How big is the Vietnam Electric Vehicle Market?

The Vietnam Electric Vehicle Market size is expected to reach USD 2.48 billion in 2024 and grow at a CAGR of 18% to reach USD 5.67 billion by 2029. Read More

What is the current Vietnam Electric Vehicle Market size?

In 2024, the Vietnam Electric Vehicle Market size is expected to reach USD 2.48 billion. Read More

Who are the key players in Vietnam Electric Vehicle Market?

Vinfast Auto Ltd., Mercedes-Benz Group AG, Tesla Inc., Honda Motor Co. Ltd. and Hyundai Motor Company are the major companies operating in the Vietnam Electric Vehicle Market. Read More

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

In 2023, the Vietnam Electric Vehicle Market size was estimated at USD 2.03 billion. The report covers the Vietnam Electric Vehicle Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Electric Vehicle Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Vietnam Electric Vehicle Market Size & Share Analysis - Industry Research Report

Vietnam Electric Vehicle Market Size & Share Analysis - Growth Trends and Forecasts (2024 - 2029)

The Vietnamese Electric Vehicle Market Report is Segmented by Vehicle Type (Passenger Cars and Commercial Vehicles) and Propulsion (Battery Electric Vehicles, Plug-In Hybrid Electric Vehicles, Hybrid Electric Vehicles, and Fuel Cell Electric Vehicles). The Report Offers the Market Size and Forecast in Terms of Value (USD) for all the Above Segments.

Vietnam Electric Vehicle Industry Overview

The Vietnamese electric vehicle market is dominated by several key players, such as Vinfast Auto Ltd, Hyundai Motor Co. Ltd, and Mercedes-Benz Group AG. The rapid expansion of electric vehicle manufacturing facilities and the introduction of new electric vehicle models across the country will likely create lucrative market opportunities between 2024 and 2029. For instance,

In May 2023, Mercedes-Benz Group AG introduced three new fully electric car models in Vietnam: the EQB SUV, EQE SUV, and EQS SUV. These cutting-edge vehicles offer sustainable and eco-friendly driving solutions while providing luxurious and innovative features that impress even the most discerning car enthusiasts.
In February 2023, TMT Automobile Joint Stock Company (TMT Motors) signed a strategic cooperation agreement with SAIC-GM-Wuling (SGMW) to manufacture, assemble, and distribute electric vehicles in Vietnam under the Wuling brand.