Credit by Mikes-Photography/Pixabay
Electric Vehicles Sales Southeast Asia Countries 2022
ECONOMY Beyond

Electric Vehicles Sales Southeast Asia Countries 2022

According to the most recent data from Counterpoint's Global Passenger Electric Vehicle Model Sales Tracker, passenger electric vehicle (EV*) sales** in Southeast Asia (SEA)# increased 35% YoY in Q3 2022. With over 60% of the market, Thailand recorded the biggest volume of EV sales in the region, followed by Indonesia and Singapore.

Plug-in hybrid EVs (PHEVs) made up the remaining sales, with battery EVs (BEVs) accounting for 61% of them. Almost 67% of EV sales in SEA were accounted for by the top five brands. Wuling outsold Volvo and BMW to become the most popular EV brand.

Research Analyst Abhilash Gupta commented on the market dynamics by saying, "Although passenger EV sales in SEA are low compared to other areas, the demand is gradually growing. Only slightly more than 2% of the region's total passenger vehicle sales are currently electric vehicles.

Due to advantageous legislation, subsidies, and incentives offered by important SEA nations like Thailand, Indonesia, Singapore, and Malaysia, many OEMs have opened or plan to open manufacturing facilities around the area.

Thailand 

This year, the EV market in Thailand experienced phenomenal growth, making it the clear leader in the region. In Q3 2022, the nation accounted for about 60% of EV sales in SEA. By 2035, it wants all domestic sales to be made of BEVs. Thailand is on the right track in its EV journey thanks to subsidies, excise duty waivers, and import tax reductions.

Indonesia 

For Q3 2022, Indonesia accounted for 25% of sales in the SEA passenger EV market. Additionally, the country's EV sales volume reached its greatest level to date in Q3. The Wuling Air EV model, which was introduced during this quarter, was the best-selling EV vehicle in this country.

In keeping with Indonesia's goal of constructing 140 GWh of battery capacity by 2030, numerous businesses recently announced plans to establish EV battery production facilities there. In the SEA, Indonesia is a significant producer of vehicles.

Singapore 

Nearly 12% of the SEA EV sales were made in Singapore, another developing EV market. It has set a goal to sell only zero-emission vehicles by 2030 and has implemented a number of incentives, laws, and programs to promote EV adoption. By the end of this decade, it also aims to have a well-connected network of 60,000 charging stations.

Malaysia

In Q3 2022, Malaysia's market share for SEA EVs was barely 3%. However, the Malaysian government has exempted EVs from road, import, excise, and sales taxes and is encouraging the use of EVs. Increased efforts to build the infrastructure for charging EVs will increase sales.

Vietnam 

In March 2022, Vietnam stated that EV registration costs would be $0. In order to concentrate on EVs, Vinfast, a leading EV brand, has stopped making its ICE cars. The potential for Vietnam's EV market to grow is bright.

Senior Analyst Soumen Mandal commented on the market prognosis by stating that "Japanese OEMs dominate the SEA region's automobile sector. They are, however, up against fierce competition from the Chinese, South Korea, and a few local businesses as the focus has shifted to electric vehicles.

The cost of EVs continues to be a major barrier to the expansion of the market. However, the situation is altering as more affordable EV solutions from Wuling, BYD, GWM, and SAIC become available.

Low-cost EV solutions are becoming more popular in emerging markets like Thailand and Indonesia, in contrast to developed EV markets like the US and Europe. The SEA EV market is anticipated to expand quickly and EV sales are anticipated to surpass 3.5 million by the end of this decade at a CAGR of 124%, according to Counterpoint's Global Passenger Vehicle Forecast.

Source: CounterPointSearch.com 

ProudProud0%
SadSad0%
ExcitedExcited0%
IndifferentIndifferent0%
InspiredInspired0%
AmazedAmazed0%

What do you think?

Give a comment

Next