Asia stands as the undisputed epicenter of the global electric vehicle (EV) revolution. The region has witnessed a phenomenal surge in EV adoption, accounting for an impressive 60% of the increase in electric cars and an overwhelming 90% of the growth in electric buses worldwide between 2015 and 2023. This trend is mirrored in Asia's flourishing EV trade, with imports increasing ninefold from $3 billion in 2017 to $27 billion in 2023. Furthermore, Asia commands a dominant position in EV exports, holding a 34% share of the global market in 2023. While a significant portion of this trade involves two- and three-wheelers with lower economic value, underrepresenting the actual intensity of growth, it's worth noting that Asia is estimated to be home to roughly 90% of the world's electric two- and three-wheelers. This further cements its leadership in the shift towards electric mobility. China, in particular, has been a critical driving force, spearheading the adoption of electric cars and buses across the region.

Share of Electric (including hybrid) in road vehicle imports (2017 - 2023)

Source: (International Trade Centre, n.d.)

Asia's dominance in the EV revolution extends beyond mere trade figures. The region demonstrates high readiness for a full-scale transition to electric mobility. Increasing supportive policies, robust financing mechanisms, infrastructure creation, and widespread access to EV technology have created a fertile ground for the rapid expansion of the electric vehicle market. This comprehensive ecosystem positions Asia at the forefront of the global shift towards sustainable transport.

E-mobility Readiness Index

Source: ATO analysis of UNEP Index using latest data

Find out more about the associated report here:
Transport Decarbonisation in Asia: A Glass Half-Full or Half-Empty? A Primer for COP-29
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