Led by strong demand from consumers in China, Japan and Korea, and influenced by national-level initiative programs, the Asia-Pacific region, according to Pike Research, is expected to become the world's largest market for plug-in vehicles by 2015. Sales of electrified vehicles in Asia-Pacific are expected to top 1.2 million in five year's time, with China leading the way with an impressive 554,114 plug-in on its roads.
Pike Research estimates that charging stations sales in Asia-Pacific, which are expected to generate revenue of more than $865 million for the area by 2015, will exceed 860,000 units by then. In addition, supplying the region's demand for plug-in vehicles will require nearly 8.8 million kWh worth of lithium-ion battery capacity.
Pike Research's report, "Electric Vehicles in Asia-Pacific," provides an overview of electric vehicles, charging equipment, advanced battery technology, government incentives and key factors that drive market growth in the Asia-Pacific region. The graph above shows electrified vehicle growth in the region over the next five years. Interested in finding out more? Pike's full report can be purchased by clicking here.
[Source: Pike Research]
Electric Vehicle Sales in Asia Pacific to Total 1.4 Million by 2015, Forecasts Pike Research
BOULDER, Colo.--(BUSINESS WIRE)--In the Asia Pacific region, there are various national-level initiatives and programs to promote the awareness of electric vehicles (EVs). These programs include the establishment of aggressive goals, subsidies for EV purchasers, research and development support and demonstration projects, tax incentives, regulation and standardization, and public education programs. According to a new report from Pike Research, these initiatives will help fuel a burgeoning market for plug-in electric vehicles (PEVs) within the region, and cumulative sales of plug-in hybrid and all-electric vehicles will surpass 1.4 million units in Asia Pacific during the period from 2010 to 2015.
"Two key drivers of EV adoption include climate concerns and oil prices"
"Two key drivers of EV adoption include climate concerns and oil prices," says senior analyst Andy Bae. "The potential for reducing carbon emissions by electrifying transportation has caught the attention of local and national government officials across Asia Pacific due to concerns about the contribution of transportation emissions to climate change. For example, South Korea faces worsening environmental issues. In 2005, the country had the tenth-highest level of CO2 emissions, as well as the highest CO2 emissions growth rate."
However, adds Bae, significant barriers to PEV uptake still exist in the form of consumer concerns about effective driving ranges as well as a near-term shortage of charging stations. The latter will be less of a problem over time as public, private, workplace, and residential charge points are installed in the coming years. By 2015, Bae expects that a total of 2.6 million EV charge points will be available to drivers across the region, outnumbering the vehicles themselves.
Pike Research anticipates that China will be the largest Asia Pacific market for PEVs over the next five years, representing 53% of the region's total sales during that period. The vast majority of China's PEV fleet will be battery electric vehicles (BEVs), driven by a strong push behind this category by the central government. In contrast, plug-in hybrid electric vehicles (PHEVs) will be the largest category in Japan, which is expected to be the region's second-largest market for all PEVs.
Pike Research's report, "Electric Vehicles in Asia Pacific", provides a comprehensive examination of electric vehicles, charging equipment technologies, advanced battery research, government incentives and regulations, and key drivers of market growth in the Asia Pacific region. The study includes detailed analysis of new vehicle introductions, manufacturer strategies, and forecasts through 2015 for electrified vehicles, charging stations, and advanced vehicle batteries. An Executive Summary of the report is available for free download on the firm's website.
Pike Research is a market research and consulting firm that provides in-depth analysis of global clean technology markets. The company's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Clean Transportation, Clean Industry, and Building Efficiency sectors. For more information, visit www.pikeresearch.com or call +1.303.997.4619.