The Asia-Pacific Electric Vehicles Market is expected to reach USD 2,688.23 billion by 2029 from an estimated USD 329.8 billion in 2022 at a CAGR of 35.0% from 2022 to 2029. By volume, this market is expected to reach 389,624.4 thousand units by 2029 at a CAGR of 30.3% during the forecast period. The growth of this market is driven by supportive government policies and regulations, increasing investments by leading automotive OEMs, and decreasing battery prices. However, the lack of charging infrastructure in developing APAC countries restrains the growth of this market. The rising adoption of electric mobility in emerging economies and increasing EV and battery manufacturing capabilities in Southeast Asia are expected to create opportunities for the players operating in this market. However, the high prices and range limitations of electric vehicles are major challenges to market growth.
Here are the top 10 companies operating in Asia-Pacific Electric Vehicle Market
Yamaha Motor Co., Ltd. (Japan)
Founded in 1955 and headquartered in Iwata, Shizuoka, Japan, Yamaha Motor manufactures motorcycles, marine products such as boats and outboard motors, and other motorized products. The company provides a range of products such as motorcycles, outboards, wave runners, boats, golf cars, e-bike systems, power products, industrial robots, SMT assembly systems, performance dampers, pools, clean water supply systems, OEM casting and forging, cell picking and imaging systems cell handler, international corporation, and electric motors. The company has a geographic presence across Asia, North America, Europe, Japan, and other regions through its subsidiaries and a strong distribution network.
The company operates through five reportable segments – Land Mobility, Marine Products, Robotics, Financial Services, and Others. Its e-bike systems provide drive units, display & switch, and battery & chargers for e-bikes. Yamaha is recognized as the pioneer in e-bikes by selling over 2 million e-bikes in Japan and 4 million drive units used worldwide.
XPeng Inc. (China)
Founded in 2015 and headquartered in Guangzhou, China, XPeng is a leading smart electric vehicle company that designs, develops, manufactures, and markets smart EVs. The company develops in-house full-stack autonomous driving technology, in-car intelligent operating systems, and core vehicle systems, including powertrain and electrification/electronic architecture.
XPeng has a smart EV manufacturing base in Zhaoqing, which contains five workshops with operations such as stamping, welding, painting, assembly, and battery pack production, as well as a battery assembly line. XPeng’s working station has advanced MES manufacturing execution systems, real-time production monitoring systems, dynamic testing tracks, and a transparent manufacturing cycle.
The company operates through two reportable segments: Vehicle Sales and Services and Others. As of December 2020, the company had a headcount of 5,084 employees globally.
Tata Motors Limited (India)
Founded in 1945 and headquartered in Mumbai, India, Tata Motors Limited is an Indian multinational automotive manufacturing company that offers an extensive range of cars, sports utility vehicles, trucks, buses, and defense vehicles. Tata Motors is one of India’s largest original equipment manufacturers (OEMs), offering an extensive range of integrated, smart, and e-mobility solutions. Tata Motors has a strong global network of subsidiaries and associate companies, including Jaguar Land Rover in the U.K. and Tata Daewoo in South Korea. The company has a geographical presence across India, China, the U.K, the U.S., the Rest of Europe (RoE), and the Rest of the World (RoW) through its subsidiaries and a strong distribution network.
Tata Motors has around 103 direct and indirect subsidiaries, ten associate companies, three joint ventures, and two joint operations worldwide. Tata Motors categorizes its products into cars and sports utility vehicles, trucks and buses, and defense. As of March 2021, the company had a global headcount of 52,351 employees.
Nissan Motor Co., Ltd. (Japan)
Founded in 1933 and headquartered in Kanagawa, Japan, Nissan Motor is a Japanese multinational automobile manufacturer. The company sells a full line of vehicles under the Nissan, INFINITI, and Datsun brands. Nissan operates through two reportable segments – Automobile and Sales Financing. The company has a geographical presence across Japan, North America, Europe, Asia, and other countries through its subsidiaries and a strong distribution network.
Hyundai Motor Company (South Korea)
Founded in 1967 and headquartered in Seoul, South Korea, Hyundai Motor Company is a multinational automotive manufacturer. Hyundai produces compact luxury cars, SUVs, minivans, trucks, buses, and other commercial vehicles. The company generates more than one-third of its sales from South Korea, but its vehicles are also popular in China and India. The company operates through three reportable segments – Vehicle, Finance, and Others.
The company has a geographical presence across South Korea, North America, Asia, Europe, and other regions through its subsidiaries and a strong distribution network. Hyundai has its technical centers in South Korea, America, Europe, Japan, India, and China.
“Meticulous Research in its latest publication on Asia-Pacific Electric Vehicle Market has predicted the growth of 35% during the forecast year 2022-2029”
Honda Motor Co., Ltd. (Japan)
Founded in 1948 and headquartered in Tokyo, Japan, Honda Motor Co., Ltd. is a Japanese public multinational company that offers automobiles, motorcycles, and power equipment. Honda provides products in diverse categories, such as automobiles, motorcycles, power products, Honda jets, and aero engines. As of March 2020, Honda Motors had sold 19.28 million units of motorcycles, 4.85 million units of automobiles, and 5.70 million units of power products. The company has a geographical presence across Japan, North America, Europe, Asia, and other regions through its subsidiaries and a strong distribution network.
The company operates through four reportable segments – Motorcycle Business, Automobile Business, Financial Service Business, and Life Creation & Other Businesses. Honda Motors has delivered over 6 million power products to customers in over 150 countries and regions.
Hero MotoCorp Ltd. (India)
Founded in 1984 and headquartered in New Delhi, India, Hero MotoCorp Ltd., formerly Hero Honda, is an Indian multinational motorcycle and scooter manufacturer, providing customers with an excellent range of stylish and comfortable two-wheelers. Hero Electric is a pioneer and market leader in the Indian electric two-wheeler industry. The company has a geographical presence worldwide through its subsidiaries and a strong distribution network.
Through its Automotive segment, the company offers activities related to the development, design, manufacture, assembly, and sale of vehicles, as well as the sale of related parts and accessories. Hero Electric has more than 500 dealers and a presence in more than 25 states in India. As of March 2021, the company had a headcount of 8,793 employees worldwide.
Geely Automobile Holdings Limited (China)
Founded in 1996 and headquartered in Wan Chai, Hong Kong, Geely Automobile is an automobile manufacturing company focusing on developing, manufacturing, and selling passenger vehicles. Some of its subsidiaries are Volvo Cars (Sweden), Polestar (Sweden), Lotus Cars (U.K.), Benelli Q.J. (Italy), Proton Holdings (Malaysia), Lynk & Co (Sweden), and London EV Company Limited (U.K.).
Through its subsidiaries and strong distribution network, the company has a geographical presence across PRC, Malaysia, Eastern Europe, the Middle East, Sweden, the Philippines, Central & South America, Africa, and other countries. As of December 2020, the company had a headcount of 38,000 employees globally.
BYD Company Limited (China)
Founded in 1995 and headquartered in Shenzhen, China, BYD Company Limited is an automobile company that offers traditional fuel-engine vehicles, new energy vehicles, handset components, assembly services, rechargeable batteries, and photovoltaics. BYD Company offers various products and solutions for passenger vehicles, commercial vehicles, rail transit, batteries, and electronics.
The company also provides product design, component manufacturing, and assembly services for products such as handsets, tablets, notebook computers, and other consumer electronics products. With its subsidiaries and a strong distribution network, the company has a presence across China, Asia-Pacific, the U.S., and other countries.
BYD Company operates through three reportable segments – Rechargeable Batteries and Photovoltaic, Handset Components and Assembly Services, and Automobiles and Related Products. BYD caters to diverse industrial segments such as electronics, automobiles, new energy, and rail transit and has established over 30 industrial parks worldwide. As of December 2021, the company had a global headcount of 288,200 employees.
Ather Energy Private Limited (India)
Founded in 2013 and headquartered in Bangalore, India, Ather Energy Private Limited is a private Indian electric vehicle company engaged in developing two-wheelers, electric vehicles, battery management, smart technology, manufacturing, intelligence in 2W, and software. The company also established an electric vehicle charging infrastructure across the country called Ather Grid. The company currently has its presence in 27 cities across 15 states and expects to increase its footprint to 40 cities across India.
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Authoritative Research on the Asia-Pacific Electric Vehicle Market – Global Opportunity Analysis and Industry Forecast (2022-2029)
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