Market Volume of Electric Vehicles (EV) Production in Asia-Pacific (2018 – 2021)
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Market Volume of Electric Vehicles (EV) Production in Asia-Pacific reached 187,724 in 2021
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This represents an increase of 53.6% as compared to 122,243 in 2020
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The indicator recorded a historical growth (CAGR) of 24.6% between 2018 and 2021
Market Volume of Electric Vehicles (EV) Production in Asia-Pacific (2018 – 2021)
Over the past 20 years, the focus of environmental targets in the automotive industry has shifted from exhaust pollutants NOX, particulates, and hydrocarbons, to reducing greenhouse gases (GHGs), with the most significant being CO2. The shift precipitated in 1997 when the Kyoto Protocol Climate Change Agreement was signed obliging developed and industrialized countries to reduce CO2 emissions by an average of 5.2% by 2012. The European Union countries pledged to cut emissions by 8%, while North American countries such as the US and Canada promised to reduce their emissions by 7% and 6%, respectively, by 2012.
An electric vehicle (EV) is a vehicle that is powered by an electric motor rather than a combustion engine. There are three main types of vehicles powered by electric motors: Battery electric vehicles (BEVs), Hybrid and Plug-in hybrid electric vehicles (HEVs, PHEVs), and Fuel cell electric vehicles (FCEVs).
In 2015, 3.2 million electrified vehicles – hybrids as well as cars with plugs – were produced worldwide, according to Global Data figures. By 2020, this number rose dramatically to 8.3 million units. Dozens of new EVs and hybrids are expected to go on sale as legacy automakers ramp up their electrification strategies, with overall electrified vehicle production hitting 27.3 million units in 2025 and 54.5 million units by 2035.
Globally in 2021, Asia-Pacific has emerged as one of the leading producers of electric vehicles (EV). Europe, North America, and the Middle East and Africa are the other leading regions in the electric vehicle production market. Market volumes of electric vehicles production in Asia-Pacific recorded double-digit YoY growth in 2021, reaching 122,243 units. The region posted a double-digit Compound Annual Growth Rate (CAGR) between 2018-21.
China has emerged as the dominant country in the EV landscape. It sells the most electric vehicles, makes the most electric vehicles, and has access to majority of raw materials needed for the batteries to build them. China moved faster than other nations to secure EV raw material supplies and production capacity. This is driven by the Chinese government policies. However, this domination has been gradually eroded as the appetite for EVs in other regional markets has increased and the need to build out more regional production arises.
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