How big is the ASEAN Electric Vehicle Market?

The ASEAN Electric Vehicle Market size is expected to reach USD 1.14 billion in 2024 and grow at a CAGR of 32.73% to reach USD 4.70 billion by 2029. Read More

What is the current ASEAN Electric Vehicle Market size?

In 2024, the ASEAN Electric Vehicle Market size is expected to reach USD 1.14 billion. Read More

Who are the key players in ASEAN Electric Vehicle Market?

Hyundai Motor Company, Tesla Inc., Mitsubishi Motor Corporation, MG Motor and BMW AG are the major companies operating in the ASEAN Electric Vehicle Market. Read More

What years does this ASEAN Electric Vehicle Market cover, and what was the market size in 2023?

In 2023, the ASEAN Electric Vehicle Market size was estimated at USD 0.86 billion. The report covers the ASEAN Electric Vehicle Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the ASEAN Electric Vehicle Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

ASEAN EV Market - Growth, Share, Size & Electric Vehicle Industry

ASEAN EV Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Asean EV Market is Segmented by Vehicle Type (Passenger Vehicle and Commercial Vehicle), Drive Train Technology (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, and Fuel Cell Electric Vehicle), and Country (Thailand, Malaysia, Indonesia, Singapore, and the Rest of ASEAN). The report offers market size and forecasts for ASEAN electric vehicles in terms of value (in USD million) for all the above segments.

ASEAN EV Industry Overview

Due to the entry of various electric vehicle ride-hailing startups and automakers, the ASEAN electric vehicle market is dominated by several active players, including new startups and ICE vehicle OEMs. Some of the major players in the market include Hyundai, Tesla Inc., BMW Group, MG Motors, and Mitsubishi Motor Company. The local governments are preparing for scaling up local electric vehicle production, and various automotive and ride-hailing companies are forming strategic alliances with other players in the market. For instance,

In September 2022, BYD announced its first electric car manufacturing plant in Thailand. The company will start manufacturing operations in 2024 with an annual production capacity of about 150,000 electric vehicles.
In March 2022, Hyundai Motor Group launched its new automotive plant in Indonesia that will produce the first locally assembled electric vehicle. This initiative is part of President Joko Widodo's goal of developing a full EV supply chain in Indonesia.
In March 2022, Mitsubishi Motors Corporation signed a memorandum of understanding with four companies, namely PT Pos Indonesia, PT Haleyora Power, Go-Jek, and DHL Supply Chain Indonesia. The project aims to conduct a pilot study on the use of electric commercial vehicles.
In 2021, the Asian Development Bank and Energy Absolute signed a USD 48 million green loan agreement to finance countrywide electric vehicle charging infrastructure in Thailand.
In 2020, Thailand's government announced a new roadmap to promote EVs through various state agencies. It has set an aggressive target to manufacture around 250,000 EVs, of which 3,000 are electric buses and 53,000 electric motorcycles, by 2025.