Electric Vehicles - ASEAN | Statista Market Forecast

The Electric Vehicles market in ASEAN is anticipated to witness a significant growth in the coming years.
According to projections, the revenue in this market is expected to reach a staggering US$6.6bn by 2024.
Moreover, it is estimated that the market will experience a steady annual growth rate of 3.88% from 2024 to 2029, resulting in a projected market volume of US$8.0bn by 2029.
In terms of unit sales, it is anticipated that the Electric Vehicles market will witness a substantial increase, with sales expected to reach 168.40k vehicles units by 2029.
Furthermore, the volume weighted average price of Electric Vehicles market in ASEAN is projected to be US$51.9k in 2024.
When considering the international perspective, it is evident that China will dominate the market in terms of revenue generation, with an estimated revenue of US$376bn in 2024.
In Thailand, the electric vehicle market is steadily growing due to government incentives and the rising demand for eco-friendly transportation options.

CO2 emissions exert a profound influence on climate and the environment, fueling the greenhouse effect and contributing significantly to global climate change. Nearly one-fourth of these emissions worldwide can be attributed to the transportation sector. Electric vehicles (EVs) emerge as a promising solution, potentially acting as a carbon-neutral alternative when powered by renewable energy sources. This underscores their pivotal role in mitigating the impact of traditional combustion engine vehicles on the environment.

The Electric Vehicles market includes information about electric vehicles in countries where, according to our sources, a public electric vehicle charging infrastructure is already available. In this context, “public” means that people have unrestricted access to the charging infrastructure. A vehicle can be defined as electric if it is self-contained with a battery or classified as a plug-in hybrid. All key figures shown represent the sales of new cars, and their basic configuration in the respective year. The figures do not include the sale of used vehicles nor adapted equipment for the new cars sold. The prices and revenues shown are accordingly based on the basic models.

The Electric Vehicle market is divided into distinct two distinct markets, namely Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). This categorization allows for a nuanced understanding of the market dynamics, considering the specific attributes and market penetration of each electric vehicle type. The emphasis on new car sales and their foundational configurations ensures clarity, while the exclusion of used vehicles and customizations maintains focus on the evolving landscape of electric vehicles.

Battery electric vehicles (BEVs)
Plug-in hybrid electric vehicles (PHEVs)
Road electric vehicles
Passenger Cars

Electric vehicles that are not self-contained and cannot be classified as BEVs or PHEVs
Rail electric vehicles
Surface and underwater vessels
Electric aircraft or spacecraft
Motorcycles, scooters, mopeds, buses, vans, and trucks

The Electric Vehicles market in ASEAN is experiencing significant growth, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in ASEAN are increasingly drawn to electric vehicles due to their environmental benefits and lower operating costs. As awareness of climate change and air pollution grows, consumers are seeking more sustainable transportation options. Additionally, the lower cost of electricity compared to traditional fossil fuels makes electric vehicles an attractive choice for cost-conscious consumers.

Trends in the market: One of the key trends in the ASEAN Electric Vehicles market is the increasing availability and affordability of electric vehicle models. Major automakers are expanding their electric vehicle offerings in the region, providing consumers with more options to choose from. This trend is driven by both domestic and international manufacturers, as governments in ASEAN countries are implementing policies to encourage the adoption of electric vehicles. Another trend in the market is the development of charging infrastructure. As the demand for electric vehicles grows, the need for a robust charging network becomes crucial. Governments and private companies in ASEAN are investing in the installation of charging stations to support the growing number of electric vehicles on the roads. This infrastructure development is essential in addressing the range anxiety concerns of potential electric vehicle buyers.

Local special circumstances: ASEAN countries have their unique set of circumstances that contribute to the growth of the Electric Vehicles market. For example, some countries have high levels of air pollution and traffic congestion, making electric vehicles an attractive solution to address these issues. Additionally, the region's high population density and shorter average commutes make electric vehicles a practical choice for many urban dwellers.

Underlying macroeconomic factors: The growth of the Electric Vehicles market in ASEAN is also influenced by underlying macroeconomic factors. Governments in the region are implementing policies and incentives to promote the adoption of electric vehicles. These include tax incentives, subsidies, and exemptions from import duties. Such measures aim to encourage consumers and businesses to switch to electric vehicles and reduce carbon emissions. Furthermore, the increasing investment in renewable energy sources in ASEAN countries contributes to the growth of the Electric Vehicles market. As the electricity grid becomes greener, the environmental benefits of electric vehicles become more pronounced, further driving their adoption. In conclusion, the Electric Vehicles market in ASEAN is experiencing significant growth due to customer preferences for sustainable transportation and lower operating costs. The increasing availability of electric vehicle models and the development of charging infrastructure are key trends in the market. Local special circumstances, such as high levels of air pollution and traffic congestion, also contribute to the growth. Additionally, underlying macroeconomic factors, including government policies and investment in renewable energy, play a significant role in driving the adoption of electric vehicles in ASEAN.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

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For the first time in the past decade, lithium-ion battery pack costs increased in 2022 due to the raw material and battery component soaring price inflation. However, this increase in production cost has not slowed down the global electric vehicle (EV)market. Electric vehicle sales have increased tremendously over the past decade.