Asia-Pac - a showcase of why EVs are the future

TWO predictions by BloombergNEF present a compelling case for the future of electric vehicles (EVs): one is they will reach cost parity with conventional cars in the mid-2020s, and the other is that, in 2040, more than half of cars sold will be electric - or one-third of the global car fleet. Closer to home, Grand View Research forecasts that Asia-Pacific will show the highest EV growth, with China already holding the largest EV fleet at two million vehicles. The International Renewable Energy Association (Irena) estimates that, by 2025, one-fifth of vehicles in South-east Asia will be electric. The long-term predictions are strong, and adoption is starting to make headway. The great news for Asia-Pacific is that progress has reached something of a tipping point that bodes well for a much-stronger EV market in the years ahead.

EXTREME POPULATION DENSITY OFFERS IDEAL CANVAS

When you consider the total population of 650 million people in the Asean countries alone, there is certainly scope for far-greater adoption. For much of Asia-Pacific, traffic emissions are a major concern as transport networks keep pace with development and growth. Environmentally, air pollution is of critical concern. Moving to an emission-free landscape means that social health will improve dramatically - leading to the economic benefit of greater productivity.