Market for Asia (Japan, South Korea, China, India, ASEAN) Fuel Efficient Vehicles Driven by Increasing Energy Prices & Government Regulations
Market Overview:
Fuel efficient vehicles offer enhanced fuel economy and lower emissions compared to conventional vehicles. They include hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), battery electric vehicles (BEVs), and fuel cell electric vehicles (FCEVs). Stringent government regulations regarding vehicular emissions and increasing energy prices are promoting the adoption of fuel efficient vehicles in the Asia Pacific region.
Market Dynamics:
The Asia (Japan, South Korea, China, India, ASEAN) Fuel Efficient Vehicles Market is driven by increasing energy prices and stringent government regulations regarding vehicular emissions. Steadily rising prices of petroleum fuels such as gasoline and diesel are making fuel efficient vehicles more attractive to consumers as they help reduce fuel costs over time. Furthermore, governments in the region have implemented strict regulations to curb vehicular emissions and promote sustainable mobility. For instance, countries such as China and India have defined corporate average fuel economy (CAFE) standards and provided various fiscal and non-fiscal incentives for production and purchase of fuel efficient vehicles.
The global Asia (Japan, South Korea, China, India, Asean) Fuel Efficient Vehicles Market Demand is estimated to be valued at US$ 1,013.82 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength:
- Growing environmental awareness and stringent emission norms in the region are driving the demand for fuel-efficient vehicles.
- presence of major OEMs like Toyota, Honda, Hyundai enables easy availability of wide variety of fuel efficient vehicles.
- Government initiatives like subsidies and tax benefits are encouraging consumers to opt for green vehicles.
Weakness:
- High initial costs of electric and hybrid vehicles are limiting faster adoption in price sensitive markets.
- Lack of adequate charging infrastructure is a challenge for faster uptake of electric vehicles.
Opportunity:
- Steep decline in battery prices is expected to improve affordability of electric vehicles over the forecast period.
- Growth in shared mobility and car-as-a-service business models can boost sales of fuel efficient vehicles.
Threats:
- Slowdown in economic growth in major countries like China, India may impact discretionary spending on automobiles.
- Trade wars and geopolitical tensions can disrupt automotive supply chains in the region.
Key Takeaways
The Asia (Japan, South Korea, China, India, ASEAN) Fuel Efficient Vehicles market is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing environmental concerns and stringent emission norms. China dominates the regional market with over 30% market share in 2023, followed by Japan and India.
Regional analysis:
China is the fastest growing as well as dominating market for fuel efficient vehicles in the region owing to largest electric fleet and supportive policies. India is also emerging as high growth market with sales of hybrid and electric vehicles doubling in last two years due to FAME subsidies and growing lined up of models.
Key players analysis:
Key players operating in the Asia (Japan, South Korea, China, India, ASEAN) Fuel Efficient Vehicles market are Toyota Motor Corporation (Japan), Honda Motor Co., Ltd. (Japan), Hyundai Motor Company (South Korea), Kia Corporation (South Korea), Nissan Motor Co., Ltd. (Japan), BYD Auto Co., Ltd. (China), SAIC Motor Corporation Limited (China), Geely Automobile Holdings Limited (China), Tata Motors Limited (India), Mahindra & Mahindra Ltd. (India), Maruti Suzuki India Limited (India), Mitsubishi Motors Corporation (Japan), Proton Holdings Berhad (Malaysia), Perusahaan Otomobil Kedua Sendirian Berhad (Perodua) (Malaysia), Groupe PSA (France).
Read More: https://blogger-veritas.blogspot.com/2023/10/the-asia-japan-south-korea-china-india.html
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian