High Performance Electric Vehicles market in Asia-Pacific is expected to grow at a CAGR of 30.68% during the forecast period. Electric high performance vehicles can be differentiated from other EVs on aspects which include longer range of distance i.e. over 90 miles in single charge, which is very high compared to other commercially available EV. EHPVs also have high acceleration and can attain speed of over 90 miles per hour with fast 0 to 60 miles per hour acceleration, unlike that of EV, which can range at speeds varying from 40-65 miles per hour. Though this type of vehicles have been introduced recently and its technology is still at its development stage, growing electric vehicle popularity is expected to propel the market for HPEV in the Asia Pacific region. On the down side, high cost of ownership coupled with limitations in account of the charging infrastructure in many countries would affect the growth of the market during the forecast period.
The growing awareness of vehicle emissions like that of CO2, lower operating and maintenance cost along with increase in Government agency's initiative to encourage the use of electric vehicles would also help to drive the growth of high performance electric vehicles significantly. Consumer perception and willingness to purchase the automobiles with new technologies lies at the cause of driving the demand for these vehicles in the countries of China, Japan, and Korea. China and Japan were major contributors to the EHPV market in APAC. China witnessed an increase in the adoption of battery electric vehicles across the country. Increasing environmental concerns and focus on reducing fuel consumption resulted in the increased adoption of battery electric vehicles, including EHPV, in the country. The growing pollution levels is one factor driving the demand for EHPV in the region. Government in China had increasingly emphasized the adoption of Evs. The growth rate of high performance electric vehicles in Japan is fuelled by the increased initiatives by the Government to increase the number of charging stations and extensive R&D to improve electric vehicle charging infrastructure.
Korea had been a critical market in the production of electric vehicles since 1992, where several research and development for high performance electric vehicles were made at that point of time. However international competition in the development of hybrid cars lead to the decline in the sales of these vehicles from the country where GM EV1 and the mass-production of the Toyota PRIUS in 1997 were discontinued resulting to a further reduction of domestic R&D of electric vehicles during that phase. The commercialization of an electric vehicle had not been achieved thereafter and has only been limited to electric golf carts and the electric cars for small company leisure. However in December 2010, the Ministry of Knowledge Economy announced a plan for improving the competitive power of electric vehicles by 2014 through the "Green Car Roadmap" with Korea Automotive Technology Institute (KATECH). The roadmap leads a project to develop semi-medium sized high-speed electric vehicle to be commercialized in 2014. Further, on April 16th, 2012, the Ministry of the Environment Korea announced a plan to commercialize 2,500 electric vehicles by 2012 through the "Ceremony of Electric Vehicle Commercialization 2012" and confirmed the sales price, subsidy and funding for the infrastructure to support the operation of electric vehicles. In the case of the high-speed electric vehicle, the "Hyundai Blue On" electric vehicle was developed in August 2010 and 250 cars were produced for public institutes. The model was later announced as the main model of the demonstration project of the Ministry of Environment. The Renault-Samsung SM3 electric vehicle is a model that applies the quick-drop type as a battery exchange method. It will be sold to the public in 2013. Thereby, the development of commercialization of electric vehicles, had significantly helped to augment the demand of high performance electric vehicles in Korea, In terms of the sales price of the high performance light weight electric vehicles, Kia Motor Co. was supported by a subsidy of $ 1,364 (1$ =1,100 won) and support for the charging infrastructure of $ 800 by the Government of Korea . The sales price of the low speed electric vehicle was supported by a subsidy of $ 1,909 and support for a charging infrastructure of $ 525. In addition, a tax cut of up to $ 3,818 for costs such as individual consumption, acquisition, and education was provided.
The market is segmented by electric vehicle type, by power range and by geography. Pure Electric High Performance Vehicles would lead the Asia-Pacific market on the basis of High-Performance Electric Vehicle type. Some of the key players in this market are BMW, Kia, Renault, Hyundai, Daimler, and Nissan Motor. As a whole, growing government subsidies and spiked popularity for electric vehicles is expected to drive the market for HPEV in Asia Pacific region and pose a fruitful prospect over the coming 5 years.
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