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Southeast Asia Emerging as Global EV Industry Hub
A recent study reveals significant growth in the electric vehicle (EV) market across six Southeast Asian nations—Thailand, Indonesia, Vietnam, Malaysia, Singapore, and the Philippines. In 2023, passenger EV sales more than tripled to 153,500 units, with Thailand leading at 86,400 units, thanks to favorable government policies and the presence of Chinese automakers. Despite this growth, internal-combustion engine vehicles are expected to make up 76% of the region’s fleet by 2040, indicating a need for more government action to achieve net-zero targets.
A recent study reveals significant growth in the electric vehicle (EV) market across six Southeast Asian nations: Thailand, Indonesia, Vietnam, Malaysia, Singapore, and the Philippines.
In 2023, passenger EV sales more than tripled, reaching 153,500 units, with Thailand leading the surge at 86,400 units.
The growth is largely due to favorable government policies and increased participation of Chinese automakers.
Komal Kareer, Associate for Clean Transport (South and Southeast Asia) at BloombergNEF, highlighted the role of competition between emerging and established automakers and declining battery manufacturing costs in accelerating EV adoption.
Despite the rapid growth of passenger EVs, the electric two-wheeler market grew modestly by 3.8% in 2023, with Vietnam accounting for over 80% of sales in this segment.
BloombergNEF forecasts passenger EV sales to hit 2.7 million units by 2040, representing 56% of total vehicle sales.
However, internal-combustion engine vehicles are expected to still make up 76% of the region’s fleet, indicating that more government action is required to achieve net-zero targets.
In 2023, passenger EV sales more than tripled, reaching 153,500 units, with Thailand leading the surge at 86,400 units.
The growth is largely due to favorable government policies and increased participation of Chinese automakers.
Komal Kareer, Associate for Clean Transport (South and Southeast Asia) at BloombergNEF, highlighted the role of competition between emerging and established automakers and declining battery manufacturing costs in accelerating EV adoption.
Despite the rapid growth of passenger EVs, the electric two-wheeler market grew modestly by 3.8% in 2023, with Vietnam accounting for over 80% of sales in this segment.
BloombergNEF forecasts passenger EV sales to hit 2.7 million units by 2040, representing 56% of total vehicle sales.
However, internal-combustion engine vehicles are expected to still make up 76% of the region’s fleet, indicating that more government action is required to achieve net-zero targets.