According to BloombergNEF’s 2024 Southeast Asia Electric Vehicle Outlook (EVO) report, Southeast Asia is set to become the next hub for the global electric vehicle (EV) industry.
The study reveals a booming EV market in six Southeast Asian countries: Thailand, Indonesia, Vietnam, Malaysia, Singapore, and the Philippines.
BloombergNEF’s report shows that EV sales in Southeast Asia tripled in 2023, reaching an impressive figure of 153,500 units. This surge is largely attributed to supportive government policies and the growing presence of Chinese automakers in the region. Thailand emerged as a leading market with a fourfold increase in EV sales, totaling 86,400 vehicles.
Komal Kareer, a researcher on clean transportation in South and Southeast Asia at BloombergNEF, notes, “The increasing competition between new and established automakers, coupled with declining battery production costs, will further drive EV adoption in the coming decades.”
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According to the report, Singapore is forecasted to have the largest passenger EV market share in Southeast Asia by 2040, with 80% of passenger vehicles in the city-state expected to be electric by then, far surpassing the regional average of 24%. Thailand is predicted to have the second-largest passenger EV market share at 41%, followed by Vietnam (31%), Indonesia (25%), Malaysia (15%), and the Philippines (10%).
While the electric car market is booming, the electric motorcycle segment has slowed down, with a modest growth of 3.8% in 2023. Vietnam continues to dominate the electric motorcycle market, accounting for over 80% of sales in Southeast Asia.
BloombergNEF predicts that passenger EV sales will reach nearly 2.7 million units by 2040, accounting for 56% of total vehicle sales. The report also emphasizes the urgent need for investment in charging infrastructure. By 2040, the demand for electricity for vehicles is expected to soar to 85 TWh, up from just 322 TWh in 2023.
TT (Tuoitrethudo)
References: Nationthailand, BloombergNEF
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