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Neighborhood Electric Vehicles Production in Asia Pacific to Increase at a CAGR of 39 Per Cent to Reach 116,900 Units in 2016 Says Frost & Sullivan - Production of neighborhood electric vehicles (NEVs) in Asia Pacific is expected to grow at a compound annual growth rate (CAGR) of 39 per cent (2009-2016) to 116,900 units in 2016 due to demand from outside the region, says Frost & Sullivan
Neighborhood Electric Vehicles Production in Asia Pacific to Increase at a CAGR of 39 Per Cent to Reach 116,900 Units in 2016 Says Frost & Sullivan

 

NewswireTODAY - /newswire/ - Kuala Lumpur, Malaysia, 2011/06/30 - Production of neighborhood electric vehicles (NEVs) in Asia Pacific is expected to grow at a compound annual growth rate (CAGR) of 39 per cent (2009-2016) to 116,900 units in 2016 due to demand from outside the region, says Frost & Sullivan .

   
 
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Mr. Vijayendra R. Rao, Research Manager, Asia Pacific Automotive & Transportation Practice said that Asia Pacific is expected to become a key global NEV manufacturing region by 2020 led by China, India and South Korea.

New analysis from Frost & Sullivan (automotive.frost.com), Strategic Analysis of Asia Pacific Market for Neighborhood Electric Vehicles (covering 10 countries) – China, India, South Korea, Japan, Hong Kong, Philippines, Thailand, Indonesia, Malaysia and Australia – finds that the market is dominated by small and mid-size OEMs manufacturing NEVs primarily for exports to high growth US and Europe markets.

Mr. Rao said that Chinese OEMs are currently dominating the global NEV market by supplying all categories of NEVs. He added that India and China to account for more than 50 per cent of the NEV production in 2016. "China is likely to be the biggest market for NEVs both in terms of production and sales," he said.

Mr. Rao said that most countries in the Asia Pacific region are in the process of building recharge infrastructure for EVs. In most regions, this is a joint effort of OEMs, electric utility companies and the government, he noted.

He added that prices of NEVs in Asia Pacific range from US$2,223 for a Tara Tiny model to US$16,000 for CT &T e-zone model. Running cost ranges from 0.5 cents per km to 6 cents per km, he said.

Mr. Rao said that NEVs have outstanding benefits of zero-tail pipe emissions, low vibration and noise as well as low running and maintenance costs due to negligible recharge costs. "NEVs are ideally suited for short distances where emissions are highest in petrol vehicles," he added. He noted that EVs have incentives and tax benefits in some Asia Pacific countries.

However, NEV's low vehicle speed makes it unsuitable for highways and expressways. In some Asia Pacific countries, NEVs do not even have a legal vehicle status, said Mr. Rao. He said that NEVs are currently used at golf courses, gated complex, college and university campus.

"To compete against conventional vehicles, OEMs need to develop advanced systems and higher motor power for NEVs despite rising price pressures from EV and hybrid EV (HEV) manufacturers," Mr. Rao said.

"Motors are likely to be the future engines and will influence the future design and testing of vehicles for OEMs," Mr. Rao said, adding that OEMs and suppliers have to collaborate closely to develop electric motors for both hybrid and EV applications to catalyze the commercialization of alternative powertrain vehicles.

If you are interested in more information on this study, please send an email to Alice Chia, Corporate Communications – Asia Pacific, at alice.chia[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country.

Strategic Analysis of Asia Pacific Market for Neighborhood Electric Vehicles is part of the Automotive & Transportation Growth Partnership Services program, which also includes research in the following markets: Strategic Analysis of Battery Technologies for Electric and Hybrid Vehicles in South Korea, Strategic Analysis of Electric Motor Technologies for Electric and Hybrid Vehicles in South Korea, 2020 Supply Chain Technologies Road Map for SEA Countries, Strategic Analysis of Passenger Vehicles Market in Vietnam, among others. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.

About Frost & Sullivan
Frost & Sullivan (frost.com), the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages 50 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 40 offices on six continents.

Strategic Analysis of Asia Pacific Market for Neighborhood Electric Vehicles / P41D-18

 
 
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Neighborhood Electric Vehicles Production in Asia Pacific to Increase at a CAGR of 39 Per Cent to Reach 116,900 Units in 2016 Says Frost & Sullivan

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