The Asia (Japan, South Korea, China, India, ASEAN) Fuel Efficient Vehicles market to Show Major Growth Due To The Rising Adoption Of Electric Vehicles

https://www.coherentmarketinsights.com/market-insight/asia-japan-south-korea-china-india-asean-fuel-efficient-vehicles-market-5950

Asia (Japan, South Korea, China, India, ASEAN) Fuel Efficient Vehicles Market 


Market Overview:

Fuel efficient vehicles utilize alternative fuels or more efficient powertrains like electric, plug-in hybrids and hybrid vehicles to improve fuel efficiency. They help reduce consumption of fossil fuels and provide better mileage compared to conventional vehicles. Demand for such vehicles is growing due to rising fuel prices and stringent emission norms.

Market Key Trends:

One of the key trends in the Asia (Japan, South Korea, China, India, ASEAN) Fuel Efficient Vehicles market is the rising adoption of electric vehicles. Stringent emissions regulations across countries in the region are compelling automakers to shift focus toward electric vehicles. Government incentives and supportive infrastructure are also boosting EV sales in major markets. For instance, China aims to have new energy vehicles account for 25% of all new car sales by 2025. Similarly, India plans to have only electric vehicles on its roads from 2030. This rise in electric mobility is expected to significantly drive the fuel efficient vehicles market in Asia during the forecast period.

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

Segment Analysis

The Asia (Japan, South Korea, China, India, ASEAN) fuel efficient vehicles market is segmented into battery electric vehicles, hybrid electric vehicles, plug-in hybrid electric vehicles and fuel cell electric vehicles. Among these, the hybrid electric vehicles segment dominated the market in 2023 with a share of around 38%, owing to their low cost and higher fuel efficiency compared to conventional ICE vehicles. The plug-in hybrid electric vehicles segment is expected to witness the highest CAGR over the forecast period attributed to growing consumer preference for vehicles with extended electric range.

Key Takeaways

The global 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 consumer awareness about environmental protection and stringent government regulations to curb vehicular emissions.

Regional analysis - China dominates the Asia (Japan, South Korea, China, India, ASEAN) fuel efficient vehicles market in 2023 with a share of over 30%, owing to favorable government policies and significant investments by automakers in new energy vehicles. India is expected to be the fastest growing market attributed to growing adoption of electric mobility and supportive incentives offered by the government.

Key players - 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). Toyota leads the market with its diversified hybrid electric vehicle offerings. 

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