Performance Electric Vehicles Market Size FAQs
What is the current Asia Pacific Automotive High Performance Electric Vehicles Market size?
The Asia Pacific Automotive High Performance Electric Vehicles Market is projected to register a CAGR of 25% during the forecast period (2024-2029)
Who are the key players in Asia Pacific Automotive High Performance Electric Vehicles Market?
Toyota Motor Corporation, BMW, Nissan Motor Co. Ltd, BYD Auto Co., and Hyundai are the major companies operating in the Asia Pacific Automotive High Performance Electric Vehicles Market.
