Electric Vehicle Market Size, Growth, Forecast, Opportunities by 2030 Electric Vehicle Market Size, Growth, Forecast, Op | Page 3

Asia Pacific is expected to lead the market during the forecast period
Asia Pacific is expected to be the largest electric vehicle market by 2030 due to the rising
demand for greener transportation along with several initiatives by private organizations
as well as governments. The region is home to some of the fastest developing economies
of the world, such as China and India. The governments of these developing economies
have recognized the growth potential of the electric vehicle market, and hence, have
undertaken different initiatives to attract major OEMs to manufacture electric vehicles in
domestic markets. For instance, in March 2019, the Indian government announced the
second phase of FAME – II, which includes setting up 2,700 charging stations in metro
cities. Also, the Indian government plans to make it mandatory for cab-hailing companies
Ola and Uber to have 40% of their fleet as electric vehicles.
China is also investing heavily in the production of commercial electric vehicles with plans
for export. OEMs such as BYD plan to open plants in other parts of the world to
manufacture electric buses and electric trucks to meet regional demand. In December
2017, Toyota announced plans to launch 10 new EV models by 2020 in Japan. The EV
charging infrastructure in Japan is already at an advanced stage; thus, EV sales and
electric vehicle charging stations market are expected to grow significantly in the near
future. All these factors will drive the electric vehicle market in the Asia Pacific region.
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