Charging Ahead: Electric Multi-Purpose Vehicles, 7.7% CAGR Growth, and the New ASEAN Manufacturing Advantage

The Electric Multi-Purpose Vehicle (EMPV) industry is part of the broader electrified automotive ecosystem, encompassing electric vehicles designed for both personal and commercial operations with versatile cargo and passenger use. These vehicles leverage electric propulsion systems to deliver lower emissions, reduced operating costs, and adaptability across logistics, passenger transport, agriculture and industrial application. Worldwide, electrification is reshaping vehicle adoption, with EV sales rising persistently. General EV markets (encompassing passenger, commercial, and multipurpose vehicles) saw record growth, with global EV sales climbing by double-digit percentages in 2025. China remains the dominant producer and consumer, while policy support in Europe and parts of Asia accelerates electrified transport penetration. Southeast Asian nations are investing extensively in infrastructure and assembly capacity to capitalize on these trends.
In 2024, the global EMPV market size reached USD 20,110 million and a compound annual growth rate of 7.7% through 2031, reaching market size USD 33,800 million by 2031. With an average selling price at USD 30,000, which reflects units sold globally in 2024 are at 670K units. The factory gross margin at 20% implies to a factory gross profit of USD 6,000 per unit and cost of goods around 24,000 per unit. The COGS breakdown is raw materials & battery systems, power electronics, chassis and assembly contribute the remainder. A single line full machine production capacity is around 15K unit per line per year, dependent on automation and footprint. Downstream industry demand spans logistics, municipal fleets, agriculture, and light commercial applications.
Latest Trends and Technological Developments
The EMPV industry continues to evolve with innovations in battery chemistry, range extension systems, modular designs, and digital fleet management. On December 2025, Chinese EV manufacturer Xpeng disclosed negotiations with Malaysias EP Manufacturing Bhd to begin mass electric vehicle production in Malaysia by 2026, highlighting strategic ASEAN expansion and local assembly partnerships to reduce costs and improve regional delivery times. This news reflects broader global trends of shifting production closer to key demand centers. Additional market observers note that global electric vehicle sales including related multipurpose segments grew significantly in 2025, driven by China and Europe, while North America faced adoption headwinds due to limited consumer choice and high unit prices.
In a significant fleet electrification move, the logistics giant DHL has purchased a fleet of 50 eDeliver 7 electric cargo vans from Maxus (SAIC Motor) for an approximate total of USD 3.25 million, equating to roughly USD 65,000 per unit. This acquisition is part of DHLs global strategy to reduce carbon emissions in its last-mile delivery operations.
For sustainable on-site operations at its Gigafactory Berlin-Brandenburg, Tesla, Inc. has deployed a fleet of Ford E-Transit electric vans for internal parts and personnel transport. The company has also integrated several Rivian R1T electric pickup trucks, used by its facilities and security teams, with the total application of these specialized electric multi-purpose vehicles amounting to an estimated investment of USD 550,000. These vehicles are essential for maintaining zero-emission logistics within the factory's expansive grounds.
Asia represents a pivotal region for EMPV uptake due to high population density, rapid urbanization, and supportive government policies. Chinas leadership in EV production accounting for an estimated majority of the worlds EV output is a driving force in both domestic and export markets, influencing cost structures and technology diffusion globally. Beyond China, markets such as India, Japan, South Korea, and ASEAN nations are progressively building localized manufacturing ecosystems. Asian markets emphasize affordability and scaling production capacity, which underpin the competitiveness of EMPVs, particularly in fleet and utility applications.
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Electric Multi Purpose Vehicle by Type:
Hybrid Electric MPV

Fully Electric MPV

Electric Multi Purpose Vehicle by Product Category:
5 Seater MPV

6 Seater MPV

7 Seater MPV

Others

Electric Multi Purpose Vehicle by Market Segment:
≤600km

>600km

Electric Multi Purpose Vehicle by Features:
Fast Charging Supported MPVs

Advanced driver-assistance systems (ADAS) equipped MPVs

Connected and smart infotainment-enabled MPVs

Electric Multi Purpose Vehicle by Usage:
Family and personal transportation

Commercial passenger transport

Corporate and fleet mobility

Tourism and hospitality transport

Others

Electric Multi Purpose Vehicle by Application:
Commercial Use

Municipal Use

Others

Global Top 20 Key Companies in the Electric Multi Purpose Vehicle Market
Canoo

Alke

Mercedes-Benz

Peugeot

Citroën

Volvo (Sweden)

Volkswagen AG (Germany)

Buick (US)

Toyota (Japan)

Li Auto (China)

Dongfeng Motor (China)

Xpeng (China)

Geely (China)

Saic (China)

Beijing Automobile Works (BAW) (China)

JAC Group (China)

GAC Group (China)

Dongfeng Liuzhou Motor (China)

BYD (China)

Kia (South Korea)

Regional Insights
Southeast Asias electric vehicle industry is rapidly scaling, with the ASEAN market estimated at multiple billions of USD in value and forecast for substantial CAGR growth supported by tax incentives, infrastructure build-outs, and resource advantages (notably Indonesias nickel reserves for batteries). Indonesia, in particular, is positioning itself as a regional EV manufacturing hub with policy incentives reducing luxury tax and VAT for local EV production, aiming to grow domestic electrification and battery supply chain integration. Across ASEAN, localized assembly and manufacturing capacity additions are catalyzing broader EMPV deployment, with manufacturers like BYD and others committing to regional facilities. Consumer and commercial uptake is growing alongside infrastructure investments, positioning ASEAN as a major future market for EMPVs.
The EMPV industry must address persistent challenges, including high battery and raw material costs that compress margins and elevate unit prices. Infrastructure deficiencies, particularly in charging networks and grid readiness in emerging markets, restrict broader adoption. Supply chain bottlenecks for critical minerals, geopolitical trade tensions, and competitive pressure from internal combustion alternatives in price-sensitive markets further complicate growth trajectories. Additionally, workforce skill gaps in advanced vehicle manufacturing pose challenges to scaling production efficiently.
Strategic opportunities for stakeholders include vertical integration of battery production to lower input costs, partnerships to localize assembly in key regions (as seen with Xpeng and Malaysian partners), and flexible manufacturing platforms that allow scaling to meet diverse market needs. Corporate investment in digital fleet management and connected EV services can unlock recurring revenue streams beyond unit sales. Policy engagement is essential to secure incentives, subsidies, and infrastructure support from governmental bodies to accelerate electrification.

Product Models
Electric Multi-Purpose Vehicles (Electric MPVs) are designed to combine spacious passenger capacity with electrified powertrains, making them suitable for families, ride-hailing fleets, and commercial shuttle services.
Hybrid Electric MPV refers to a multi-purpose vehicle that combines an internal combustion engine with one or more electric motors to improve fuel efficiency and reduce emissions while retaining long driving range. Notable products include:
Nissan Serena e-POWER Nissan Motor Co., Ltd.: Uses an electric motor for driving with a gasoline engine acting as a generator, providing EV-like driving feel.
Honda Odyssey Hybrid Honda Motor Co., Ltd.: A family-oriented MPV optimized for smooth rides and lower fuel consumption.
Toyota Noah Hybrid Toyota Motor Corporation: A compact MPV designed for urban families with practical space and hybrid efficiency.
Lexus LM 500h Lexus (Toyota Motor Corporation): A luxury MPV combining premium features with advanced hybrid performance.
BYD Song Max DM-i BYD Auto: A plug-in hybrid MPV offering extended electric driving capability and low fuel usage.
Fully Electric MPV refers to a multi-purpose vehicle powered solely by electric motors and batteries, offering zero tailpipe emissions, quiet operation, and lower running costs. Notable products include:
Volkswagen ID. Buzz Volkswagen AG: A modern electric reinterpretation of the classic VW Microbus with spacious interiors and zero emissions.
Mercedes-Benz EQV Mercedes-Benz Group AG: A premium electric MPV designed for executive transport with refined comfort.
Toyota Proace Verso Electric Toyota Motor Corporation: A practical electric MPV suitable for both passenger and commercial use.
Peugeot e-Traveller Stellantis (Peugeot): An all-electric MPV focused on versatility for families and shuttle services.
Maxus MIFA 9 SAIC Maxus: A large premium electric MPV offering long range and advanced digital features.

The global EMPV industry is entering a period of accelerated growth driven by environmental imperatives, technological advancements, and regional policy support especially in Asia and Southeast Asia. With a solid 2024 revenue base and robust CAGR projections, this industry is poised to expand its role in sustainable transportation, commercial logistics, and utility applications. Competitive cost management, localized manufacturing, and infrastructure scaling will be central to realizing this sectors potential.

Investor Analysis
The global EMPV industry is entering a period of accelerated growth driven by environmental imperatives, technological advancements, and regional policy support especially in Asia and Southeast Asia. With a solid 2024 revenue base and robust CAGR projections, this industry is poised to expand its role in sustainable transportation, commercial logistics, and utility applications. Competitive cost management, localized manufacturing, and infrastructure scaling will be central to realizing this sectors potential.
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5 Reasons to Buy This Report
Comprehensive market sizing and forecast with region-specific insights.
In-depth cost and pricing structure analysis.
Strategic assessment of production capacity and supply chain dynamics.
Detailed evaluation of ASEAN, Asia and global demand drivers.
Identification of top industry players shaping the EMPV space.
5 Key Questions Answered
What is the current global market size of EMPVs and projected CAGR to 2031?
How do pricing, COGS, margins, and production capacity influence industry economics?
What are the latest trends and technological developments impacting the industry?
How do Asia and ASEAN markets compare in adoption, production, and policy support?
Which companies are leading the EMPV industry and what strategic positions do they hold?
Chapter Outline
Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by region, product type, application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 2: key insights, key emerging trends, etc.
Chapter 3: Manufacturers competitive analysis, detailed analysis of the product manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 5 & 6: Sales, revenue of the product in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and market size of each country in the world.
Chapter 7: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 8: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 9: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 10: The main points and conclusions of the report.

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