A new report by Temasek, LeapFrog Investments, Mahindra Last Mile Mobility Limited, and Battery Smart highlights the immense potential for electric vehicle (EV) adoption in emerging Asia. The report, “Powering an Affordable EV Revolution in Emerging Asia,” estimates that the region could require up to $1.3 trillion in green investments by 2030 to transition to electric vehicles.
The report emphasizes that the EV revolution in emerging Asia is already underway, driven by factors such as rising fuel costs, government incentives, and technological advancements. In countries like India, electric three-wheelers now account for an estimated 20% of the last-mile transportation market.
Dr. Steve Howard, Vice Chairman of Sustainability at Temasek, stated that the combination of technological advancements, business innovation, supportive policies, and significant investments in emerging Asia’s EV sector could lead to a rapid and large-scale transformation.
The report also highlights the growing role of women in the adoption of electric vehicles, particularly in countries like India, Bangladesh, and Vietnam. Women are increasingly driving independently to their workplaces and finding electric scooters to be a more affordable and convenient option.
Key findings from the report include:
- The electric mobility sector in emerging Asia could absorb up to $1.3 trillion in green capital by 2030.
- Electric three-wheelers in India are currently around $40-$112 cheaper per year to own than petrol alternatives.
- Women in emerging Asia are increasingly adopting electric vehicles for personal and professional use.
- Government policies and technological advancements are driving the growth of the electric vehicle market in the region.
The report calls for increased investments in EV infrastructure, battery technology, and charging networks to support the transition to electric mobility. By embracing electric vehicles, emerging Asian countries can reduce their carbon emissions, improve air quality, and create new economic opportunities.
