Asia Has Officially Caught Up In The EV Race
Not only Tesla has been dethroned as the world’s best selling electric vehicle (EV) manufacturer by BYD, other Asian nations are further pushing Tesla down the scoreboard.
Source: Manufacturing Asia
More Asian countries have doubled down on their efforts to claw a top spot in the EV scoreboard. The usual suspects like China, Korea, India, Indonesia and Thailand are already in the marketplace vying for consumers’ attention in terms of charging stations availability and service accessibility. Adding insult to injury is Tesla’s losing its reign as world’s best-selling electric vehicle manufacturer.
Euromonitor International’s findings revealed China was 7th in 2023’s EV Readiness Index, rising 7 places from 2022, attributed to high investments into public charging infrastructure. The economic giant continues to be the largest EV market accounting for 61% of all the sales globally in 2023. It is also home to 1.8 million public charging stations, or about 65% of global supply.
“China has seen a swift rise in fast charging stations, providing charging power of more than 22kW, which has helped fuel greater consumer confidence in buying an EV,” said Fransua Vytautas Razvadauskas, Insights Manager for Mobility at Euromonitor.
Following closely behind is South Korea which jumped 10 places to rank 8th. The report also noted new growth opportunities for EV makers in emerging Southeast Asian nations, including Indonesia whose government recently rolled out incentives to boost domestic EV and battery production. Thailand has also stepped up with tax perks boosting EV sales, coupled with the influx of cheap cars from China.
“Competition in emerging EV market economies is expected to increase, with the Asia Pacific region offering the most opportunities. Despite the infrastructure constraints, EVs will continue to gain market share, benefiting from government incentives, rising consumer incomes and expanding car ownership,” Euromonitor added.
The intelligence firm also highlighted India being one of the fastest growing EV markets in Asia as the country’s sales of electric cars is projected to skyrocket by 50% in 2023. Its government also rolled out a subsidy scheme to ramp up domestic EV manufacturing and attract investments in the sector.
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