ASEAN Electric Vehicle Market 2019-2025: Industry Analysis, Trends, Growth, Opportunities, and Forecast

ASEAN electric vehicle market is expected to grow at a CAGR of 19.0% during the forecast period. ASEAN comprises ten countries in South-East Asia and caters to around 650 million population in 2019. The electric vehicle market in the region is at a nascent stage however it seems to witness lucrative growth in the near future.

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Thailand, a major country in ASEAN has announced its EV road map in March 2020 under the “National Electric Vehicle Policy Committee (NEVPC)”. The government of Thailand plans to promote EVs in the country and had set a target of 250,000 EV, 3,000 electric buses, and 53,000 electric motorcycles by 2025. The country also aims to increase EV production to 30.0% of total car production by 2030. It will be around 0.75 million out of total 2.5 million car production by 2030 in the country.

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Following the plan to promote EV, in November 2020, the government announced new tax incentives for the EV industry for setting up EV manufacturing units. Under the incentives, PHEV project worth more than $163 million (5 billion baht) will be eligible for a three-year corporate tax holiday, and BEV projects will be eligible to receive an eight-year corporate tax holiday. For the BEV projects, R&D expenditures are also included in the project.

Moreover, motorcycles, three-wheelers, buses, and trucks will be eligible for three-year corporate income tax exemption, which further can be extended under some conditions. Chinese and South Korean companies are taking significant interest to invest in ASEAN countries for their expansions. For instance, Hyundai Motors has confirmed that it will develop a new manufacturing unit in the ASEAN member state and the first phase will be completed by 2021. Chinese automaker Great Wall Motors Co., also witnessing opportunities to expand in Thailand to manufacture EV.

Thailand is not the only ASEAN country working positively in the EV; Brunei, ASEAN’s smallest country is also working to shift towards EVs. The Brunei Darussalam National Council on Climate Change (BNCCC) also launched the country’s first climate change policy as “The Brunei Darussalam National Climate Change Policy” (BNCCP). The low carbon emission for a sustainable nation will also drive the demand for EV in the country in the near future.

ASEAN Electric Vehicle Market Report Segment

By Vehicle Type
• Commercial Vehicle
• Passenger Car
• Two-Wheeler

By Propulsion Technology
• Battery Electric Vehicle
• Plug-in Hybrid Electric Vehicle

By Battery Type
• NiMH
• Li-ion
• Others

ASEAN Electric Vehicle Market- Countries Covered
• Indonesia
• Thailand
• Malaysia
• Singapore
• Others

Company Profiles
• BMW AG
• Eclimo Sdn. Bhd.
• Honda Motor Co., Ltd.
• Mitsubishi Motors Corp.
• Nissan Motor Co.
• STAR 8 (THAILAND) Co. Ltd.
• Terra Motors Corp.
• Toyota Motor Corp.

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