Electric Vehicles - Southeast Asia

Southeast Asia

The Electric Vehicles market in Southeast Asia is expected to generate a revenue of US$1,510.0m by 2024.
This projection indicates an annual growth rate (CAGR 2024-2028) of 5.51%, resulting in a market volume of US$1,871.0m by 2028.
It is estimated that unit sales of Electric Vehicles market will reach 37.24k vehicles by 2028.
Furthermore, the volume weighted average price of Electric Vehicles market in 2024 is expected to be US$51.3k.
From an international standpoint, in China is projected to generate the highest revenue in the Electric Vehicles market, amounting to US$319,000m in 2024.
In Malaysia, the electric vehicle market is slowly gaining traction, with the government offering incentives to promote adoption.

Key regions: United States, Germany, Netherlands, China, United Kingdom

Market

Region

Region comparison

Currency

Analyst Opinion

The Electric Vehicles market in Southeast Asia is experiencing significant growth and development.

Customer preferences: Customers in Southeast Asia are increasingly opting for electric vehicles due to their environmental benefits and cost savings. With rising concerns about air pollution and climate change, consumers are becoming more conscious of their carbon footprint and are actively seeking greener transportation options. Additionally, the lower operating costs of electric vehicles, such as lower fuel and maintenance costs, make them an attractive choice for budget-conscious consumers.

Trends in the market: One of the key trends in the Electric Vehicles market in Southeast Asia is the increasing availability and variety of electric vehicle models. Major automakers are expanding their electric vehicle offerings in the region, providing consumers with more options to choose from. This trend is driven by the growing demand for electric vehicles and the supportive government policies promoting their adoption. Another trend is the development of charging infrastructure. As the number of electric vehicles on the roads increases, there is a need for a robust charging network to support their usage. Governments and private companies are investing in the installation of charging stations across the region, making it more convenient for electric vehicle owners to recharge their vehicles.

Local special circumstances: One of the unique challenges in the Southeast Asian market is the high population density in urban areas. This poses a challenge for the adoption of electric vehicles as there may be limited parking and charging infrastructure in densely populated cities. However, governments are actively addressing this issue by implementing policies to incentivize the installation of charging stations in public parking areas and promoting the use of electric vehicles in ride-sharing services.

Underlying macroeconomic factors: The growth of the Electric Vehicles market in Southeast Asia is also influenced by macroeconomic factors such as government policies and incentives. Many countries in the region have set ambitious targets to reduce greenhouse gas emissions and promote sustainable transportation. Governments are implementing policies such as tax incentives, subsidies, and exemptions to encourage the adoption of electric vehicles. These measures are driving the growth of the market by reducing the cost of electric vehicles and making them more affordable for consumers. In conclusion, the Electric Vehicles market in Southeast Asia is experiencing significant growth and development due to customer preferences for greener and cost-effective transportation options. The increasing availability of electric vehicle models, the development of charging infrastructure, and supportive government policies are driving the growth of the market in the region. Despite challenges such as high population density in urban areas, governments are actively addressing these issues to promote the adoption of electric vehicles. The underlying macroeconomic factors, including government policies and incentives, are also playing a crucial role in the growth of the market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).