ASEAN Electric Car Market Size, Share, Growth, Industry Analysis, Opportunities and Forecast 2019-2025

ASEAN electric car market is at the nascent stage and is estimated to exhibit considerable growth in the near future. ASEAN electric car market is estimated to grow at a CAGR of more than 22.0% during the forecast period. Government subsidies are expected to play a major role in the growth of the market in the region. For instance, in February 2019, the Thailand Board of Investment (BOI) has considered waiving excise tax to 2% from 8% for eligible electric vehicle manufacturers in Thailand to encourage them to produce electric cars. Moreover, a significant investment for the development of the electric vehicle and its equipment can be witnessed in the region. Indonesia is a major source of raw material for the electric battery that is Cobalt and Nickel due to which various companies are planning to start manufacturing EVs in the country. One of the recent instances is Toyota which announced an investment of around $2.0 billion in 2019 to increase the EV production in the country.

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ASEAN electric car market is segmented on the basis of vehicle type, propulsion technology, and battery type. On the basis of vehicle type, the market is further studied into hatchback, sedan, and SUV. On the basis of propulsion technology, the market is sub-segmented into battery-electric cars and plug-in hybrid electric cars. Battery electric cars are expected to show significant growth in the region. On the basis of battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Li-ion battery cars market is projected to cover a major market share during the forecast period. Based on geography, the market is segmented into Indonesia, Thailand, Malaysia, Singapore, and others. Singapore is expected to show a significant market growth rate during the forecast period whereas Thailand and Indonesia are expected to hold a major market share in the near future.

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The companies which are contributing significantly to the market include Nissan Motor Co., Toyota Motor Corp., Hyundai Motor Co., Jaguar Land Rover Ltd., Terra Motors Corp., BMW AG, Honda Motor Co., Ltd., Mitsubishi Motors Corp., Renault Group, SAIC Motor Corp., and others. The market players are considerably contributing to the market growth by adopting various growth strategies including new product launch, merger and acquisition, collaborations with government, and technological advancements to stay competitive in the market.

ASEAN Electric Car Market- Segmentation

by Vehicle Type

• Sedan
• Hatchback
• SUV

by Propulsion Technology

• Battery Electric Car
• Plug-in Hybrid Electric Car

by Battery Type

• NiMH
• Li-Ion
• Others

Visit for Global Electric Car Market Report at: https://www.omrglobal.com/industry-reports/electric-car-market

ASEAN Electric Car Market– Segment by Region

• Indonesia
• Thailand
• Malaysia
• Singapore
• Others

Company Profiles

• BMW AG 
• Honda Motor Co., Ltd. 
• Hyundai Motor Co.
• Jaguar Land Rover Ltd.
• Mitsubishi Motors Corp.
• Nissan Motor Co.
• Renault Group
• SAIC Motor Corp.
• Terra Motors Corp.
• Toyota Motor Corp.

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