Luxury Electric Vehicle Market Share

APAC Market Statistics

Asia Pacific industry is set to dominate majority revenue share of 62% by 2037. The region’s continuous dominance in the predicted timeframe is also due to its increasing prevalence in buying luxury products for maintaining its lifestyle. The growing population will require inexpensive transportation, which will boost the market in the forecast future.

In 2019, China held approximately a 2% market share, which increased to 6% in 2020. Between 2012 and 2020, China exported just over 60,000 electric vehicles (EVs), accounting for 3% of the worldwide market value. It is expected that this number will continue to increase in the future.

Hyundai intends to launch a 7-seater electric SUV called the IONIQ 7 in South Korea. This vehicle will be the largest electric offering from the Korean automaker. Anticipated to be released for sale in 2024, it is quite likely that the carmaker will reveal the final form of the electric SUV in 2023, hence stimulating market expansion.

North America Market Analysis

The expansion of the industry is ascribed to the rising customer inclination towards luxury, which is propelling the luxury electric vehicle market. In 2022, North America has produced 15 million vehicles.  The car manufacturing sector in this region has experienced significant and continuous technological advancements in recent decades.

Tesla's Supercharger network is unbeatable, and the Model Y is currently one of the top-selling cars in the United States, whether electric or not.

Canada has launched an incentive scheme that provides a 5 thousand US dollars reward for qualified electric vehicle purchases or leases. This incentive is applied at the time of purchase by the dealership, after validating the eligibility of the buyer. Consequently, this is driving the expansion of the market.