Thailand Grabs 60% Share in SEA EV Market

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  • Indonesia, a major player in vehicle production in SEA, accounted for one-fourth of the total SEA passenger EV market sales for Q3 2022
  • The top five brands accounted for almost 67% of the EV sales in SEA

Going by the latest research from Counterpoint’s Global Passenger Electric Vehicle Model Sales Tracker, passenger electric vehicle (EV) sales (wholesale figures) in Southeast Asia (SEA) grew 35% YoY in Q3 2022. The report revealed that Thailand registered the highest EV sales volume in the region, capturing almost 60% share, followed by Indonesia and Singapore.

Moreover, battery EVs (BEVs) constituted 61% of the sales in the SEA market, which includes Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. Plug-in hybrid EVs (PHEVs) constituted the remaining sales. The top five brandsWuling, Volvo and BMW, Ora and Mercedes-Benzaccounted for almost 67% of the EV sales in SEA.

Thailand reached the top echelon of the SEA EV market after witnessing huge growth in Q3 2022. It accounted for around 60% of the total EV sales in SEA this quarter. Notably, the country plans to achieve 100% domestic sales from BEVs by 2035. The report pointed out that the subsidies, excise duty waivers and import tax reductions have put Thailand on the right path in its EV journey.

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Coming to the next in line, Indonesia occupied a 25% share in the SEA passenger EV market sales this quarter. It was a major breakthrough for the country as it registered its highest EV sales volume till now. The report noted that the newly-launched Wuling Air EV model became an instant hit here and was the best-selling EV model. It further said that various companies plan to set up EV battery production units in Indonesia soon.

While Singapore grabbed around 12% share of the SEA EV sales, Malaysia only had a 3% share. Nonetheless, governments of both countries are introducing various incentives and developing the charging infrastructure to accelerate the adoption of EVs.

After the announcement of zero registration fees for EVs earlier this year in Vietnam, the future looks promising for the EV market to flourish here.

Counterpoint’s Research Analyst Abhilash Gupta commented, “Although the passenger EV sales in SEA are small compared to other regions, the demand is gradually increasing. Currently, EV sales are just a tad over 2% of total passenger vehicle sales in the region. Many OEMs are setting up or are planning to set up manufacturing plants across the region due to favourable policies, subsidies and incentives by major SEA countries like Thailand, Indonesia, Singapore, and Malaysia.”

Another senior analyst Soumen Mandal stated: “The SEA region’s automotive sector is mainly occupied by Japanese OEMs. However, with the shift in focus to EVs, they are facing stiff competition from the Chinese, South Korean and a few local players. Affordability remains a major bottleneck for the region’s EV growth. But the scenario is changing with the availability of some cheaper EV options by Wuling, BYD, GWM and SAIC. Unlike developed EV markets such as the US and Europe, low-priced EV options are gaining popularity in emerging markets like Thailand and Indonesia. According to Counterpoint’s Global Passenger Vehicle Forecast, the SEA EV market is expected to grow at a fast pace and by the end of this decade EV sales are expected to cross the 3.5-million mark at a CAGR of 124%.”

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. Counterpoint has considered only BEVs and PHEVs under the term ‘EVs’.


 

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