Asia overtakes Europe in electric vehicle market, says Fitch analyst

Asia is overtaking Europe in the electric vehicle market, says Fitch analyst

China is the largest player in the Asian electric vehicle market, but the region is still lagging behind Europe, according to an analyst at research firm Fitch Solutions.

Asia is lagging behind as European governments are taking strong steps to boost growth in the sector, Anna-Marie Baisden, head of automotive research at Fitch Solutions, said in an interview on CNBC’s “Squawk Box Asia.”

“The region is catching up. When we talk about the Asian EV market, we’re mostly talking about China, which still accounts for about 90% of sales, ”said Baisden.

“But a lot of supportive policies have been rolled out in Europe over the past year, especially in the EU, in response to the coronavirus … both on the infrastructure side and at the national level in terms of incentives,” she said.

According to Reuters, in February, the US company founded Tesla Motors India and Energy Private Limited with a registered office at the Bengaluru technology center in Karnataka.

While South Asia’s largest economy has tremendous potential to drive the growth of the electric vehicle market, the country’s demographics can pose a serious challenge, according to Baisden.

“The supportive policy is in place and manufacturers are starting to move in that direction with locally produced cars. But the demographics are different, ”noted Baisden.

“The average income there is much lower than in the other Asian markets. There’s a lot of potential out there, but it really comes down to the demographics in India, ”she added.

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