Hong Kong Electric Vehicle Market Outlook (2020-2025) | Outlook, Size, Share, Revenue, Analysis, Forecast, Growth, Trends, Industry & COVID-19 IMPACT

Hong Kong Electric Vehicle Market report comprehensively covers the market by vehicle types, charger types, DC charger power ratings, and by-charger end consumers. Hong Kong electric vehicle market report provides an unbiased and detailed analysis of the ongoing trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Latest 2023 Development of The Hong Kong Electric Vehicle Market

Hong Kong Electric Vehicle Market has seen significant growth in recent years. The government has implemented several initiatives such as subsidies, tax exemptions, and the installation of charging stations to encourage people to purchase EVs. The government has announced plans to launch a fleet of electric buses and taxis to reduce emissions and improve air quality. Additionally, there are also plans to establish a network of fast charging stations to support the growth of the EV market in Hongkong. The main drivers of this growth are the government's efforts to promote the adoption of electric vehicles and the increasing awareness of the benefits of these vehicles.

In addition, the increasing awareness of the benefits of electric vehicles, such as lower fuel costs and reduced emissions is also contributing to the Hong Kong Electric Vehicle Market growth. Due to increasing demand, many consumers are now considering electric vehicles as a feasible alternative to traditional gasoline-powered vehicles. Despite these positive trends, the market has encountered some challenges such as limited charging infrastructure and higher upfront costs for electric vehicles. However, the Hong Kong electric vehicle market is expected to continue its steady growth in the near future through the government's efforts and the increasing awareness of the benefits of these vehicles. In general, Electric vehicles produce significantly lower emissions compared to traditional gasoline-powered vehicles which makes them a more eco-friendly option.

Hong Kong Electric Vehicle Market Synopsis

Hong Kong electric vehicle market is at a nascent stage, the market witnessed minimum sales in the previous few years due to the outbreak of the Covid-19 pandemic. However, the higher income in Hong Kong, relative to other Asian countries continues to be a major driver for electric vehicle sales. Moreover, favourable incentives from the Hong Kong government through concessions on first registration taxes on new EV sales and the scrappage scheme (One-for-One Replacement Scheme) are supportive of rapid EV adoption in Hong Kong.

According to 6Wresearch, Hong Kong electric vehicle market size grew at a CAGR of 7.2% during 2020-2025. Hong Kong electric vehicle market has significant growth prospects. Certain key factors such as an increase in demand for fuel-efficient, high-performance, and low-emission vehicles along with stringent government rules and regulations towards vehicle emission supplement the growth of the electric vehicle market in the country.

Market Analysis By Vehicle Types

4 Wheelers are the largest segment in the Hong Kong automotive industry. Additionally, the Hong Kong government revised its “Pilot Green Transport Fund”, renaming it the “New Energy Transport Fund” and would give $103.21 million to subsidize commercial vehicles (CVs) such as taxis, light buses, buses, and vessels, in order to make the switches to greener technologies (electric vehicles).

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 6 Years Market Numbers.
• Estimated Data Starting from 2020 to 2025F.
• Base Year: 2019
• Forecast Data until 2025F.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Hong Kong Electric Vehicle Market Overview
• Hong Kong Electric Vehicle Market Outlook
• Hong Kong Electric Vehicle Market Forecast
• Historical Data and Forecast Hong Kong Electric Vehicle Market Revenues and Volume for the Period 2018-2028F
• Historical Data and Forecast of Hong Kong Electric Vehicle Market Revenues and Volume, By Vehicle Types, for the Period 2018-2028F
• Historical Data and Forecast of Hong Kong Electric Vehicle Market Revenues and Volume, By Charger Types, for the Period 2018-2028F
• Historical Data and Forecast of Hong Kong Electric Vehicle Market Revenues and Volume, By DC Charger Power Ratings, for the Period 2018-2028F
• Historical Data and Forecast of Hong Kong Electric Vehicle Market Revenues and Volume, By Charger End Consumers, for the Period 2018-2028F
• Market Drivers and Restraints
• Industry Life Cycle
• Porter’s Five Force Analysis
• Impact Analysis of COVID-19
• Market Trends
• Hong Kong Vehicle Market Revenue Ranking, By Companies
• Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

• By Vehicle Types

• Electric 2-Wheeler
• Electric 3-Wheeler
• Electric 4-Wheeler
• Passenger Car
• Light Commercial Vehicle (Goods Carrier)
• Electric Bus
• Electric Truck

By Charger Types

• AC
• DC

By DC Charger Connector Types

• CHAdeMO
• CCS
• Others (including Tesla superchargers and GB/T)

By DC Charger Power Ratings

• 40-80 kW
• 80-120 kW
• 120-200 kW

By Charger End Consumers

• Public
• Private