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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Electric Car Market:
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.
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Asia-Pacific Electric Car Market Report Segment
By Vehicle Type
By Propulsion Technology
Battery Electric car
Plug-in Hybrid Electric Car
By Battery Type
Asia-Pacific Electric Car Market Countries Covered
Rest of Asia-Pacific
BYD Auto Co., Ltd.
Chang'an Automobile Co., Ltd.
Chery Automobile Co., Ltd.