ASEAN Electric Vehicle Market Demand, Investment Feasibility, Forecast to 2030

1. 2022 ASEAN Electric Vehicle Market Opportunities, Growth, Challenges, Business Trends and Forecast 2030

2. Due to the rising concerns being raised over the environmental pollution and damage caused by the oil- and gas-powered vehicles, the governments of various ASEAN (Association of Southeast Asian Nations) countries are enacting regulations for automobile manufacturing and encouraging the usage of electric vehicles, in place of the conventional oil- and gas-powered ones. Moreover, several governments are also launching schemes, in the form of subsidies and financial incentives, for fueling the deployment of electric vehicles. As the adoption of electric vehicles can massively reduce the emission of carbon dioxide, the governments of several ASEAN countries are implementing policies aimed at propelling the sales of these vehicles. Many governments are launching incentive schemes to boost the adoption of electric vehicles in transport fleets. For example, the Thailand Board of Investment (BOI) announced in April 2019 that it would reduce excise tax from 8% to 2% for automakers planning to manufacture electric vehicles in Thailand. Furthermore, many automobile manufacturing companies are investing heavily in the manufacturing of electric vehicles in the ASEAN region. For example, Toyota Motor Corporation announced in June 2019 that it would invest around $2 billion in electric vehicle manufacturing in Indonesia. Such huge investments being made by automobile manufacturers are fueling the advancement of the ASEAN electric vehicle market, as per the observations of P&S Intelligence, a market research company based in India.

3. The most widely used electric vehicles in the ASEAN region are hybrid, plug-in hybrid, battery, and electric vehicles. Out of these, the sales of the hybrid electric vehicles were found to be the highest in the region in the past years. This was because of the existence of several well-established companies such as Honda Motor Company and Toyota Motor Corporation that are manufacturing hybrid electric cars in various ASEAN countries such as Singapore, Malaysia, and Thailand. Nickel-metal hydride (NiMH), lithium-ion (Li-ion), and lead-acid are the major types of batteries used in electric vehicles. Out of these, the usage of the Li-ion batteries is predicted to rise sharply in electric vehicles in the ASEAN region in the future years. This will be because Li-ion batteries have greater energy densities, smaller battery sizes, and higher energy storage capacities than the NiMH or lead-acid batteries. Thailand is one of the ASEAN region’s biggest electric vehicle markets. Request to Get the Sample Report: https://www.psmarketresearch.com/market-analysis/asean-electric-vehicle-market/report-sample

4. The country is currently witnessing huge sales of electric vehicles. According to reports and surveys, around 200 plug-in hybrid and battery electric vehicles were sold all over the country in 2018. Moreover, the country witnessed more than 566.7% growth in the sales of electric vehicles from 2017 to 2018. As per reports, only 30 electric vehicles were sold in the country in 2017 and this number is predicted to rise enormously in the coming years. Hence, it is safe to say that the sales of electric vehicles would shoot-up in the ASEAN region in the forthcoming years, mainly because of the rising enactment of favorable government policies and the provision of several financial incentives by the governments of the regional countries. More Latest Reports by P&S Intelligence: Off-Highway Electric Vehicles Market Research Report Outlook 2022-2030 Fuel Cell Electric Vehicle Market Report Low Speed Electric Vehicle Market Outlook

5. This study covers 1. Historical and the present size of the ASEAN Electric Vehicle Market 2. Historical and the present size of the market segments and understand their comparative future potential 3. Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings 4. Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders 5. Major players operating in the market and their service offerings

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