New Delhi: Discussions around electric vehicles (EV) grew 28% in the Asia-Pacific region (APAC) in 2022 compared to the previous year, a new analysis showed.
According to the researchers at GlobalData, a top provider of data and analytics, the trend was supported by rising fuel prices, a shortage of energy, and the prominence of electric mobility as a key strategy to reduce carbon emissions and slow global warming.
According to the GlobalData company filings database, Indian firms conducted the most conversations on the subject (320), followed by Chinese (154), Australian (128), Hong Kong (124), Taiwan (99), and Japanese (68).
According to the experts with the data firm, the corporations also concentrated their planning on EV-related infrastructure, such as battery manufacturing, charging stations, and battery swapping, among other things.
The analysis revealed that some of the region’s top automakers had distinct strategies for their sector in electric mobility.
For instance, the Indian automaker Mahindra & Mahindra intends to introduce five electric sports utility vehicles (SUV), one of the more well-liked consumer vehicle segments, by 2026–2027, according to GlobalData.
The analytics business revealed that the company is employing 900 engineers to boost EV expertise and build new electric product capabilities at its R&D centre Mahindra Research Valley (MRV) in Chennai.
Zhongsheng Group Holdings, a Beijing-based retailer and provider of automotive services, said that in the first half of 2022, the group’s sales of EVs climbed by 54%.
“XPeng Inc, a China-based smart EV company, discussed the delivery of 98,553 EVs during the first three quarters of 2022 — a growth of 75% from the same period last year,” the analysis mentioned.
According to Viva Energy Australia Group, the market for hydrogen fuel cell electric heavy vehicles is expanding and has significant long-term growth potential.
GlobalData said that CLP Holdings, located in Hong Kong, had talks about establishing a joint venture with Qingdao TGOOD Electric Company, a maker of smart technology, to create charging networks for electric vehicles.
The market share of Gogoro, a Taiwan-based company, and its vehicle partners went up last year, the company reported. “In the first nine months of 2022, they accounted for 92.4% of all sales of electric vehicles,” according to the statement shared by the data analysis company.
Japanese automobile giant Suzuki Motor Corp is investing USD 100 million in EVs and battery manufacturing, the analysis showed. “By 2025, the company also intends to launch EVs in India,” it added.
According to the 2015 Paris Declaration on Electro-Mobility and Climate Change & Call to Action, transportation accounts for 25% of all energy-related greenhouse gas emissions worldwide.
The statement noted that if global warming is to be kept below 2 degrees Celsius over pre-industrial levels, at least 20% of all road transportation must be electric.
Also Read:
India has traditionally been known as a price-sensitive small car market. But the latest trend shows that Indian consumers are upgrading year-on-year not only in fossil fuel driven vehicles but also for EVs, Rajeev Singh, automotive sector leader at Deloitte India told ET.