ASEAN Electric Vehicle Market Revenue, Trend and Forecast to 2030

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2022
ASEAN Electric Vehicle Market Opportunities,
Growth, Challenges, Business Trends and Forecast
2030
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Due to the rising concerns being raised over the
environmental pollution and damage caused by the
oil- and gas-powered vehicles, the governments of
various ASEAN (Association of Southeast Asian
Nations) countries are enacting regulations for
automobile manufacturing and encouraging the
usage of electric vehicles, in place of the
conventional oil- and gas-powered ones. Moreover,
several governments are also launching schemes,
in the form of subsidies and financial
incentives, for fueling the deployment of
electric vehicles. As the adoption of electric
vehicles can massively reduce the emission of
carbon dioxide, the governments of several ASEAN
countries are implementing policies aimed at
propelling the sales of these vehicles. Many
governments are launching incentive schemes to
boost the adoption of electric vehicles in
transport fleets. For example, the Thailand Board
of Investment (BOI) announced in April 2019 that
it would reduce excise tax from 8 to 2 for
automakers planning to manufacture electric
vehicles in Thailand. Furthermore, many
automobile manufacturing companies are investing
heavily in the manufacturing of electric vehicles
in the ASEAN region. For example, Toyota Motor
Corporation announced in June 2019 that it would
invest around 2 billion in electric vehicle
manufacturing in Indonesia. Such huge investments
being made by automobile manufacturers are
fueling the advancement of the ASEAN electric
vehicle market, as per the observations of PS
Intelligence, a market research company based in
India.
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The most widely used electric vehicles in the
ASEAN region are hybrid, plug-in hybrid, battery,
and electric vehicles. Out of these, the sales of
the hybrid electric vehicles were found to be the
highest in the region in the past years. This was
because of the existence of several
well-established companies such as Honda Motor
Company and Toyota Motor Corporation that are
manufacturing hybrid electric cars in various
ASEAN countries such as Singapore, Malaysia, and
Thailand. Nickel-metal hydride (NiMH),
lithium-ion (Li-ion), and lead-acid are the major
types of batteries used in electric vehicles. Out
of these, the usage of the Li-ion batteries is
predicted to rise sharply in electric vehicles in
the ASEAN region in the future years. This will
be because Li-ion batteries have greater energy
densities, smaller battery sizes, and higher
energy storage capacities than the NiMH or
lead-acid batteries. Thailand is one of the ASEAN
regions biggest electric vehicle
markets. Request to Get the Sample Report
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sean-electric-vehicle-market/report-sample
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The country is currently witnessing huge sales of
electric vehicles. According to reports and
surveys, around 200 plug-in hybrid and battery
electric vehicles were sold all over the country
in 2018. Moreover, the country witnessed more
than 566.7 growth in the sales of electric
vehicles from 2017 to 2018. As per reports, only
30 electric vehicles were sold in the country in
2017 and this number is predicted to rise
enormously in the coming years. Hence, it is
safe to say that the sales of electric vehicles
would shoot-up in the ASEAN region in the
forthcoming years, mainly because of the rising
enactment of favorable government policies and
the provision of several financial incentives by
the governments of the regional countries. More
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This study covers 1. Historical and the present
size of the ASEAN Electric Vehicle
Market 2. Historical and the present size of the
market segments and understand their comparative
future potential 3. Potential of on-demand
logistics services, so the market players make
informed decisions on the sales of their
offerings 4. Competitive scenario of various
market segments across key countries in several
regions for uncovering market opportunities for
the stakeholders 5. Major players operating in
the market and their service offerings
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