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An electric vehicle is a vehicle that uses electrical energy to power its passage. It is a new energy vehicle and is subdivided into battery electric vehicles (BEVs), hybrid electric vehicles (HEVs) and fuel cell vehicles (FCEVs) according to the power source.
Southeast Asia's electricity is currently highly dependent on thermal power, with the proportion of thermal power accounting for about 80%. For Southeast Asian countries, the promotion of electric vehicles is conducive to reducing carbon emissions and environmental pollution. Coupled with the generally low per capita car ownership in Southeast Asian countries, the priority development of electric vehicles has become the choice of many countries.
Southeast Asia in this report includes 10 countries: Singapore, Thailand, Philippines, Malaysia, Indonesia, Vietnam, Myanmar, Brunei, Laos and Cambodia. With a total population of over 600 million by the end of 2021, Southeast Asia has an overall economic growth rate higher than the global average and is one of the key drivers of future global economic growth.
According to CRI's analysis, the economic levels of the 10 Southeast Asian countries vary greatly, with Singapore being the only developed country with a per capita GDP of about US$73,000 in 2021. While Myanmar and Cambodia will have a GDP per capita of less than US$2,000 in 2021. The population and minimum wage levels also vary greatly from country to country, with Brunei, which has the smallest population, having a total population of less than 500,000 people in 2021, and Indonesia, which has the largest population, having a population of about 275 million people in 2021. The most economically advanced countries in Southeast Asia do not have a legal minimum wage, with the actual minimum wage exceeding US$400 per month (for foreign maids), while the lowest minimum wage level in Myanmar is only about US$93 per month.
South Korea's Hyundai Motor's newly built electric car auto plant in Indonesia has started official production in 2022. Swedish car brand Volvo announced in March 2022 to assemble cars in Malaysia. Germany's Mercedes-Benz Group plans to set up an electric car assembly plant in Thailand starting in 2022.
The Chinese auto brands SAIC, Great Wall Motor, Chery, Dongfeng, Geely and Chang'an have been selling electric cars in Southeast Asia one after another, with Great Wall Motor having built a plant in Thailand to produce both fuel and electric cars, with an annual capacity of 80,000 units already.
Malaysian car company Fieldman announced in early 2022 a partnership with China's Chang’an Automobile to invest RM1 billion (about US$227 million) to set up a plant in Melaka to produce electric vehicles. Chinese car company Geely, for its part, acquired Malaysian car brand Proton in 2017 and plans to produce electric cars.
With the development of manufacturing industry in Southeast Asia, there have been gradually foreign companies set up electric vehicle manufacturing enterprises in Southeast Asia to reduce costs. Southeast Asia is gradually becoming an important electric vehicle production base and consumer market.
CRI expects the Southeast Asian electric vehicle market to maintain growth during the period 2023-2032.
Topics covered:
- Southeast Asia Electric Vehicle Industry Status and Major Sources in 2018-2022
- What is the Impact of COVID-19 on Southeast Asia Electric Vehicle Industry?
- Which Companies are the Major Players in Southeast Asia Electric Vehicle Industry Market and What are their Competitive Benchmarks?
- Key Drivers and Market Opportunities in Southeast Asia Electric Vehicle Industry
- What are the Key Drivers, Challenges, and Opportunities for Southeast Asia Electric Vehicle Industry during 2023-2032?
- What is the Expected Revenue of Southeast Asia Electric Vehicle Industry during 2023-2032?
- What are the Strategies Adopted by the Key Players in the Market to Increase Their Market Share in the Industry?
- What are the Competitive Advantages of the Major Players in Southeast Asia Electric Vehicle Industry Market?
- Which Segment of Southeast Asia Electric Vehicle Industry is Expected to Dominate the Market in 2032?
- What are the Major Adverse Factors Facing Southeast Asia Electric Vehicle Industry?