ASEAN Electric Vehicle Market Share

Market Share of ASEAN Electric Vehicle Industry

Due to the entry of various electric vehicle ride-hailing startups and automakers, the ASEAN electric vehicle market is dominated by several active players, including new startups and ICE vehicle OEMs. Some of the major players in the market include Hyundai, Tesla Inc., BMW Group, MG Motors, and Mitsubishi Motor Company. The local governments are preparing for scaling up local electric vehicle production, and various automotive and ride-hailing companies are forming strategic alliances with other players in the market. For instance,

• In September 2022, BYD announced its first electric car manufacturing plant in Thailand. The company will start manufacturing operations in 2024 with an annual production capacity of about 150,000 electric vehicles.
• In March 2022, Hyundai Motor Group launched its new automotive plant in Indonesia that will produce the first locally assembled electric vehicle. This initiative is part of President Joko Widodo's goal of developing a full EV supply chain in Indonesia.
• In March 2022, Mitsubishi Motors Corporation signed a memorandum of understanding with four companies, namely PT Pos Indonesia, PT Haleyora Power, Go-Jek, and DHL Supply Chain Indonesia. The project aims to conduct a pilot study on the use of electric commercial vehicles.
• In 2021, the Asian Development Bank and Energy Absolute signed a USD 48 million green loan agreement to finance countrywide electric vehicle charging infrastructure in Thailand.
• In 2020, Thailand's government announced a new roadmap to promote EVs through various state agencies. It has set an aggressive target to manufacture around 250,000 EVs, of which 3,000 are electric buses and 53,000 electric motorcycles, by 2025.

ASEAN EV Market Leaders

1. Hyundai Motor Company

2. Tesla Inc.

3. Mitsubishi Motor Corporation

4. MG Motor

5. BMW AG

*Disclaimer: Major Players sorted in no particular order