Asia’s electric vehicle (EV) market will continue to grow fast, supported by strong sales growth in China, as more countries in the region look to support EV uptake to reduce emissions.
EV sales in Asia are projected to jump by 78.1% year on year in 2021.
Total EV sales in the region will reach a high of just under 10.9m units by the end of 2030, up from an estimated sales volume of just over 1.4m units last year. China, with 4.5m electric cars last year, has the largest fleet.
The majority of EV demand will stream from the three most advanced economies in the region, namely China, Japan and South Korea.
This year, China is expected to account for close to 91% of the region’s EV sales. China’s EV market will continue to grow as the price differential between internal combustion engine vehicles and EVs shrink.
In Japan, EV sales are projected to increase by 11.2% year on year in 2021 to reach an annual sales volume of around 46,000 units. And In South Korea, EV sales will increase by 48.6% year on year to reach an annual sales volume of just under 75,000 units in 2021.