Press release
Vietnam Electric Vehicle Market Size to Reach USD 6.74 Billion by 2030 Amidst Rapid Green Transition and Technological Innovations
The Vietnam Electric Vehicle (EV) Market is poised for substantial growth, with a projected market size expected to reach approximately USD 6.74 billion by 2030. The market was valued at around USD 2.4 billion in 2024, indicating a staggering compound annual growth rate (CAGR) of approximately 18.12% during the forecast period from 2025 to 2030. Several driving forces are contributing to this growth trajectory, including a national shift towards green and sustainable transportation solutions, supportive government policies, increasing technological advancements, and a growing consumer demand for environmentally friendly alternatives to traditional fuel vehicles.
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Vietnam Electric Vehicle Market Statistics
• Market Value in 2024: Approximately USD 2.4 billion.
• Projected Market Value by 2030: USD 6.74 billion.
• CAGR (2025-2030): Estimated at 18.12%.
• Major Adoption Increase: A 560-fold rise in EV adoption observed from 2020 to 2024.
Government Initiatives: Policies such as the Green Transport Action Plan and reduced import duties promoting EV usage.
Vietnam Electric Vehicle Industry Trend
The Vietnam Electric Vehicle Market is witnessing a significant trend toward the integration of IoT and AI-powered features in vehicles. These technological innovations enhance user experiences and safety features while improving energy efficiency. Numerous companies are actively developing smart charging stations equipped with advanced connectivity, thereby promoting further adoption of electric vehicles across urban and rural regions.
Vietnam Electric Vehicle Market Key Growth Challenge
Despite the anticipated growth, the high upfront cost of electric vehicles poses a significant challenge to market expansion in Vietnam. With battery components contributing to nearly 40% of the total vehicle cost, many consumers still favor traditional gasoline or diesel vehicles due to their affordability. Overcoming this price barrier remains a crucial goal for stakeholders aiming to enhance EV adoption nationwide.
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Leading Companies and Competitive Landscape of Vietnam Electric Vehicle Market
The Vietnam Electric Vehicle Market is characterized by competition from several key players. Leading companies include:
• VinFast Auto Ltd.
• Tesla Inc.
• Mercedes-Benz Vietnam
• Toyota Motor Vietnam
• Honda Vietnam
• Hyundai Thanh Cong Vietnam
• Kia Vietnam
• TMT Motors
• Nissan Vietnam
• Dat Bike (specializing in electric two-wheelers)
• Great Wall Motors (Haval) and others
These companies are investing in technological advancements and expanding infrastructure to secure their positions in the burgeoning market.
Vietnam Electric Vehicle Market Segmentation and Region
The Vietnam Electric Vehicle Market can be segmented based on the following criteria:
Segment by Propulsion Type
> Battery Electric Vehicle (BEV)
> Plug-in Hybrid Electric Vehicle (PHEV)
> Hybrid Electric Vehicle (HEV)
> Fuel Cell Electric Vehicle (FCEV)
Segment by Vehicle Type
> Passenger Cars
> Commercial Vehicles
> Electric Two-Wheelers
> Electric Buses
Segment by Battery Type
> Lithium-ion Battery
> Nickel-Metal Hydride Battery
> Others
Segment by End-User
> Private/Individual
> Commercial/Corporate Fleet
> Public Transport (e.g., E-buses)
Segment by Distribution Channel
> Dealerships
> Direct Sales
> Online/E-Commerce
Segment by Region
> Northern
> Central
> Southern
> Southeast
> Mekong Delta
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Tables of Content:
• Table 1: Vietnam Electric Vehicle (EV) Market Size & Outlook by Revenues (USD Million)
• Table 2: Vietnam Electric Vehicle (EV) Market Size & Outlook by Volume (Million Units)
• Table 3: Market Share & Outlook by Propulsion Type for Electric Vehicles
• Table 4: Battery Electric Vehicle (BEV) Market Size & Forecast 2020-2030 (USD Million)
• Table 5: Plug-in Hybrid Electric Vehicle (PHEV) Market Size & Forecast 2020-2030 (USD Million)
• Table 6: Hybrid Electric Vehicle (HEV) Market Size & Forecast 2020-2030 (USD Million)
• Table 7: Fuel Cell Electric Vehicle (FCEV) Market Size & Forecast 2020-2030 (USD Million)
• Table 8: Market Size & Outlook for Vietnam Electric Vehicle (EV) Market by Vehicle Type
• Table 9: Market Size & Outlook for Vietnam Electric Vehicle (EV) Market by End-User
• Table 10: Market Size & Forecast by Distribution Channel for Electric Vehicles
• Table 11: Vietnam Electric Vehicle (EV) Market Trends & Developments
• Table 12: Key Strategic Imperatives for Success & Growth in the EV Market
• Table 13: Company Profiles Overview in the Vietnam EV Market
• Table 14: Financial Details of Major EV Players in Vietnam
• Table 15: Strategic Alliances in the Vietnam EV Market
• Table 16: Recent Developments in the Vietnam Electric Vehicle Market
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Scope of the Report
• Comprehensive analysis of market size and share for the Vietnam Electric Vehicle Market.
• Growth rate projections through 2030 based on current demographic and economic conditions.
• Key trends affecting market dynamics, including technological advancements.
• Competitive landscape assessment featuring major players and market share distribution.
• Regulatory framework insights and potential challenges impacting market growth.
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MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.
We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.
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