Asia is playing ‘catch up’ to Europe in the electric vehicle market, says Fitch analyst

cnbc2021-03-02

KEY POINTS The region is lagging behind because the governments in Europe are taking strong measures to boost growth in the EV sector, says Anna-Marie Baisden, head of autos research at Fitch ...

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Comments

AppleMango
2021-03-03
AppleMango
China firms will be catching up n become d the largest EV car markers
AHLONG
2021-03-03
AHLONG
Can be the largest EV market in 5 years' time
Laapreecoorn
2021-03-02
Laapreecoorn
Hope it will be good!
Priscyn
2021-03-02
Priscyn
asia will be larger than europe after the catch up
Atlee8
2021-03-02
Atlee8
Ok
許湘婷SERENEKOH
2021-03-02
許湘婷SERENEKOH
Late is better than never!
- Laapreecoorn:
  huat ah

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When we talk about the Asian EV market, we’re predominantly talking about China, which still accounts for around 90% of sales,” said Baisden.\n“But there’s a lot of supportive policy that has been rolled out in Europe, particularly in the EU, over the last year in response to coronavirus … both on the infrastructure side and on national levels in terms of incentives,” she said.\nA report by Cairn Energy Research Advisors, a consulting firmfocused on the battery and electric vehicle industries,predicted last year that there will be a surge in electric vehicle sales in 2021.It comesas countries around the world push new programs to encourage consumers to buy battery-powered vehicles.\nThe report also said thebiggest growth in sales for that sector will take place in Europe, mainly because EU governments are committed to lowering carbon dioxide emissions.\nChallenges for Japan and India\nBaisden said the weak uptake of electric vehicles in Asia – mainly in countries like Japan and India — is due to a combination of factors.\nWhile there is underlying demand in Japan, “we’re still waiting for concrete incentive plans,” she pointed out. “We heard in January that there were plans in place to start bringing out financial incentives for purchasing on a local level, particularly with Tokyo having a goal to have all electric car sales by 2030.”\nAs for India, the electric vehicle sector is likely to receive a boost from Elon Musk’s electric carmaker Tesla.\n\n It has much lower average income than the other Asian markets. There is a lot of potential there, but it really comes down to the demographics in India. ——Anna-Marie Baisden\n\nAccording to Reuters, the U.S. firm incorporated Tesla Motors India and Energy Private Limited with a registered office in the tech hub of Bengaluru in Karnataka in February.\nEven though South Asia’s largest economy holds huge potential to spur grow in the electric vehicle market, the country’s demographics may pose a serious challenge, according to Baisden.\n“The supportive policies are there and manufacturers are starting to move that way with locally produced cars. But the demographics are different,” noted Baisden.\n“It has much lower average income than the other Asian markets. There is a lot of potential there, but it really comes down to the demographics in India,” she added.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":365884341,"gmtCreate":1614727630883,"gmtModify":1704774449215,"author":{"id":"3567141277226150","authorId":"3567141277226150","authorIdStr":"3567141277226150","name":"AppleMango","avatar":"https://static.tigerbbs.com/68d3e430c230d4cfd4e97044c56f2b6d","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3567141277226150"},"htmlText":"China firms will be catching up n become d the largest EV car markers","listText":"China firms will be catching up n become d the largest EV car markers","text":"China firms will be catching up n become d the largest EV car markers","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/365884341","repostId":1192147307,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":365164874,"gmtCreate":1614704568098,"gmtModify":1704774334983,"author":{"id":"3573867170923993","authorId":"3573867170923993","authorIdStr":"3573867170923993","name":"AHLONG","avatar":"https://static.tigerbbs.com/0e278677344d99653c443547c0c9bad0","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3573867170923993"},"htmlText":"Can be the largest EV market in 5 years' time","listText":"Can be the largest EV market in 5 years' time","text":"Can be the largest EV market in 5 years' time","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/365164874","repostId":1192147307,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":365325923,"gmtCreate":1614697528062,"gmtModify":1704774213869,"author":{"id":"3575030857664126","authorId":"3575030857664126","authorIdStr":"3575030857664126","name":"Laapreecoorn","avatar":"https://static.tigerbbs.com/925f23b906aea0be5c57fbac9b935a06","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3575030857664126"},"htmlText":"Hope it will be good!","listText":"Hope it will be good!","text":"Hope it will be good!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/365325923","repostId":1192147307,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":365933944,"gmtCreate":1614687529988,"gmtModify":1704774017783,"author":{"id":"3574922224515422","authorId":"3574922224515422","authorIdStr":"3574922224515422","name":"Priscyn","avatar":"https://static.tigerbbs.com/f8d975ba47d25b1cd747c29f03928d8d","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3574922224515422"},"htmlText":"asia will be larger than europe after the catch up","listText":"asia will be larger than europe after the catch up","text":"asia will be larger than europe after the catch up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/365933944","repostId":1192147307,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":365041323,"gmtCreate":1614683754162,"gmtModify":1704773967437,"author":{"id":"3570959810686312","authorId":"3570959810686312","authorIdStr":"3570959810686312","name":"Atlee8","avatar":"https://community-static.tradeup.com/news/c489f977595fc5ad3c43665444bae677","vip":1,"crmLevel":2,"crmLevelSwitch":1,"idStr":"3570959810686312"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/365041323","repostId":1192147307,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":365057705,"gmtCreate":1614683393607,"gmtModify":1704773963462,"author":{"id":"3573309307115410","authorId":"3573309307115410","authorIdStr":"3573309307115410","name":"許湘婷SERENEKOH","avatar":"https://static.tigerbbs.com/1ee18d625e159a9b77abc1bf18e52d7b","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3573309307115410"},"htmlText":"Late is better than never!","listText":"Late is better than never!","text":"Late is better than never!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/365057705","repostId":1192147307,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3698715,"gmtCreate":1614697490723,"gmtModify":1680778893396,"authorId":3575030857664126,"author":{"id":3575030857664126,"authorId":3575030857664126,"name":"Laapreecoorn","avatar":"https://static.tigerbbs.com/925f23b906aea0be5c57fbac9b935a06","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":365057705,"type":1,"supId":0,"prevId":0,"content":"huat <u>ah</u>","text":"huat <u>ah</u>","html":"huat 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